Logix Federal Credit Union Savings Account

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 are available in 8 states (and Washington, DC).

Key Takeaways

• 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 average interest rate for savings accounts. Note that you must keep a minimum balance of $0.01 to earn that interest rate.
• $0 monthly account fees 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.

Logix savings account Pros & Cons

Pros	Cons
Dividend-yielding account. Insured by NCUA. Access to physical branches.	No signup bonus. Does not come with a debit card Only available in 8 states. Higher than average wire transfer fees. Monthly service charge.

Logix savings account FAQ

Are savings accounts from Logix 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 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
Minimum Balance to Avoid Monthly Fee	Starting at $1,000
Minimum Balance to Earn APY	$0.01
Minimum Combined Balance to Avoid Monthly Fee	$1,000
Minimum Opening Deposit	Starting at $5

What APY does Logix Federal Credit Union Savings Account 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?

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 Logix savings account?

The customer support email for Logix savings account is socialmedia@lfcu.com.