Union Bank Review 2020

Published May 2020 by Matthew Goldberg

AT A GLANCE
2.7

Bankrate Score

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Low Minimum Deposit

It's a good option for savers seeking CDs with low minimum deposit requirements.

  • CDs
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    2.7
  • Savings
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    3.3
  • Checking
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    3.3
  • MMAs
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    1.6
  • MORE HIGH-YIELD OPTIONS

    Overall

    2.7

    Bankrate Score

    Union Bank serves retail customers online and through some branches.

    What we like

    • Requirements to open a CD are low.

    • Operates branches.

    What we don't

    • Phone customer service isn’t 24/7 and you don’t have customer service access on Sundays.

    • As of late May, Union Bank’s app is rated 2.6 on the Apple app store.

    CD rates

    2.7

    Bankrate Score

    Union Bank lets you choose a term that’s perfect for you. It offers terms ranging from a seven-day CD up to a five-year CD. Most of these CDs only require a $250 minimum deposit to open the product, which helps make this CD an option for savers of all levels.

    What we like

    • Union Bank CDs with a term of 32 days up to the five-year CD only require $350 to open a CD.

    • Union Bank offers very short-term CDs for those not looking to tie up their money for a long period of time.

    • Union Bank also offers IRA CDs.

    What we don't

    • Union Bank’s short-term CDs with terms of 7-31 days require a minimum deposit of $2,500.

    Savings accounts

    3.3

    Bankrate Score

    Union Bank offers one savings account for adults: the Regular Savings account. You only need $50 to open this account.

    The Regular Savings account charges you a $4 monthly maintenance fee. But you can avoid this fee by either keeping at least $300 in the account or by making at least a $25 deposit at least once a month.

    Union Bank also offers a savings account for children ages eight to 12. This account turns into a Teen Savings account, for ages 13-17, and then becomes a Regular Savings account once the customer is 18 or older.

    What we like

    • All balances earn the same APY.

    • Only $50 is needed to open a Regular Savings account.

    • Relatively easy to sidestep the monthly fee.

    What we don't

    • The APY that all balances earn is very low.

    • Union Bank charges a $2 fee if you use an out-of-network ATM domestically. This fee increases to $5 when using an ATM outside of the U.S.

    Checking accounts

    3.3

    Bankrate Score

    Union Bank has two checking account options.

    The Bank Freely checking account doesn’t charge you a monthly maintenance fee and you can open it with any initial deposit of a penny or more. With the account, you will get two rebates per statement when you use ATMs outside of Union Bank’s network.

    To avoid the $25 monthly maintenance fee, the Priority Banking checking account requires you to keep a $25,000 monthly average ledger balance. You can also avoid the fee if you have a mortgage at Union Bank. The Priority Banking checking account offers perks, such as unlimited reimbursement of out-of-network ATM fees and offering some interest.

    What we like

    • You won't pay ATM fees worldwide with the Priority Banking checking account.

    • The Priority Banking checking account earns interest.

    • The Priority Banking checking account can be opened with any amount.

    What we don't

    • The Priority Banking checking requires a monthly average ledger balance of $25,000 or it needs to be linked to a mortgage at Union Bank to avoid a monthly fee.

    • You can find other banks that charge less for overdraft fees.

    Money market accounts

    1.6

    Bankrate Score

    You’ll need $2,500 to open a MoneyMarket account at Union Bank. After opening a Union Bank  MoneyMarket account, you’ll want to keep at least $2,500 in it every day to avoid the monthly maintenance fee.

    This money market account lets you access your money by using an ATM or debit card or checks. The Union Bank MoneyMarket account lets you write up to six checks per statement period.

    What we like

    • You’re rewarded for depositing more money into Union Bank’s money market account. Balances of $25,000 up to $999,999,999.99 earn a higher APY.

    • This money market account lets you write up to six checks per monthly statement period.

    What we don't

    • The top-yielding tier still isn’t close to the money market account national average.

    • You need to keep at least $2,500 in the MoneyMarket account or you’ll be charged a $10 monthly maintenance fee. (The monthly service fee is $9 if you receive e-statements.)

    Bank experience

    You can contact Union Bank by phone Monday through Friday from 7 a.m. to 9 p.m. PST. On Saturdays, phone hours are 8 a.m. to 5 p.m. PST. Union Bank doesn’t have Sunday phone hours. Union Bank customers have access to 525 in-network ATMs.

    About Union Bank

    Union Bank operates branches mainly on the West Coast. It is a brand name of MUFG Union Bank and offers checking, savings and money market accounts. It also offers certificates of deposits.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.