Last Updated: 04/18/2025
Henrico Federal Credit Union IRA Accounts
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
2.25%(Verified 06/21/2024)
Minimum Opening Deposit
$100
Minimum Balance to Earn APY
$100
Henrico Federal Credit Union IRA Accounts Review
Henrico Federal Credit Union IRA Accounts is offered by Henrico Federal Credit Union, a credit union founded in 1967 and based in Richmond, VA. Henrico Federal Credit Union IRA Accounts are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 2.25%, which is much higher than the average interest rate for a savings account. However, you must meet minimum balance requirements for higher APYs.
- $100 minimum opening deposit. This is a typical minimum initial deposit.
Henrico Federal Credit Union IRA Accounts Pros & Cons
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Henrico Federal Credit Union IRA Accounts FAQ
Are savings accounts from Henrico Federal Credit Union federally insured?
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 Henrico Federal Credit Union offer a signup bonus?
Henrico Federal Credit Union IRA Accounts doesn't offer a signup bonus.
What is the minimum initial deposit for Henrico Federal Credit Union IRA Accounts?
The minimum deposit to open a Henrico Federal Credit Union IRA Accounts is $100.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Henrico Federal Credit Union IRA Accounts offer?
Henrico Federal Credit Union IRA Accounts offers an APY of 2.25% (APY stands for annual percentage yield, rates may change). This is much higher than the average savings account rate.
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 Henrico Federal Credit Union IRA Accounts charge?
Henrico Federal Credit Union IRA Accounts does not charge a monthly service fee. See the fee breakdown section below to view all fees.
However, you can waive the monthly fees if you have a minimum daily balance of $100.
- Outgoing domestic bank transfers come with a $10 fee.
- Outgoing international bank transfers come with a $35 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- An overdraft on your account will trigger a $30 fee per item.
- Henrico Federal Credit Union IRA Accounts charges $10 every time you request a paper statement.
Does Henrico Federal Credit Union IRA Accounts charge overdraft fees?
Yes, Henrico Federal Credit Union IRA Accounts charges a $30 overdraft fee. Henrico Federal Credit Union IRA Accounts offers overdraft protection at a cost of $30 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.
What features and perks does Henrico Federal Credit Union IRA Accounts offer?
This savings account includes the following features:
- Mobile Banking Services - Henrico Federal Credit Union IRA Accounts allows you to manage your money online or with a mobile app.
Can you set up a direct deposit to Henrico Federal Credit Union IRA Accounts?
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 Henrico Federal Credit Union IRA Accounts?
The customer support email for Henrico Federal Credit Union IRA Accounts is memberservices@henricofcu.org.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 6:00PM
Tuesday
9:00AM - 6:00PM
Wednesday
9:00AM - 6:00PM
Thursday
9:00AM - 6:00PM
Friday
9:00AM - 6:00PM
Saturday
9:00AM - 12:00PM