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Randolph-Brooks Federal Credit Union Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.4

Bankrate Score

bank-logo

Free Checking

No monthly fees

RBFCU could be an ideal choice for Texans looking for a full-service credit union with several options for savers and a relatively fee-free checking account. The credit union offers many ways to become a member.

  • Checking
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    4.8
  • Savings
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    3.3
  • CDs
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    4.2
  • MMAs
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    4.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Bask Bank

    Member FDIC

    Savings account

    2.02 % APY

    $ 0

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    1.90 % APY

    $ 0

    Min. balance for APY

    Overall

    4.4

    Bankrate Score

    Randolph-Brooks Federal Credit Union is one of America’s best credit unions and one of the largest in the state of Texas.

    What we like

    • The credit union offers a range of CD terms from six months to seven years.

    • The Choice account gives savers the opportunity to earn a very high yield on a portion of their balance.

    • Members have access to nearly 30,000 ATMs within the CO-OP network.

    • Digital wallet access, early direct deposit, free bill pay and account alerts are available.

    What we don't

    • The credit union doesn’t offer any specialty certificates.

    • There’s no check writing available with the credit union’s money market accounts.

    • Zelle is not available.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    RBFCU’s Really Free Checking Account is a low-cost account that pays some interest. There are no minimum balance requirements or monthly charges for keeping the account open.

    The credit union has its own ATMs and is a member of the CO-OP ATM network, giving members free access to more than 30,000 ATMs.

    Members have access to online bill pay and free standard checks when ordered online. Person-to-person payment platforms like Zelle, however, are not available.

    Through the credit union’s direct deposit system, members can get paid up to two days early. A few overdraft protection options are available and overdraft fees are low compared to other financial institutions.

    What we like

    • There are no monthly maintenance fees or minimum balance requirements.

    • Members can get paid up to two days early.

    • The overdraft fee is below what other financial institutions charge.

    What we don't

    • Only one checking account option is available.

    • Person-to-person payment platforms like Zelle are not available.

    Savings accounts

    3.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Bask Bank

    Member FDIC

    Savings account

    2.02 % APY

    $ 0

    Min. balance for APY

    Just $1 is needed to open and maintain a regular savings account and membership with RBFCU. No monthly service fee is charged.

    The account is a low-cost savings option, and it pays a decent APY. Consumers searching for the most competitive savings APYs will want to shop around, however.

    Only six online or phone transfers per month are permitted. But after the sixth transfer of the month, additional transfers can be made at a Randolph-Brooks Federal Credit Union branch.

    What we like

    • The account only requires $1 to open.

    • There are no monthly service fees.

    What we don't

    • The account pays more than the national average, but better rates can be found.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.50 % APY

    20mo

    Term

    $ 500

    Min. deposit

    Certificate terms at RBFCU range from six months to seven years. Annual percentage yields depend on the size of the deposit, though they’re currently the same across all balance tiers and only vary depending on the length of the term.

    Certificate terms are listed in ranges, such as six to 11 months and 12 to 23 months. Besides the standard certificates, there’s an 18-month SuperSaver Certificate paying a slightly higher yield across all balances. All certificates require at least $1,000 to open and earn interest.

    Despite offering a wide range of certificate terms, the credit union doesn’t offer any specialty certificates, such as a no-penalty certificate.

    What we like

    • All certificates require a manageable $1,000 deposit to open.

    • The credit union offers a range of CD terms from six months to seven years.

    What we don't

    • Higher yields are not offered for higher balance tiers.

    • The credit union doesn’t offer any specialty certificates.

    Money market accounts

    4.8

    Bankrate Score

    RBFCU offers two types of money market accounts: the Classic Money Market account and the Choice Money Market account.

    For the Classic Money Market account, the same APY is offered on balances of $2,500 or more. With the Choice Money Market account, a blended rate structure applies. At the time of Bankrate’s review, the $2,500-$10,000 tier earned the account’s highest APY, followed by the $10,000-$25,000 tier. Balances of $25,000 or more earned the lowest APY, less than half of what the top tier earned.

    RBFCU’s top-tier APY was very competitive at the time of Bankrate’s review.

    A $2,500 minimum balance is required to open each money market account, and neither charges a monthly service fee. The credit union doesn’t offer check writing with its money market accounts.

    What we like

    • No monthly service fee is charged for either account.

    • The Choice account gives savers the opportunity to earn a high yield on a portion of their balances.

    • The minimum balance requirement is manageable, compared with some other money market accounts.

    What we don't

    • There’s no check-writing available

    Bank experience

    Randolph-Brooks Federal Credit Union has 60 branch locations, all in Texas. A photo ID must be presented before completing any transactions. There’s surcharge-free access to all ATMs (nearly 30,000) within the CO-OP network. The credit union offers several options for becoming a member.

    Members hoping to get in touch with the bank can call and contact a member service representative or send an email. Different phone numbers are listed on the website depending on the product or service you need assistance with.

    While there’s no access to person-to-person payment platforms like Zelle, RBFCU members with cards can use mobile wallets, including Apple Pay, Samsung Pay, Fitbit Pay and Garmin Pay. There’s free online and mobile bill pay, remote check deposit, and email and text alerts. A mobile app is available as well for Android and iPhone users.

    Financial resources for members include free and inexpensive online seminars and free classes offered by the credit union’s financial education team. There are also many calculators available for members who need loans or help budgeting and figuring out how much to save for retirement and college.

    About Randolph-Brooks Federal Credit Union

    Randolph-Brooks Federal Credit Union was founded in 1952. What began as a financial institution for members of the military and their families is now one of the largest credit unions in Texas.

    RBFCU today provides services to more than 1 million members. Membership in the credit union is open to others outside the military, depending where they live, work, worship, attend school or other affiliation. Having an immediate family member who’s a member of the credit union is another way to qualify for membership.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth