Last week, BHCU (formerly Boeing Helicopters Credit Union) introduced its iSAVE Money Market Account (MMA), which earns 2.75% APY on balances of $2.5k up to $250k. The minimum opening deposit is $2.5k of new money, simply defined as funds not currently on deposit with BHCU. There is a limit of one account per member, but this competitive rate comes with a year-long rate guarantee.
Opening an iSAVE MMA also requires opening an iSAVE Free Checking account with “one ACH, one Bill Pay, or one debit card transaction monthly.” The iSAVE Free Checking account is actually an integral part of the iSAVE MMA: the only way to access MMA funds is through the iSAVE Free Checking account. There is no ATM/debit card with the iSAVE MMA and no checking writing per se, as withdrawing funds requires a transfer into the iSAVE Free Checking account. While this may seem a bit burdensome, it does come with a hidden benefit: you can make as many monthly withdrawals as you like without any excess transaction fee.
There is a fee listed on the landing page that doesn’t seem to make sense on first reading.
$10 fee for internal account transfers into the iSAVE Money Market (new money only)
CSR explained that the new money provision is not limited to the opening deposit, but applies to all deposits as long as the account is open. Any funds transferred from existing BHCU accounts carry a $10 fee per transaction. CSR suggested establishing a direct deposit into the iSAVE MMA to avoid incurring the $10 fee.
We’ve seen a variety of MMAs offered in the past couple of years that don’t confirm to a strict definition of a money market account. Without checking writing, the iSAVE MMA is more like a 1-year no-penalty CD with unlimited additional deposits throughout the term.
iSAVE Free Checking
The iSAVE Free Checking is a non-interest bearing account, but BHCU is currently offering up $150 in bonuses for new accounts. According to the fine print,
BHCU will match up to $50 of member’s first ACH (Direct Deposit of Net Pay or a payroll allotment) that posts to the iSAVE Free Checking account within 30 days of opening.
BHCU will refund up to $50 of member’s first payments using bill pay from the iSAVE Free Checking account within 30 days of opening
BHCU will refund up to $50 of all debit card purchases (excludes ATM withdrawals) that post to the iSAVE Free Checking account within 30 days of opening.
All credits will be posted to the iSAVE Free Checking account within 90 days of account opening.
Excess Share Insurance
Deposits at BHCU are fully insured up to $500,000: at least $250,000 by the NCUA and $250,000 by Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.
Headquartered in Ridley Park, BHCU’s field of membership is primarily residency based, with individuals who live, work, worship, or attend school in Delaware County, Pennsylvania eligible to join.
BHCU also offers membership to family members, even if they reside outside of Delaware County. "Family members" is defined as "spouse, children, siblings, parents, grandparents, grandchildren, step-children, step-parents, step-siblings and adopted children. Non-related household members can also join."
A Regular Share (Savings) account must be opened to become a member. BHCU will deposit the first $5 into the new member’s Regular Share (Savings) to open the account.
BHCU participates in the CO-OP Shared Branch and ATM network.
Members can access their BHCU accounts at over 5,000 locations nationwide and can now access over 30,000 surcharge free ATM’s. This means you have more direct, surcharge-free access to your money than most traditional bank customers do.
Credit Union Overview
BHCU has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.09% (excellent) based on December 31, 2018 data. In the past year, BHCU has increased its total non-brokered deposits by $9.63 million, an excellent annual growth rate of 8.53%. Please refer to our financial overview of BHCU (NCUA Charter # 61387) for more details.
Founded in 1952, BHCU was originally established as the Boeing Helicopters Credit Union to serve the employees of Boeing (formerly Vertol) and their families. A change to a community-based charter (exclusive to Delaware County) in 2015 prompted the rebrand, avoiding any confusion over membership requirements.
How the iSAVE Money Market Compare
When compared to 220 Money Market accounts tracked by DepositAccounts.com, which are available within the FOM and have a small minimum deposit requirement, BHCU’s iSAVE Money Market APY currently ranks first.
The above rates are accurate as of 5/1/2019.
Looking for the best MMA rates, either nationwide or in your state? Please refer to our Money Market Accounts rates table page.