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Elite Money Market Account 5% On $25,000

deplorable_1
  |     |   2,206 posts since 2020

Does anyone have any experience with OnPath FCU? Easy to join? Hard credit pull? etc. I might be interested even with the 3 withdrawal per month limitations. I'm assuming the amount under $25,000 is also earning 5%. It does seem to be NCUA insured and it's not a Fintech so your money is safe unlike Evergreen wealth which is a Fintech. For now my add-on CD's at 5% with withdrawal options are getting it done but if this rate lasts it might be worth a shot since it's liquid...good for 0% bt money.

https://onpathfoundation.org/elite-money-market

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milty
  |     |   1,630 posts since 2018
Looks like only $5 to join if you don't meet the other eligibility requirements. How did you find this gem?
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racecar
  |     |   593 posts since 2014
I'm not a member of OnPath, but I saw this account listed on Deposit Quest today (milty, that might be where Dep saw it?) and if DQ is correct, it looks like you cannot use ACH:

"No ACH (in or out) or Plaid transfer available for Elite Money Market."

What's not clear, is if OnPath allows ACHing to their other accounts. If one could ACH into their primary savings or a checking acct then transfer the funds to the Elite account, that (if allowed) would be a decent workaround, but it's unclear from what DQ wrote what OnPath's ACH policy is. If ACHs weren't allowed at all (like at PiBank) that's a dealbreaker for me for a liquid account. Probably best to call them up to ask.

Also, Dep wrote:
"For now my add-on CD's at 5% with withdrawal options are getting it done"
What 5% Add-On CDs have withdrawal options? Did I miss a good one? MACU and All-In have penalties and Navy's penalty-free was @ 4.7%
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milty
  |     |   1,630 posts since 2018
You're right that's what it says. Thanks. And if so would be pass for me.
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racecar
  |     |   593 posts since 2014
There sometimes seems to be regions of the country where CUs tend to have higher rates. DC/VA, TX/LA, and MI. Looks like this CU is in LA, but I have too many CUs already, I'll wait until I need one for something specific (unless the method of joining is about to vanish).
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deplorable_1
  |     |   2,206 posts since 2020
Yes I saw this on DQ as well. Ok I have a unlimited 5% add-on and WITHDRAWAL CD at Sunward FCU due to a forced transition at MACU as well as the other 2 CD's you mentioned. So you really didn't miss anything I was just able to do what seemed to be impossible by opening up a $5 CD at MACU at 5% just before the transition and locking in 5% for 18 months yet getting the terms of Sunward's 16 month "flex" CD which is normally at 3% APY. They allow up to 50% CD withdrawal per month and unlimited add-on to put the cash back in.
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deplorable_1
  |     |   2,206 posts since 2020
My guess is that if they do not allow direct ACH in and out of this account then they do have a savings or checking account that does. So you would need to do a little 2-step internal and then external transfer to move the cash out of the account. Similar process I use for the Netspend savings to access the cash. Now if there is no ACH at all like PiBank that's a deal breaker.
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P_D_1
  |     |   450 posts since 2025
Something is very strange. It shows:

"5.00% APY*
DIVIDEND RATE: 5.13%"

===
The dividend rate is higher than the APY? That makes no sense.

If you are going to get this I would recommend checking their math because either this is a misprint or they have a second grader doing their financial analysis.

https://t.ly/cZw8Z
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deplorable_1
  |     |   2,206 posts since 2020
Yep I noticed that as well and I think they have the rates reversed. If you take 5% compounded daily and round it up you get 5.13% APY which makes this an even better rate.
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Island_Time
  |     |   86 posts since 2025
Not all the time, but when credit unions pay higher-than-average rates, it could be a red flag. OnPath FCU reported a net loss of $2.8 million in 2023. This suggests potential financial strain.  The financial strain might’ve been the reason for the merger in 2024?  
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