Wings Credit Union: A Comprehensive Review

Introduction to Wings Credit Union

Wings Credit Union, formerly known as Wings Financial Credit Union, is a highly regarded financial institution that offers a wide array of banking products tailored to meet diverse financial needs. With a strong emphasis on high-yield accounts, Wings Credit Union is particularly appealing for those who meet the criteria for its high-interest savings and checking accounts. This article delves into the details of its various offerings, including savings accounts, checking accounts, share certificates, and investment money market accounts, while also addressing membership requirements, trustworthiness, and how it compares to other credit unions.

Wings Credit Union High-Yield Savings Account

The Wings Credit Union High-Yield Savings Account is a standout option for those seeking to maximize their savings. It offers competitive Annual Percentage Yields (APY) that range from 0.10% to an impressive 3.04%, depending on the balance maintained in the account. Notably, this account does not require a minimum opening deposit, nor does it impose a monthly service fee, making it accessible to a broad range of savers. However, it’s important to note that the highest interest rates are reserved for higher balances, and interest is compounded monthly rather than daily, which may be a consideration for some.

Pros of this account include competitive APY on higher balances, no minimum opening deposit, and no monthly service fees. Conversely, the lower APY on smaller balances and the monthly compounding of interest are drawbacks to consider. Membership with Wings Credit Union is required, which can be obtained by joining the Wings Financial Foundation for a modest fee of $5. The account is insured by the NCUA, ensuring the security of deposits up to $250,000.

Wings Credit Union High-Yield Checking Account

For those seeking a high-yield checking account, Wings Credit Union offers an option that stands out with its high APY of up to 3.04% on balances up to $25,000, provided specific monthly requirements are met. These requirements include enrolling in e-documents, receiving direct deposits of over $300, and making at least 15 debit card purchases of $5 or more each month. The absence of a minimum opening deposit and monthly service fees is a significant advantage. Additionally, the account offers free overdraft protection and an overdraft line of credit, along with 10 free out-of-network ATM withdrawals per month.

Despite its many advantages, the account has some limitations. The lower APY on balances exceeding $25,000, a $30 overdraft fee, and the lack of reimbursement for out-of-network ATM fees beyond the initial 10 withdrawals are notable drawbacks. The account’s features and requirements make it an excellent choice for those who can meet the monthly criteria and maintain lower balances.

Wings Credit Union Share Certificates

For individuals looking for a more traditional savings option with competitive rates, Wings Credit Union offers share certificates with APYs reaching up to 4.25%. These certificates require a minimum opening deposit of $500 and offer standard term options ranging from 3 months to 5 years. The interest is compounded monthly for balances over $100,000 and quarterly for smaller amounts, with higher rates applied to balances exceeding $10,000, $100,000, and $250,000. Early withdrawal penalties apply, which are six months of interest for terms under two years and two years of interest for longer terms.

The pros of share certificates include a competitive interest rate, especially for higher balances, and standard term options. However, the compounding frequency and early withdrawal penalties may deter some potential investors seeking more flexible options.

Wings Credit Union Investment Money Market Account

The Wings Credit Union Investment Money Market Account is another option for savers, though it comes with a higher minimum opening deposit of $5,000. This account offers APYs ranging from 0.00% to 0.25%, depending on the balance. While it does not charge monthly service fees, it lacks certain conveniences such as a debit card, ATM card, or check-writing capabilities, making it less accessible for those needing frequent access to their funds. However, it is insured by the NCUA, ensuring the security of deposits.

The primary advantage of this account is the absence of monthly service fees, but the high minimum deposit requirement and limited accessibility are significant drawbacks. Those seeking a money market account with more flexibility may find better options elsewhere.

Membership and Trustworthiness

To become a member of Wings Credit Union, individuals must meet specific criteria, such as residing or working in designated areas, being part of the aviation industry, or making a $5 donation to the Wings Financial Foundation. Once membership is established, a $5 Share Savings Account must be opened. Wings Credit Union is federally insured by the NCUA, providing a high level of security for deposits. However, its F rating from the Better Business Bureau (BBB) due to unresolved customer complaints is a point of concern that potential members should consider.

Conclusion: How Wings Credit Union Compares

In comparing Wings Credit Union with other financial institutions, such as Blue Federal Credit Union and Connexus Credit Union, Wings emerges as a leader in high-interest rates, particularly for its checking and savings accounts. However, it may fall short in certain features or flexibility. The choice ultimately depends on individual financial needs and preferences. Wings Credit Union’s strong mobile app ratings and extensive ATM network further enhance its appeal. For those prioritizing high yields and can navigate the specific requirements, Wings Credit Union presents a compelling option in the financial landscape.