Most everyone is dismissive of the accounts that give you 2% to 4% on up to $3K or $4K, because by themselves it doesn't seem like a lot but I find that if the two of us do three of them each it is well worth it - as long as I am not required to jump through hoops like twenty transactions in a month.
If you are a T-Mobile customer they have a checking account that pays 4% on $3K and 1% on everything above that.
Online account only with a debit card, FDIC and all that.
The only requirement is to deposit $200 a month which you can transfer from your regular checking and transfer back out whenever you want.
I just use it as a savings account with a guaranteed 4% payout each month for the $3K.
Every time the other deposits (of $200 mo) reach $500 I transfer them right back out to the regular checking at my local credit union - which pays the same 1% up to $10K.
There is no minimum and there are no fees of any kind but they hold your deposit five days just like my credit union does which is a nuisance.
I'm not a fan of being forced into transactions, but if you can make it work for you why not.
As far as savings or CD's
Navy Federal CU has a 3.5% CD for up to $3K that you can open with the full $3K or only $50 and then deposit whatever, whenever up to $3K. It is sort of a running special - in the three years I've had an account with them they offer one annual CD, called Easy Start to each customer every year.
NFCU consistently has good CD offers - well, maybe not anymore after all of this mess:). I have another CD maturing this year @3.25% but they recently still had a 2.25% interest 17 mo CD for up to $75K that you can add to until you reach $75K or open with $75K.
To my surprise, they sent out notifications that they will waive the CD penalty for early withdrawal if I needed the money due to the pandemic. Amazing.
Mid Florida CU still has a holiday savings account that pays 2% up to $4K (was 3% last year). It's only a $5 penalty to access the money if needed.
It's always worth a look to see what your local credit unions offer, just look at the accounts descriptions on their website.
As far as your Iowa CU in question - look it up in the search function at doctorofcredit.com (an excellent, reliable blog) and read up on the deal and how others make it work or not. You'll find a complete review as well as tons of comments to guide your decision making on just about every good deal out there.