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You might like Nusenda Credit Union if you live in New Mexico and favor local financial institutions over national banks. You'll likely find more appealing options at the best online banks if you would rather earn a competitive interest rate on a savings account or avoid monthly service fees on a checking account.
Nusenda Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.75 |
| Money market account | 3.75 |
| CD | 3.5 |
| Trustworthiness | 4.5 |
| Total | 3.75 |
Nusenda Credit Union Pros and Cons
| Pros | Cons |
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Nusenda Credit Union Bank Account Reviews
Nusenda Credit Union Savings Account
no monthly service fee
0.00% or 0.35% (on balances over $100)
$5
- Low minimum opening deposit
- No monthly service fees
- Low interest rate
- 20 branches throughout New Mexico
- Must maintain at least $100 in account to earn interest
- Membership eligibility is open to anyone who lives, works, worships, or goes to school in one of the following New Mexico counties: Dona Ana, Luna, Otero, Sierra, Socorro, Taos, or Valencia; If you don't meet these requirements you may also call Nusenda Credit Union to see if you might be eligible through another option
- Earn 0.35% APY on account balances between $100 and $9,999
- Earn 0.35% APY on account balances of $10,000 or more
- Interest compounded daily and deposited monthly
- Federally insured by the NCUA
The Nusenda Credit Union Savings Account is a pretty standard savings account that could be a good choice if you want to avoid monthly service fees.
You'll earn 0.35% APY if you have an account balances over $100. According to the FDIC, the average savings account pays around 0.42% APY, but you can still find more competitive interest rates at other institutions.
Nusenda Credit Union Essential Checking
$5 monthly service fee
None
$25
- Possible to waive monthly service fee
- Can overdraw up to five times on a 12-month basis without paying an overdraft fee
- Free overdraft protection
- $5 monthly service fee
- $1.50 out-of-network ATM fee
- $10 overdraft fee if you exceed the free limit during the 12-month basis
- 20 branches throughout New Mexico
- Access to over 5,000 branches and 30,000 ATMs in the CO-OP Shared Branch and ATM networks
- Membership eligibility is open to anyone who lives, works, worships, or goes to school in one of the following New Mexico counties: Dona Ana, Luna, Otero, Sierra, Socorro, Taos, or Valencia; If you don't meet these requirements you may also call Nusenda Credit Union to see if you might be eligible through another option
- To waive the $5 monthly service fee, you must keep at least $250 in your account daily
- Free overdraft protection that lets you link your checking account to a savings account or money market account
- Federally insured by the NCUA
You might find Nusenda Credit Union Essential Checking worthwhile if you regularly maintain at least $250 in your account. That way, you won't have to pay a $5 monthly service fee.
With this account, you won't have to pay overdraft fees if you overdraw up to five times in a 12-month span. If you overdraw six or more times in a 12-month span, there is a $10 overdraft fee when you pass the yearly free limit. You could also opt for free overdraft protection to avoid overdraft fees.
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Nusenda Credit Union Money Market Account
$7.50 monthly service fee
1.85% to 2.05%
$1,000
- Possible to waive monthly service fee
- Online banks offer higher interest rates on money market accounts
- $1,000 minimum opening deposit
- $7.50 monthly service fee
- No debit card
- No checks
- 20 branches throughout New Mexico
- Membership eligibility is open to anyone who lives, works, worships, or goes to school in one of the following New Mexico counties: Dona Ana, Luna, Otero, Sierra, Socorro, Taos, or Valencia; If you don't meet these requirements you may also call Nusenda Credit Union to see if you might be eligible through another option
- Earn 1.85% APY on account balances between $2,500 and $24,999
- Earn 1.95% APY on account balances between $25,000 and $49,999
- Earn 2.00% APY on account balances betwen $50,000 and $99,999
- Earn 2.05% APY on account balances over $100,000
- To waive the $7.50 monthly service fee, you must keep at least $2,500 in your account daily
- Interest compounded daily and deposited monthly
- Federally insured by the NCUA
The Nusenda Credit Union Money Market Account might be a decent option if you keep at least $2,500 in your account daily so you may avoid a $7.50 monthly service fee.
However, if you would prefer to get a money market account with a debit card or paper checks, you'll want to consider other financial institutions. This account doesn't offer these features.
