Fairwinds Credit Union Review

(November 2024)

Fairwinds Credit Union Review

In This Article

Our Verdict

Discover the benefits of banking with Fairwinds Employees Credit Union! Established in 1949, Fairwinds offers a wide range of financial products and services, including checking and savings accounts, loans, credit cards, and more. With branches throughout Florida, as well as online and mobile banking options, it’s easy to manage your finances wherever you are.

As a member-owned financial cooperative, Fairwinds is committed to providing excellent customer service and competitive rates. Whether you’re looking to open a new account, apply for a loan, or simply learn more about our services, our knowledgeable staff is always here to help.

You can reach FCU by phone at 407-277-5045 or visit its website at fairwinds.org for more information on its products and services.

Pros

  • No monthly fees for checking and savings accounts
  • Offers high interest rates on certain account types
  • Provides access to a large network of ATMs
  • Offers a variety of financial products and services, including loans, credit cards, and insurance
  • Provides online and mobile banking options for convenient account management

Cons

  • High overdraft fees compared to other credit unions
  • Limited availability in terms of geographic reach and membership eligibility
  • Relatively low interest rates on savings accounts compared to other financial institutions
  • Some fees may apply to certain accounts and services for example, savings and money market accounts
  • Limited online banking options compared to larger banks.

Who This Product Is Best For

www.fairwinds.org

Consider Fairwinds Credit Union for your financial needs if you:

  • Live or work in Florida or Georgia and want a local financial institution
  • Want competitive rates on loans and deposits
  • Prefer a credit union with a strong community focus
  • Want access to a wide range of financial products and services
  • Are looking for a financial institution that values customer service and provides personalized attention.

Who This Product Isn't Right For

Fairwinds Credit Union may not be the best fit for you if you:

  • Require a larger geographical coverage for your banking needs
  • Prefer to do your banking in person and need access to a larger number of physical branches
  • Do not meet the credit union’s membership eligibility requirements
  • Require significant financing and need access to larger loan amounts

What This Product Offers

Checking accounts: Choose from a range of checking accounts to fit your needs, whether you want basic features or more advanced benefits.

Savings accounts: Open a savings account with Fairwinds and start saving money for your goals, with options such as money market accounts and youth savings accounts.

Credit Cards: Apply for a Fairwinds credit card to earn rewards and enjoy features such as no annual fees and low interest rates.

Loans: Fairwinds offers various types of loans, including auto loans, personal loans, and mortgages, with competitive rates and flexible terms.

Business accounts: If you own a business, Fairwinds offers business checking and savings accounts, as well as loans and other services to support your operations. You’ll never want to miss this right?

Investments and retirement planning: Work with Fairwinds to plan for your future and invest your money wisely, with services such as financial planning and retirement accounts.

Insurance: Protect yourself and your assets with insurance products through Fairwinds, including auto, home, and life insurance.

Product Details

Checking accounts:

  • Basic Checking: If you want a simple checking account, consider Basic Checking. It has no minimum balance requirement, no monthly maintenance fees, and free access to online banking. However, it does not earn any interest.
  • Preferred Checking: If you want to earn interest on your checking account balance, check out Preferred Checking. It offers a competitive APY and no minimum balance requirement. Plus, it comes with all the features of Basic Checking.
  • Signature Checking: For extra benefits, consider Signature Checking. It offers free checks, free identity theft protection, and discounts on loan rates. It also earns a higher interest rate than eChecking and has no minimum balance requirement. Keep in mind that it does have a monthly maintenance fee that you can waive if you meet certain requirements.
  • Student Checking: Students aged 16 to 26 can open a Student Checking account. It has no monthly maintenance fees and no minimum balance requirement. It also offers free online banking and mobile banking, free eStatements, and a free debit card. You’ll definitely enjoy this offer as a student, sweet isn’t it?

