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Union Bank Review 2022
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Overall
3.6
Bankrate Score
Union Bank serves customers on the West Coast with branch, telephone, online and mobile banking.
What we like
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The bank has over 350 branches.
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Union Bank offers online, mobile and telephone banking in addition to branch banking.
What we don't
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Union Bank’s mobile app is not highly rated by iOS and Android device users.
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Union Bank retail branches are limited to the West Coast.
CD rates
3.4
Bankrate Score
Member FDIC
CD
Union Bank offers 10 terms of CDs ranging from seven to 31 days to five years. The shortest-term CD requires $2,500 to open; the other terms require a $350 deposit to open. The bank also offers IRA CDs, but there are no specialty CDs, such as bump-up or no-penalty CDs. Rates are not competitive; the five-year CD pays the same APY as the 24- to 35-month CD.
What we like
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Most Union Bank CDs can be opened with only $350.
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Union Bank offers a wide range of CD terms.
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Union Bank offers one very short-term CD for savers who do not want to tie up their money.
What we don't
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The APYs are not competitive.
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Union Bank does not have specialty CDs such as bump-ups or no-penalty CDs.
Savings accounts
2.8
Bankrate Score
Member FDIC
Savings account
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.
What we like
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You can open a Bank Freely savings account with just a penny.
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There is no monthly service fee.
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The account comes with an ATM card, upon request.
What we don't
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The APY is very low, and it is easy to find better rates at other banks.
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The APY is not tiered, so high balances do not earn more interest than low balances.
Checking accounts
4.7
Bankrate Score
Member FDIC
Checking account
Union Bank has two personal checking account options, but for this review Bankrate looked at the Bank Freely checking account, a noninterest-bearing account. Bank Freely checking can be opened with just a penny and there is no monthly maintenance fee or minimum balance requirement.
Union Bank refunds you for two out-of-network ATM transactions per monthly statement period. The $33 overdraft/nonsufficient funds fee is lower than the national average. There is a $3 monthly fee for paper statements.
What we like
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The Bank Freely checking account has no monthly service charge.
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Bank Freely checking can be opened with just one cent.
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The overdraft/NSF fee is lower than what many banks charge.
What we don't
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Bank Freely checking does not pay interest.
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Monthly paper statements cost $3 a month.
Money market accounts
2.2
Bankrate Score
You’ll need $2,500 to open a Union Bank MoneyMarket account. You must maintain a $2,500 balance to avoid a $9-$10 monthly service charge. The interest rate is not competitive; online banks pay much higher APYs.
The account comes with unlimited check writing, withdrawals and transfers. You can also access your money by using an ATM card or debit card. MoneyMarket account holders have access to online and mobile banking. You can link the account to a Union Bank checking account for overdraft protection.
What we like
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The account comes with an ATM card; a debit card is available upon request.
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Account holders have access to online and mobile banking.
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The MoneyMarket account can be used for overdraft protection on your Union Bank checking account.
What we don't
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The APY is not competitive; it's easy to find higher rates at other banks, especially online banks.
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A minimum deposit of $2,500 is required to open the account.
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A minimum balance of $2,500 is needed to avoid a $9 monthly fee ($10 if you receive paper statements).
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.
Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.
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