Randolph-Brooks Federal Credit Union Review 2021

Published January 2021 by Lance Davis

AT A GLANCE
4.6

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.

  • CDs
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    4.7
  • Savings
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    3.9
  • Checking
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    4.7
  • MMAs
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    4.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    MMA

    0.45 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.6

    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.

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

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    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 relatively 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.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Just $1 is needed to open a regular savings account with RBFCU. That’s the amount that must be in the account in order for it to be kept open. Keeping this account open is required to maintain membership at the credit union. There’s also no monthly service fee.

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

    What we like

    • The account only requires $1 to open.

    • There are no monthly service fees.

    What we don't

    • The account pays a decent APY, but yield chasers will want to shop around.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    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 get access to online bill pay and free standard checks when ordered online. However, person-to-person payment platforms like Zelle are not available.

    Through the credit union’s direct deposit system, members can get paid up to two days early and you’ll be able to access the money as soon as it’s made available. 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.

    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 Class Money Market account, a flat rate is offered across balances. With the Choice Money Market account, a blended rate structure applies. Here’s how APYs on the Choice Money Market break down:


    • $2,500-$10,000: 1.00%

    • $10,001-$25,000: 0.55%

    • $25,000+: 0.40%


    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

    • There’s no monthly service fees for either account.

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

    • The minimum balance requirement is manageable.

    What we don't

    • There’s no check-writing available.

    Bank experience

    Randolph-Brooks Federal Credit Union has 60 branch locations. All physical locations are located in Texas and 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 a number of ways for people to become members.

    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 loved ones is now one of the largest credit unions in Texas.

    RBFCU today provides services to more than 800,000 members. Membership in the credit union depends on whether you live, work, attend school or worship within the field of membership. You may also be eligible to join based on your affiliation with a certain organization and the armed forces. Having an immediate family member who’s a member of the credit union is another way to qualify for membership.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing, loans and insurance. Lance leads a team of more than 20 editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance 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 and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.