Bethpage Federal Credit Union Review 2021

Published December 2020 by Lance Davis

AT A GLANCE
4.4

Bankrate Score

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Low Minimum Balance

Rewards Checking

This credit union is ideal for Long Island residents who want access to branches, low-cost loans and competitively priced deposit products.

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    5.0
  • MMAs
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    4.3
  • Savings
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    3.3
  • CDs
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    4.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.4

    Bankrate Score

    Bethpage Federal Credit Union, the largest credit union in New York state, is a full-service banking institution. All of its deposit accounts are insured up to $250,000 through the National Credit Union Administration.

    What we like

    • Bethpage FCU offers a comprehensive slate of deposit and loan products.

    • There are no restrictions for membership.

    • Members have access to free financial education resources.

    What we don't

    • The yields tied to deposit accounts are fairly competitive, but other banks pay more interest.

    • Physical branch access outside of Long Island is limited.

    Checking accounts

    5.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Bethpage Federal Credit Union offers a free checking account with the ability to earn interest. You can open it with a $5 initial deposit into a Bethpage savings account. The checking account has no monthly service fee, but requires customers to enroll in online banking, make direct deposits and use their debit cards at least 10 times per month to earn interest. Bonus Checking also features no minimum balance requirement.

    Bethpage is a part of the CO-OP ATM network, offering customers free access to more than 30,000 ATMs nationwide. The credit union also offers Pay Anyone and Zelle as options for making person-to-person payments. Bethpage has a few dozen branches but offers access to more than 5,000 shared branch locations.

    What we like

    • The checking account is free with the ability to earn interest.

    • There’s no monthly service fee or minimum balance requirement.

    • Customers have free access to over 30,000 CO-OP ATMs.

    What we don't

    Money market accounts

    4.3

    Bankrate Score

    The Bethpage Money Market account pays a strong APY and has a low minimum balance requirement of $500. The account charges no fees and comes with the ability to write checks.

    Similar to the credit union’s checking account, a one-time $5 deposit into a Bethpage savings account is required to open a money market account.

    What we like

    • The money market account pays a strong APY.

    • The account is fee-free and offers check-writing ability.

    • The minimum balance requirement is low.

    What we don't

    • You must open a savings account and deposit $5 to open a money market account.

    Savings accounts

    3.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Bethpage Federal Credit Union's Regular Savings account pays an APY that’s close to the national average. The account required only a $5 deposit to open, and it doesn’t charge a monthly service fee.

    Bethpage has two unique products for younger savers: the Youth Savings Custodial New York Uniform Transfers to Minors Act (NYUTMA) account (ages 0-17) and the Young Adult Savings account (ages 18-20). The former is governed by the NYUTMA, so it can only be opened online if the custodian or the minor is a New York resident.

    What we like

    • The Regular Savings account only requires a balance of $5.

    • It also doesn’t charge a monthly service fee.

    • Bethpage offers two accounts for young savers.

    What we don't

    • The yield for the Regular Savings account is low compared with other options.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Bethpage Federal Credit Union offers a number of traditional certificates across various terms. It also offers special certificates, including a 39-month bump-up certificate. The minimum deposit for all certificate options is just $50. Yields are very competitive across all terms; however, for customers searching for the absolute best rates, you’ll want to compare rates at other institutions as well.

    What we like

    • Only a $50 deposit is needed to open an account.

    • The credit union offers a bump-up certificate.

    What we don't

    • APYs are very competitive but just outside of the top-tier rates offered at some banks.

    Bank experience

    Bethpage Federal Credit Union shines in a number of areas. Not only does the credit union give members access to more than 30,000 free ATMs, it also offers numerous budgeting tools. Bethpage lets you do everything from searching for your transactions to creating a budget to check your balance on your Apple Watch.

    Its representative hours aren’t shabby either. You can reach someone at the credit union on weekdays from 7:30 a.m. until 7 p.m. Eastern. On Saturday, you can reach someone from 8 a.m. until 2 p.m. You can also access your account online.

    About Bethpage Federal Credit Union

    Bethpage Federal Credit Union is a medium-sized financial institution with deep roots in the communities of New York’s Long Island region. The credit union initially served employees of Grumman Aircraft Engineering Corporation when it opened its doors in 1941. It wasn’t called Bethpage Federal Credit Union until it changed its name in the early 1970s. The credit union offers a full selection of deposit and lending products to members. Membership is open to all citizens of the United States, with no special restrictions.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the editorial director for Bankrate. Lance leads a team responsible for creating educational content that guides people through the pivotal steps in their financial journey. He has held multiple roles on the Bankrate team, starting out as a copy editor and then focusing on building audiences through social media and email newsletters before taking on an editor role. Lance learned the finer points of personal finance on the copy desk, where he was tasked with reading almost every article before it was published on the site, and saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement, build wealth and more. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.