Savings accounts:

  • Regular Savings: This account is perfect if you want to start saving money with a low minimum balance requirement. It earns a competitive interest rate and has no monthly maintenance fees. You only need to deposit $5 to open this account.
  • Money Market Savings: This account is ideal if you want to earn a higher interest rate than a regular savings account while still maintaining access to your funds. It has tiered interest rates, which means the higher your balance, the higher your interest rate. There is a minimum balance requirement of $2,500, and there is a monthly maintenance fee if your balance falls below that amount.
  • Certificate Accounts: If you’re looking for a way to earn a higher interest rate on your savings while locking in your funds for a set period of time, consider a Certificate Account. Fairwinds offers terms ranging from 3 months to 5 years, with competitive interest rates. There is a minimum deposit requirement of $500 to open a Certificate Account.

Credit cards:

  • Fairwinds Visa Signature Cash Back Credit Card: Earn unlimited cash back on your purchases, with no annual fee. You can earn 1.5% cash back on all purchases, with no caps or restrictions. Additionally, the card offers travel and emergency assistance services, as well as exclusive discounts and offers.
  • Fairwinds Visa Signature Rewards Credit Card: This card allows you to earn rewards points on your purchases, with no annual fee. You can earn one point for every dollar spent, and redeem them for travel, merchandise, and more. The card also comes with travel and emergency assistance services, as well as exclusive discounts and offers.
  • Fairwinds Platinum Visa Credit Card: This card offers a low introductory APR on balance transfers and purchases, as well as no annual fee. You can also enjoy additional benefits such as travel and emergency assistance services, auto rental insurance, and extended warranty protection.
  • Fairwinds Student Visa Credit Card: You can build credit your credit score with this card. It has no annual fee and a low APR, as well as rewards for responsible credit usage. Additionally, the card comes with travel and emergency assistance services, and online and mobile banking…use imperative words

Loans:

  • Auto Loans: If you’re looking to finance a new or used car, consider Fairwinds’ auto loans. FCU offers competitive rates and flexible terms, with APRs starting as low as 4.7%. You can finance up to 100% of the vehicle’s value, and choose from terms ranging from 36 to 72 months. Additionally, Fairwinds offers a pre-approval process that can help you negotiate with car dealerships.
  • Personal Loans: You can use Fairwinds’ personal loans for a variety of purposes, such as debt consolidation, home improvements, or unexpected expenses. FCU offers fixed rates and terms up to 60 months, with APRs starting at 6.99%. You can borrow up to $50,000, and there are no application fees or prepayment penalties.
  • Mortgages: Fairwinds offers a variety of mortgage options, including fixed-rate and adjustable-rate mortgages, as well as FHA and VA loans. They have competitive rates and flexible terms, with APRs starting at 2.794%. You can borrow up to $2.5 million, depending on the type of loan you choose. Additionally, Fairwinds offers online tools and resources to help you find the right mortgage for your needs.
  • Home Equity Loans: If you own a home, you may be able to use its equity to secure a loan. Fairwinds offers home equity loans with competitive rates and terms up to 180 months. You can borrow up to 90% of your home’s equity, with APRs starting at 2.94%. Additionally, there are no closing costs or annual fees.

Business accounts:

  • Business Checking: Choose the type of checking account that suits your business needs, with features such as no minimum balance requirement, online banking, and overdraft protection. Fees and rates vary depending on the account type, so carefully review them before making a decision. For Business Checking accounts, fees range from $0 to $20 per month, depending on the account type.
  • Business Savings: Open a savings account for your business and earn interest on your balance, with options such as money market accounts and CDs. Choose the account type that suits your business needs based on the APY and minimum balance requirements. For Business Savings accounts, the APY ranges from 0.05% to 0.25%, and the minimum balance requirement ranges from $100 to $2,500, depending on the account type.
  • Business Loans: Fairwinds offers various types of business loans, such as commercial real estate loans, equipment loans, and lines of credit, with competitive rates and flexible terms. Loan amounts, rates, and terms vary depending on the loan type and your business’s financial situation. For Business Loans, the interest rates range from 3.50% to 5.75%, and the loan amounts vary based on the loan type and your business’s financial situation. Loan terms range from 5 to 20 years, depending on the loan type.

