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Union Bank Review 2021
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
Overall
3.5
Bankrate Score
Union Bank serves retail customers online and through its branches.
What we like
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The requirements to open a CD are low.
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The bank has well over 300 branches.
What we don't
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Phone customer service isn’t 24/7 and you don’t have customer service access on Sundays.
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Union Bank’s mobile app is not highly rated in the Apple app store.
CD rates
3.4
Bankrate Score
Member FDIC
CD
Union Bank lets you choose a term that’s perfect for you. There are 10 terms 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-ups.
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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Union Bank does not have a bump-up or no-penalty CD.
Savings accounts
2.4
Bankrate Score
Member FDIC
Savings account
Union Bank offers one regular savings account called Bank Freely savings. It is an interest-bearing account that can be opened with any amount above zero. Interest is earned on any amount above $0 and it allows unlimited transfers and withdrawals. There is no monthly service charge.
Bank Freely savings can be linked to a Union Bank checking account for overdraft protection. The bank refunds two out-of-network ATM charges. It comes with an ATM card, upon request, as well as access to online, mobile and telephone banking.
What we like
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All balances earn the same APY.
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You can open a Bank Freely savings account with any amount above $0.
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There is no monthly fee.
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Account holders have access to branches, as well as online, mobile and telephone banking.
What we don't
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The APY is very low, and it would be easy to find a better rate at another bank.
Checking accounts
4.5
Bankrate Score
Member FDIC
Checking account
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 a deposit of a penny or more. With the account, you can be refunded for two out-of-network ATM transactions per statement period.
The Priority Banking checking account is an interest-bearing account that requires a $25,000 average monthly balance to avoid the $25 monthly maintenance fee. You can also avoid the fee if you have a mortgage with Union Bank. The Priority Banking account offers perks, such as unlimited reimbursement of out-of-network ATM fees and unlimited checks.
What we like
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The Bank Freely account has no monthly service charge.
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Both checking account options can be opened with any deposit above $0.
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The Priority Banking account earns interest.
What we don't
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The Priority Banking account requires a monthly balance of $25,000 or it needs to be linked to a mortgage at Union Bank to avoid the monthly fee.
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There are other banks that charge less for overdraft fees.
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You can find checking accounts at other banks that pay more interest than Priority Banking.
Money market accounts
2.2
Bankrate Score
You’ll need $2,500 to open a MoneyMarket account at Union Bank. Then, you’ll need to maintain a $2,500 balance to avoid a $9-$10 monthly service charge. The current interest rate is not competitive. There are other banks paying much higher APYs.
This money market account lets you access your money by using an ATM card, debit card or checks. The Union Bank MoneyMarket account lets you write up to six checks per statement period.
What we like
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With MoneyMarket, you can write up to six checks per monthly statement period.
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MoneyMarket 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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MoneyMarket can be used for overdraft protection on your Union Bank checking account.
What we don't
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You can find better APYs at other banks, especially online banks.
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You need a minimum balance of $2,500 in MoneyMarket to avoid a $9 monthly fee ($10 if you receive paper statements).
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It must be opened in person at a branch.
Bank experience
You can contact Union Bank by phone Monday through Friday from 7 a.m. to 9 p.m. Pacific. On Saturdays, phone hours are 8 a.m. to 5 p.m.. Union Bank doesn’t have Sunday phone hours. Union Bank customers have access to 525 in-network ATMs.
Union Bank has online and mobile banking, allowing customers to view and manage their accounts 24/7. The bank also allows payments using Apple Pay and Google Pay.
About Union Bank
Union Bank is a full-service bank with nearly 400 branches in California, Washington and Oregon. Also known as MUFG Union Bank, it offers checking, savings and money market accounts, as well as certificates of deposit, credit cards and mortgages.
Libby Wells is a contributing writer to Bankrate. Previously, she was Bankrate's chief copy editor. Libby has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.
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