Jovia

Jovia Reviews

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About Jovia

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Founded in 1938 by a group of teachers as a way to save money affordably, Jovia has since grown into a full-service credit union. Jovia’s branches are all located in the Long Island area, but it offers plenty of online banking options. Its online savings account and student savings account are particularly strong, offering higher rates than other credit unions.

Pros & Cons

Pros
  • Many account options
  • Minimal fees
  • Large fee-free ATM network
  • Special purpose savings accounts help you easily save
Cons
  • Low rates on some savings products
  • Minimum balance required for all accounts
  • No branches outside Long Island

Our editor’s take

Jovia offers a wide range of banking products and services, making it a good one-stop shop for everything from checking accounts to mortgages. The annual percentage yield (APY) on some of its savings products is particularly noteworthy, reaching as high as 5.00% as of publishing, which is significantly higher than many other savings options out there.

It also has an excellent variety of savings options, including certificates, a money market account, a health savings account and even beginner savings accounts specifically designed for kids and students.

However, if you’re looking for in-person customer service and live outside of the Long Island area, you’ll want to consider a different credit union or bank with a wider branch network.

How does Jovia credit union work?

As a credit union, Jovia works similarly to a traditional bank but has some key differences. Unlike banks, credit unions (including Jovia) are not-for-profit organizations and are member-owned.

Credit unions focus on community banking, prioritizing customer service and unique services. For example, Jovia hosts seminars to educate members on developing better financial habits and offers scholarships to eligible high school and college students who have accounts.

Since Jovia was founded by teachers, it has a focus on serving teachers, such as by offering grants to teachers to help provide classroom supplies and necessities.

Jovia products and services

For its members, Jovia offers a well-stocked catalog of financial accounts and products to help you save, use your money responsibly or prepare for your (or your child’s) education.

Savings accounts

Jovia offers four different savings accounts (all rates accurate as of publishing):

  • Share Savings: This savings account comes with no monthly maintenance fees and a 0.10% APY; however, Jovia requires a minimum balance of $131 to earn interest on this account.
  • Special Purpose Savings: A Special Purpose Savings account is just as it sounds: an account where you can save for a special purpose. To make it easier to save toward your goal, you can set up automatic recurring deposits. You’ll need to have a minimum balance of $60.23 to earn its 0.10% APY.
  • Student Savers: Designed for students aged 18 to 25 who are just starting their financial journey, the Student Savers offers up to 5.00% APY. You’ll need just $5 to open an account and start earning.
  • Tuition Builder: A Tuition Builder account can help you set aside money to fund your education, with up to 4.857% APY. To open this account, you’ll need to deposit a minimum of $100. If your account balance drops below the $100 minimum at any time, you’ll face account closure, and your money will be transferred to a Share Savings account.
  • Online Savings: If you’re an online Jovia member, you can access an Online Savings account, a high-yield account that boasts a 5.00% APY. This account comes with no monthly fees and has a minimum balance of $5 to earn interest.

In addition to Jovia’s savings account options, it also offers a variety of other ways to save. These include certificates, money market accounts (MMAs), health savings accounts (HSAs), youth accounts and individual retirement accounts (IRAs).

  • MMA: Jovia’s MMA offers a tiered rate structure that rewards you with a higher APY the more you save. You can withdraw from this account without paying fees and never have to pay a custodial or maintenance fee.
  • Certificates: Certificate accounts through Jovia come in terms of three months to five years, with different APYs for different term lengths. Jovia also offers a five-day rate guarantee — if the rate increases within five calendar days of opening your account, you'll earn the higher rate until your certificate matures.
  • Youth accounts: Jovia’s youth accounts help kids up to age 17 learn how to manage their money. These accounts have a minimum opening deposit of $5.
  • IRA: You can open an IRA through Jovia with a minimum $100 deposit and pay no custodial or maintenance fees. An IRA can help you save for retirement while also giving you access to tax breaks.
  • HSA: Jovia’s HSAs can help you tuck money away to pay medical expenses. With these, you can set pretax money aside.

Checking accounts

Jovia offers its members two different checking accounts, the CareFree Checking and Go Green Checking.

  • CareFree Checking: The CareFree Checking account is a basic checking account that comes with a debit card and the option to order checks. This account has no minimum balance fees, no monthly maintenance fees and no overdraft fees.
  • Go Green Checking: The Go Green Checking account is an interest-yielding checking account. With this, you can earn bonus rates on balances up to $25,000 each month by completing certain money moves. These include signing up for paperless statements and depositing $100 into your account.

Credit cards

Jovia offers two credit cards, a Visa Advantage and Visa Signature Elite. Both cards come with no annual fee, no balance transfer fee and no foreign transaction fees.