Investments and retirement planning:

  • Financial Planning: Create a financial plan with Fairwinds to achieve your financial goals. FCUs financial planners can offer guidance on budgeting, debt management, investment strategies, and more.
  • Retirement Accounts: Choose the right retirement account with Fairwinds to save for your retirement. FCU offers traditional IRAs, Roth IRAs, and Simplified Employee Pension (SEP) plans with a range of investment options to suit your goals.
  • Investment Services: Invest your money wisely with Fairwinds’ investment services. FCUs investment advisors can guide you on selecting the right investments such as mutual funds, stocks, and bonds for your goals and risk tolerance.
  • Annuities: Consider an annuity with Fairwinds to provide a steady stream of income during retirement. FCUs advisors can help you determine if an annuity is suitable for your retirement plan.
  • Estate Planning: Plan for the future by creating an estate plan with Fairwinds. FCUs advisors can guide you on wills, trusts, power of attorney, and other essential estate planning documents.

Where This Product Stands Out

Flexible Business Loan Options: Take advantage of Fairwinds’ various business loan options, including term loans, equipment loans, and lines of credit, to support your business operations.

Competitive Rates: Fairwinds offers competitive interest rates on its loans and lines of credit, so you can save money and invest more into your business.

No Minimum Balance Requirements: Enjoy the benefits of Fairwinds’ business checking accounts with no minimum balance requirement and online banking features.

Personalized Financial Planning: Work with Fairwinds to create a personalized financial plan to achieve your financial goals, including saving for retirement, buying a home, or starting a business.

Investment Services: Fairwinds can help you invest your money wisely, with options such as mutual funds, stocks, and bonds. Its investment advisors can provide guidance on selecting the right investments for your goals and risk tolerance.

Where This Product Falls Short

Limited Geographic Reach: Note that Fairwinds Credit Union has a limited geographic reach compared to other financial institutions. If you live outside of their coverage area, you may need to consider other options.

Limited Business Loan Options: Take the time to carefully evaluate Fairwinds Credit Union’s limited business loan options to ensure they align with your business’s specific needs before applying.

Less Experience in SBA Loans: If you are considering an SBA loan, inquire about Fairwinds Credit Union’s experience and resources in this area.

Higher Interest Rates: Be sure to compare Fairwinds Credit Union’s interest rates with those of other lenders to ensure you are getting the best possible deal on your loan.

How to Qualify for This Product

To qualify for Fairwinds Credit Union, you must meet certain eligibility requirements. These requirements may vary depending on the specific account or loan you are interested in, but generally include:

  • You must be at least 18 years old
  • You must live, work, worship, or attend school in one of the eligible counties in Florida where Fairwinds Credit Union operates (Orange, Seminole, Volusia, Osceola, Lake, Brevard, Polk, Hillsborough, Manatee, Sarasota, or Pinellas)
  • You must meet any other account or loan-specific requirements, such as minimum credit score, income, or business revenue.

How to Apply for This Product

To apply for a loan at Fairwinds Credit Union, you can follow these steps:

  • Visit the Fairwinds Credit Union website and navigate to the “Loans” section.
  • Choose the type of loan you want to apply for (e.g. personal loan, auto loan, business loan).
  • Review the eligibility requirements and ensure you meet the criteria.
  • Click the “Apply Now” button and follow the instructions to complete the application.
  • Provide any required documentation, such as proof of income or identification.
  • Submit the application and wait for the credit union to review your information.

If approved, sign the loan agreement and receive your funds.

You can also apply for a loan in person at a Fairwinds Credit Union branch. Apply with any necessary documentation with you, such as proof of income, identification, and any other relevant financial information.

Alternatives to This Product

Navy Federal Credit Union: Consider Navy Federal Credit Union as an alternative to Fairwinds Credit Union for a wider range of financial products and services. Navy Federal Credit Union offers various loan options like auto loans, personal loans, mortgages, and credit cards, all with competitive interest rates. Plus, you don’t need to worry about minimum balance requirements for checking or savings accounts. You can also have access to an extensive network of ATMs across the country.

Alliant Credit Union: Consider Alliant Credit Union as an alternative and take advantage of its high-interest savings accounts, free checking, rewards credit cards, and investment services. Assess your business’s financial needs and goals to determine which option suits you best.

Customer Reviews

Fairwinds Credit Union has a rating of 3.8 of 5 on Glassdoor with users applauding its excellent products. However, some customers did encounter some issues with overdraft fees and had to reach out to customer service for assistance. While they were able to resolve the issue, it was a bit of a hassle.

Methodology

We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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