BMI Federal CU Share Savings Account

BMI Federal CU Share Savings Account Review

BMI Federal CU Share Savings Account is offered by BMI Federal Credit Union, a credit union founded in 1936 and based in Dublin, OH. BMI Federal CU Share Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.05%.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $5 to open an account.
• No ATM fees. BMI Federal CU Share Savings Account does not charge fees on ATM transactions.

BMI savings account Pros & Cons

Pros	Cons
Available in all 50 states. Dividend-yielding account. Insured by NCUA. Access to physical branches.	No signup bonus. Does not come with a debit card Higher than average wire transfer fees.

BMI savings account FAQ

Are savings accounts from BMI Federal Credit Union federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

Does BMI Federal Credit Union offer a signup bonus?

BMI savings account doesn't offer a signup bonus.

What is the minimum initial deposit for BMI savings account?

The minimum deposit to open a BMI savings account is $5.

BMI Federal CU Share Savings Account Minimums

Description
Minimum Balance to Earn APY	$5
Minimum Opening Deposit	Starting at $5

What APY does BMI Federal CU Share Savings Account offer?

BMI savings account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does BMI savings account charge?

BMI savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $15 fee.
• Outgoing international bank transfers come with a $40 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• BMI savings account charges $5 every time you request a paper statement.

What features and perks does BMI savings account offer?

This savings account includes the following features:

• Fraud monitoring - BMI savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - BMI savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to BMI savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for BMI savings account?

The customer support email for BMI savings account is info@bmifcu.org.