  • Visa Advantage: As of publishing, this card comes with an introductory 1.99% annual percentage rate (APR) offer for 12 months, with a purchase APR range of 13.24% to 17.99% thereafter. Jovia recommends this card to members who are just beginning their credit journey or who are looking to consolidate high-interest debt.
  • Visa Signature Elite: This rewards credit card enables you to earn 1.25 points for every dollar spent, which you can then redeem for travel, merchandise, gift cards and cash. As of publishing, its APR is 16.24% to 17.99%, and the card comes with a bonus offer of 20,000 points when you spend $2,000 during the first three months.

Loans

Jovia has borrowing options for just about any financial need. Members will find the following loans:

  • Auto loans: Jovia offers car loans with terms of up to eight years on new vehicles and seven years on used vehicles. Members also have access to Jovia’s dealer network, which can help you find the right vehicle for you.
  • Personal loans: Jovia offers fixed-rate personal loans that can help you cover a variety of different expenses or even consolidate debt. Repayment terms range from 12 months to 60 months.
  • Home improvement loans: Jovia offers loans for major renovations or small upgrades to your home, with repayment terms up to 180 months.
  • Secured loans: Jovia’s secured loans are for borrowers who need to repair their credit. To get one, you’ll need to put up your Jovia savings account as collateral.
  • Student financing: Jovia partners with College Ave Student Loans to offer student loans and student loan refinancing.
  • SafetyLine: If you’re worried about overdrafts, Jovia offers a variable-rate revolving line of credit up to $50,000, which serves as overdraft protection on your checking account.

Mortgages and home equity

Jovia can help you buy a new home or take advantage of the equity you have in your current one.

  • Mortgage loans: Jovia offers a variety of different options, including fixed-rate mortgages, adjustable-rate mortgages, jumbo mortgages and reverse mortgages. Jovia members can apply for a mortgage online in as little as 15 minutes, and some qualify for loans with low to no closing costs.
  • Home equity loans: Jovia members who own a home can borrow against their equity. With this type of loan, you can access a low introductory rate for the first 12 months and even turn a portion of your home equity loan into a fixed-rate loan during the draw period.

Jovia rates

Jovia’s rates vary depending on the specific account or product. The most impressive of Jovia’s offerings is its Online Savings and Student Savers accounts, both of which earn you 5.00% APY as of publishing.

The following APYs for its savings and checking products are all accurate as of publishing:

  • Share Savings: 0.100%
  • Special Purpose Savings: 0.100%
  • Student Savers: 5.00% on a balance of $3,000 or less; 0.100% on a balance above $3,000
  • Tuition Builder: 4.857%
  • Online Savings: 5.00%
  • MMA: 0.750% to 2.500%
  • Certificates: 2.00% to 5.00%
  • Youth accounts: 1.005%
  • IRA: 2.00% to 5.00%
  • HSA: 0.100% on a balance under $2,500; 0.200% on a balance of $2,500 or more
  • Go Green Checking: 3.500% on a balance of $25,000 or less; 0.100% on a balance above $25,000

Jovia fees

All of Jovia’s accounts and products come with different fees; however, these tend to be minimal. For example, according to Jovia’s fee schedule, Jovia’s savings accounts only come with the following fees:

  • Inactive account fee: $5
  • Excess savings transaction fee: $10
  • Digital Member Personal Assistance fee (if applicable): $25

Other fees Jovia members may face are relatively standard among credit unions and traditional banks. A few include:

  • Money orders: $3 per order
  • Incoming wire transfers: $5
  • Lost Visa card replacement: $5

How does Jovia compare?

Jovia stands out against other credit unions and banks, mainly in terms of perks and rates on its savings products. You can see this clearly when comparing its Online Savings account against similar accounts from popular competitors, like Ally Bank’s Savings Account and PenFed Credit Union’s Premium Online Savings.

Jovia FAQ

Is Jovia federally insured?

Yes, Jovia is a federally insured credit union. It is insured by the National Credit Union Administration (NCUA), which means deposits at Jovia are insured up to $250,000.

Where is Jovia bank located?

Jovia currently only has branches in the Long Island area of New York. Specifically, Nassau and Suffolk County. However, Jovia is part of the Shared Service Center network, allowing you to use other credit unions across the country to make banking transactions.

What is the minimum balance in a Jovia savings account?

The minimum balance for a Jovia savings account is dependent on the account. For both the Share Savings and Special Purpose Savings accounts, the minimum balance is $5. However, the Tuition Builder account requires you to maintain a minimum $100 balance at all times.

Is Jovia legit?

Yes, Jovia is a legit credit union that has been around since 1938. It is federally insured by the NCUA for up to $250,000, making it a secure place to store your money. As of 2022, Jovia’s total assets were $4.23 billion and it had over 200,000 members, according to its annual report. Jovia also has strong community ties, demonstrated through its partnerships with organizations throughout the Long Island area.

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Jovia Company Information

Company Name:
Jovia
Website:
www.jovia.org