What Is an Easy Street Easy Savings Account?

An Easy Street Easy Savings Account represents a financial product designed to help individuals save money while earning interest on their deposits. These accounts are typically offered by Easy Street Financial Services, a division of Community First Credit Union, and are structured to provide higher interest rates than standard savings accounts while maintaining liquidity for account holders.

The account stands out for its straightforward approach to savings, eliminating complex tier structures or confusing requirements that often come with high-yield savings products. Account holders can expect transparent fee structures, reasonable minimum balance requirements, and interest that compounds regularly to maximize growth over time.

How Easy Street Savings Accounts Work

Easy Street savings accounts operate on a simple principle: deposit your money and watch it grow through interest accrual. Interest typically compounds daily and is paid monthly, meaning your earnings generate additional earnings over time. The account allows for regular deposits, either through direct deposit arrangements or manual transfers from linked accounts.

Most Easy Street accounts feature online and mobile banking access, allowing you to monitor your balance, track interest earnings, and manage deposits and withdrawals from anywhere. Many accounts offer automatic savings features that can transfer predetermined amounts from checking to savings on a schedule you determine, helping to build consistent saving habits.

While these accounts provide liquidity, they may have certain transaction limitations as regulated by federal banking rules. Typically, savings accounts are limited to six withdrawals or transfers per month, though in-person withdrawals usually don't count toward this limit.

Provider Comparison: Easy Street vs. Competitors

When comparing Easy Street savings options with other financial institutions, several factors stand out:

ProviderInterest RateMinimum BalanceMonthly FeesDigital Tools
Easy Street FinancialCompetitiveLowMinimalComprehensive
Ally BankCompetitiveNoneNoneAdvanced
Marcus by Goldman SachsCompetitiveNoneNoneUser-friendly
Capital OneModerateNoneNoneRobust

Community First Credit Union, the parent organization of Easy Street, often provides additional benefits for members including personalized financial guidance and local branch access, which online-only competitors might lack. However, digital-first institutions like Discover Bank might offer more advanced mobile features or wider ATM networks.

Credit unions like PenFed compete with Easy Street by offering member-focused benefits and potentially higher rates due to their not-for-profit status, though they may have membership eligibility requirements.

Benefits and Drawbacks of Easy Street Accounts

Benefits:

  • Competitive interest rates compared to traditional bank savings accounts
  • Lower fees than many traditional banking products
  • Convenient digital banking tools for account management
  • NCUA insurance protection for deposits
  • Potential for relationship benefits with other Community First products

Drawbacks:

  • May not offer the absolute highest rates available in the market
  • Limited physical branch access compared to major banks
  • Withdrawal limitations per federal regulations
  • May require membership in the credit union
  • Could have minimum balance requirements to earn advertised rates

The National Credit Union Administration provides insurance similar to FDIC protection, ensuring your deposits are secure up to applicable limits. This safety feature gives Easy Street accounts an advantage over some high-yield options from non-bank financial technology companies that may lack similar protections.

Pricing and Fee Structure Overview

Understanding the fee structure of an Easy Street Easy Savings Account helps determine its true value. Most accounts feature:

Standard Fees:

  • Monthly maintenance fees: Often waived with minimum balance or direct deposit
  • Excessive transaction fees: Applied when exceeding federal transaction limits
  • Paper statement fees: Usually waivable by opting for electronic statements
  • Account closure fees: May apply if closing within a short period after opening

The pricing structure generally rewards longer-term savers and those maintaining higher balances. Bankrate and similar financial comparison sites regularly update rate information, helping consumers compare Easy Street's offerings against current market conditions.

When evaluating the account's value, consider the effective annual percentage yield (APY) rather than just the stated interest rate. The APY accounts for compounding effects and provides a more accurate picture of potential earnings. Also factor in any relationship benefits that might boost your rate or reduce fees when holding multiple accounts with the institution.

Conclusion

An Easy Street Easy Savings Account offers a balanced approach for savers seeking growth potential with reasonable access to their funds. While it may not always provide the market's highest interest rates, its combination of competitive returns, minimal fees, and user-friendly features makes it worth considering for many savers.

Before opening an account, carefully review the current terms, minimum balance requirements, and fee structure to ensure alignment with your financial goals. Consider how this account might complement your broader financial strategy, potentially working alongside checking accounts, certificates of deposit, or investment vehicles to create a comprehensive approach to managing your money.

The ideal savings solution varies based on individual needs, time horizons, and risk tolerance. By understanding the features and limitations of Easy Street savings options, you can make an informed decision about whether this account type serves your specific saving objectives.

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This content was written by AI and reviewed by a human for quality and compliance.