Bethpage Federal Credit Union Review 2020

Published March 2020 by Amanda Dixon

AT A GLANCE
3.9

Bankrate Score

bank-logo

Low Minimum Balance

Rewards Checking

This credit union is ideal for Long Island residents who want access to plenty of branches, low-cost loans and competitively-priced deposit products. If you need in-branch support but you live outside of New York (or too far from Long Island), you’re better off looking elsewhere.

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    4.4
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    4.2
  • Savings
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    3.3
  • CDs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    3.9

    Bankrate Score

    Bethpage Federal Credit Union, the largest credit union in New York state, is a full-service banking institution.

    What we like

    • Bethpage FCU offers a comprehensive slate of deposit and loan products, for both personal and business customers.

    • 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

    4.4

    Bankrate Score

    Bethpage Federal Credit Union’s Bonus Checking account is an interest-bearing account. You can open it with a $5 initial deposit. The 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.

    What we like

    • Offers higher interest rates than other checking accounts.

    • No minimum balance requirements, third-party ATM fees or monthly service charge.

    What we don't

    • Three requirements to earn interest each month.

    • No ATM refunds available.

    Money market accounts

    4.2

    Bankrate Score

    The Bethpage Money Market account has a relatively low minimum balance requirement of $500, but it lacks the ability to write checks. It offers an APY that’s more than eight times the national average for balances of $500 or more. All accounts are insured by the National Credit Union Administration.

    What we like

    • The minimum balance to earn the highest yield is low.

    • ATM and debit cards are available. There is also an ATM card available for the Regular Savings account.

    • The APY is competitive for an MMA.

    What we don't

    • Other banks pay higher APYs.

    • Dividends are only compounded monthly for customers with a money market account.

    • The same APY applies to all tiers, so you’re not rewarded for keeping more money in your account.

    Savings accounts

    3.3

    Bankrate Score

    Bethpage Federal Credit Union's Regular Savings account pays twice the national average APY. It 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

    • Very high yield on the first $1,000 for those 0-20 years old who have a minor or custodian who’s a New York resident.

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

    What we don't

    • The highest yield applies only to the first $1,000 on accounts for minors and young adults.

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

    CD rates

    3.9

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    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 is just $50.

    Early withdrawal penalties are standard. For certificates with terms of 12 months or fewer, the penalty is 90 days’ dividends on the amount withdrawn. For certificates with longer terms, the penalty is 180 days’ dividends.

    What we like

    • Interest compounds daily.

    • Low minimum deposit to open an account.

    • Interest can be paid out before the certificate matures.

    What we don't

    • Other banks and credit unions pay higher yields.

    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 7:00 p.m. (EST). On Saturday, you can reach someone from 8 a.m. until 2 p.m. (EST). 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.

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior banking reporter for Bankrate. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.