Union Bank offers just one type of CD with a fixed-rate annual percentage yield (APY) across all terms and deposit amounts. However, the flexibility in CD terms stands out from the competition: short-term CDs are available for just seven to 31 days, and for any number of months up to 60 months.
The minimum opening deposit for short-term CDs is $2,500. Other CD terms of 32 days or more require a minimum opening deposit of $350.
Union Bank earned a 2.7 out of 5 in Bankrate’s overall rating of the bank.
Union Bank CD rates
Here are Union Bank’s CD rates as of July 30, 2020.
|Account name||Term||APY||Minimum deposit|
|Time deposit account (CD)||7-31 days||0.2%||$2,500|
|Time deposit account (CD)||32-89 days||0.2%||$350|
|Time deposit account (CD)||90-179 days||0.2%||$350|
|Time deposit account (CD)||180-364 days||0.2%||$350|
|Time deposit account (CD)||12-17 months||0.2%||$350|
|Time deposit account (CD)||18-23 months||0.2%||$350|
|Time deposit account (CD)||24-35 months||0.2%||$350|
|Time deposit account (CD)||36-47 months||0.2%||$350|
|Time deposit account (CD)||48-59 months||0.2%||$350|
|Time deposit account (CD)||60 months||0.2%||$350|
All Union Bank CDs offer a fixed-rate APY. For any CD with a deposit of less than $1 million, interest is compounded daily and paid according to the account holder’s choice. Most accounts are eligible for interest to be paid monthly, quarterly, semi-annually, annually or on the maturity date. However, short-term CDs are only eligible for interest payment at the maturity date.
Union Bank also offers IRA CDs according to its frequently asked questions page, but rate and term details are only available by contacting your local Union Bank branch.
How Union Bank compares to top-yielding banks
Union Bank offers one of the shortest CD terms on the market. With an APY of 0.2 percent, this CD is highly competitive compared to other short-term CD options. Northpointe Bank offers a higher APY for a one-month CD at 0.3 percent, and notably requires a lower minimum deposit of $1,000.
When it comes to CD interest rates for longer-term CD accounts, Union Bank falls short of the competition, even with a relatively low minimum deposit. For example, Quontic Bank offers a five-year CD with a 1.28 percent APY and $500 minimum deposit. For terms of one to three years, Ally Bank’s CD offers a competitive 1 percent APY with no minimum deposit amount.
Compare CD rates to ensure you’re earning a competitive APY.
Other savings options at Union Bank
Union Bank offers two other savings options for more liquidity.
With Union Bank’s regular savings account, you can schedule transfers from your checking account and enjoy unlimited transfers and withdrawals. The low minimum opening deposit of $50 is appealing, but the interest rate is just 0.01 percent. There are monthly maintenance fees, but these can be avoided either by maintaining a minimum $300 daily balance or by making at least one $25 or greater deposit into the savings account each month.
Union Bank’s money market savings account offers a bit more incentive with variable interest rates but requires a minimum deposit of $2,500. You’ll need to maintain that daily balance to avoid monthly maintenance fees.