Nusenda Credit Union Share Certificate
3.35% to 4.25%
$1,000
- Solid interest rates compared to brick-and-mortar banks
- Variety of terms
- Online banks offer higher interest rates on share certificates
- $1,000 minimum opening deposit
- Standard-to-high early withdrawal penalties
- 20 branches throughout New Mexico
- Membership eligibility is open to anyone who lives, works, worships, or goes to school in one of the following New Mexico counties: Dona Ana, Luna, Otero, Sierra, Socorro, Taos, or Valencia; If you don't meet these requirements you may also call Nusenda Credit Union to see if you might be eligible through another option
- Terms range from 90 days to 5 years
- 12-month certificate special pays 3.90% APY
- Early withdrawal penalties: For CD terms under 18 months, the penalty is 3 months of interest on the amount withdrawn; For terms between 18 months and 2 years, the penalty is 6 months of interest of the amount withdrawn; For terms between 3 years and 4 years, the penalty is 1 year of interest on the amount withdrawn; For CD terms of 5 years; the penalty is 18 months of interest on the amount withdrawn
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Nusenda Credit Union offers a variety of terms and pays solid interest rates compared to other brick-and-mortar banks. It notably has a 12-month share certificate special that pays a competitive interest rate. Overall, you'll still earn the best CD rates at online banks, though.
About Nusenda Credit Union
Nusenda Credit Union has 20 branches throughout New Mexico.
It also is part of the CO-OP Shared Branch and ATM networks. You'll have access to 5,500 shared branches and 30,000 surcharge-free ATMs throughout the US.
Customer support is available by phone or live chat from 7:30 a.m. to 6 p.m. MT or Saturdays from 8 a.m. to 3 p.m. MT.
The credit union's mobile is rated 4.6 out of 5 stars in the Google Play store and 4.5 out of 5 stars in the Apple store.
Nusenda Credit Union bank accounts are federally insured by the NCUA. Up to $250,000 per depositor is secure in a bank account.
How to Join Nusenda Credit Union
To become a member of Nusenda Federal Credit Union, you or a family member must live, work, or go to school in out of the following counties in New Mexico:
- Dona Ana
- Luna
- Otero
- Sierra
- Socorro
- Taos
- Valencia
If you don't meet these requirements, you may call the credit union's customer service or visit a local branch to discuss additional eligibility options.
All members must open the Nusenda Credit Union Savings Account with at least $5.
The Role of Community Development Financial Institutions
CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
In 2022, Nusenda Credit Union gave $630,000 in grants to over 100 local organizations and non-profits that supported education, healthcare, the environment and wildlife, the arts, and community services. The credit union also has free monthly webinars covering a variety of personal finance topics, like understanding credit and learning to set personal finance goals.
Is Nusenda Credit Union Trustworthy?
We include ratings from the Better Business Bureau so you can see how an institution responds to customer dilemmas.
Nusenda Credit Union received an NR (No Rating) grade from the BBB because the credit union is in the process of responding to previously closed complaints.
A good BBB rating doesn't necessarily guarantee a great relationship with a financial institution, though. Consider talking to current customers or reading online customer reviews to see if Nusenda Credit Union may be suitable.
Nusenda Federal Credit Union hasn't been involved in any recent public controversies.
How Nusenda Credit Union Compares
Nusenda Credit Union vs. WaFD Bank
Washington Federal, Inc. (WaFD Bank) is a regional bank on the West Coast with branches in New Mexico. Banks do not typically have eligibility requirements, so deciding between these two institutions might depend on which bank accounts you'd like to open.
WaFD Bank might be a better choice if you're looking to avoid monthly service fees on a checking account. The WaFd Bank Free Checking Account doesn't charge monthly service fees, while Nusenda Credit Union Essential Checking has a monthly service fee if you don't meet certain minimum balance requirements each month.
If you'd looking for a free savings account, Nusenda Credit Union will likely be your go-to option. The Nusenda Credit Union Savings Account — which all members have to open — doesn't charge monthly service fees. In comparison, the WaFd Bank Personal Savings Account requires at least $100 in your account if you're over the age of 18 to avoid a $3 monthly service fee.
Nusenda Credit Union vs. Enterprise Bank & Trust
Enterprise Bank & Trust is also a community development financial institution. It has 47 branches in Arizona, California, Kansas, Missouri, Nevada, and New Mexico.
Enterprise Bank & Trust has a free checking account, while Nusenda Credit Union has a free savings account. If you are considering opening a CD or money market account, Enterprise Bank & Trust lets you open these accounts with less money upfront, but Nusenda Credit Union may pay higher rates.
Why You Should Trust Us: How We Reviewed Nusenda Credit Union
For our Nusenda Credit Union review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, miscellaneous features, minimum opening deposit requirements, and fees.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Nusenda Credit Union FAQs
Nusenda Credit Union is a financial institution in New Mexico. It offers bank accounts, business bank accounts, credit cards, auto loans, personal loans, mortgages, commercial loans, and personal finance workshops.
To become a member of Nusenda Federal Credit Union, you or a family member must live, work, or go to school in one of these New Mexico counties: Dona Ana, Luna, Otero, Sierra, Socorro, Taos, or Valencia. If you don't meet these requirements, you may contact customer service or visit a branch to discuss other eligibility options.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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