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Union Bank Review 2023

Updated January 1, 2023
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.4 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 2.8 stars out of 5

MMA

Rating: 2.2 stars out of 5

About Bankrate Score

Overview

Union Bank is a good option for customers on the West Coast who want an institution that offers a suite of personal banking services and products.

Highlights

  • Low Min Deposit
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Union Bank serves customers on the West Coast with branch, telephone, online and mobile banking.

Pros

  • Checkmark

    The bank has over 350 branches.

  • Checkmark

    Union Bank offers online, mobile and telephone banking in addition to branch banking.

Cons

  • Union Bank’s mobile app is not highly rated by iOS and Android device users.

  • Union Bank retail branches are limited to the West Coast.

Union Bank bank products

2.8
Rating: 2.8 stars out of 5
Bankrate Score

Union Bank savings overview

Union Bank offers one traditional personal savings account called Bank Freely savings. It is an interest-bearing account that can be opened with just a penny. There is no monthly service charge and it allows unlimited transfers and withdrawals. It can be linked to a Union Bank checking account for overdraft protection.

The account comes with an ATM card, upon request, as well as access to online and telephone banking.

Pros

  • Checkmark

    You can open a Bank Freely savings account with just a penny.

  • Checkmark

    There is no monthly service fee.

  • Checkmark

    The account comes with an ATM card, upon request.

Cons

  • The APY is very low, and it is easy to find better rates at other banks.

  • The APY is not tiered, so high balances do not earn more interest than low balances.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

Union Bank customer service representatives can be reached by phone Monday through Friday from 7 a.m. to 9 p.m. and on Saturdays from 8 a.m. to 5 p.m., Pacific time. Union Bank is not partnered with an ATM network. Banking kiosks inside Union Bank branches allow customers to complete many transactions on their own.

The bank also allows person-to-person payments using Zelle. Up to 20 Union Bank checking, savings and money market accounts can be combined into one organized monthly statement.

About Union Bank

Union Bank is a subsidiary of Mitsubishi UFJ Financial Group (MUFG), a global financial institution. It is a full-service bank with headquarters in San Francisco. Union Bank has more than 350 retail banking branches in California, Washington and Oregon. It offers checking, savings and money market accounts, certificates of deposit, credit cards, mortgages and other loans, and insurance and investment services.

In September, U.S. Bancorp agreed to acquire MUFG's core regional banking franchise, affecting about 1 million Union Bank consumer customers and about 190,000 small business customers on the West Coast.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.