Logix Federal Credit Union Savings Account Review

Logix Federal Credit Union Savings Account is offered by Logix Federal Credit Union, a credit union founded in 1937 and based in Burbank, CA. Logix Federal Credit Union Savings Account is available in 8 states (and Washington, DC).

• Higher than average APY. Logix Federal Credit Union Savings Account has an annual percentage yield of up to 0.25%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $0.01.
• $0 monthly Service Charge available. This account charges a monthly service fee of up to $5, but the fee is waived if you keep a minimum balance of $1,000.
• Small minimum initial deposit. You only need $5 to open an account.
• No ATM fees. Logix Federal Credit Union Savings Account does not charge fees on ATM transactions.
• Bill pay. Pay your bills to practically anyone in the United States through Logix Federal Credit Union.

Pros	Cons
Interest-yielding account. Deposits are insured by the NCUA (up to $250K). Access to physical branches. No charge on incoming domestic or international wire transfers.	No signup bonus. Does not come with a debit card Not FDIC-insured. Only available in 8 states. Higher than average wire transfer fees. Monthly service charge. No ATM access to savings.

Are savings accounts from Logix Federal Credit Union federally insured?

Yes, your Logix Federal Credit Union savings accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). Individual Retirement Accounts (IRA) are insured separately up to $250,000. 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 Logix Federal Credit Union offer a signup bonus?

Logix savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Logix savings account?

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

Logix Federal Credit Union Savings Account Minimums

Description
APY Minimum Balance	$0.01
Minimum Balance to Avoid Monthly Fee	$1,000
Minimum Combined Balance to Avoid Monthly Fee	$1,000
Minimum Opening Deposit	Starting at $5

What APY does Logix Federal Credit Union offer?

Logix savings account offers an APY of 0.25% (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 Logix savings account charge?

Logix savings account 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 $1,000. You can also waive the fee by keeping a combined balance of $1,000.

• Outgoing domestic bank transfers come with a $25 fee.

What features and perks does Logix savings account offer?

This savings account includes the following features:

• Fraud monitoring - Logix 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 - Logix 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 Logix savings account?

In most cases, the answer is yes. 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.