Bethpage Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Bethpage Federal Credit Union’s checking accounts

Bonus Checking

Offers one of the highest rates out there if you meet certain conditions.
APYMinimum Balance to Earn APY
0.50%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: None
  • Overdraft fee: $30

This is a great option for those who want an everyday-use account with a high APY. In order to earn the advertised APY each month, you’ll need to use your Mastercard debit card at least 10 times, enroll in e-statements and receive a direct deposit every month.

Other features include online banking and mobile banking with mobile check deposit. You can also do your banking in person at any one of the 5,000 CO-OP branches or at the network’s 30,000 surcharge-free ATMs.

How to get the Bonus Checking account

You can open the Bonus Checking account online. You’ll need to become a member by depositing $5 into a savings account to qualify, which you can do at the same time as you’re filling out the application form. It’ll ask you to fill in personal details such as your name, employment information and Social Security number, and to provide a driver’s license or government-issued ID (a military ID cannot be used for an online application). Afterwards, you’ll need to fund the new savings account and checking account.

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on Bethpage Federal Credit Union’s secure website

NCUA Insured

Young Adult Checking

A great option for 18- to 20-year-old customers.
APYMinimum Balance to Earn APY
0.50%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $30

Bethpage Federal Credit Union also offers an option to get a Young Adult Checking account with the same features and rates as the regular checking, along with free checks. This is available for anyone between the ages of 18 and 20 and the account will automatically convert to a Bonus Checking account once the account holder turns 21.

How to get the Young Adult Checking account

You can open the Young Adult Checking account online. You’ll need to become a member by depositing $5 into a savings account to qualify, which you can do at the same time as you’re filling out the application form. It’ll ask you to fill in personal details such as your name, employment information and Social Security number, and to provide a driver’s license or government-issued ID (a military ID cannot be used for an online application). Afterwards, you’ll need to fund the new savings account and checking account.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

Youth Checking

A great starter account for parents helping their teenagers get off on the right financial foot.
APYMinimum Balance to Earn APY
0.10% $2,500
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $30

This account is great for parents or guardians who want to teach their children about finances to prepare them for doing it on their own. The Youth Checking account is available for ages 15 to 17 and will automatically convert to a Young Adult Checking account once they turn 18.

All account holders get access to free checks and a student Mastercard debit card. Mobile banking and check deposit is available if the parent or guardian chooses so. With access to all of these features, it’s a great opportunity to teach your kids how to use a variety of banking products.

How to get Bethpage Federal Credit Union’s Youth Checking account

You can only open a Youth Checking account in person. Click here to find a location closest to you.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

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How Bethpage Federal Credit Union’s checking accounts compare

Both the Bonus and Young Adult checking accounts offer rates that rival those at the top of our list of the best checking accounts currently being offered out there. These Bethpage checking accounts offer some really great perks, such as no monthly maintenance fee and access to a large number of branches and ATMs.

Bethpage Federal Credit Union’s savings accounts

Regular savings

You’ll need to open this account to become a member of the credit union.
APYMinimum Balance to Earn APY
0.20% $5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

This is a basic, no-frills savings account that all new members need to open. As long as you keep $5 in the account, you can access other products that Bethpage Federal Credit Union has to offer.

As a standalone account, it offers you a place to store your cash. You do get an ATM card to make deposits and withdrawals as well as link it to any of their checking accounts. As per Federal Reserve Regulation D, you can make a maximum of six certain withdrawals a month. More than that and Bethpage Federal Credit Union will charge you $10 per excessive withdrawal. If you do so regularly, the credit union may close your account.

How to get the Regular savings account

Head over to their website and fill out an application form online. You’ll need to provide personal details such as your name, employment information and Social Security number. Then you’ll need to make your initial deposit.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

Youth Savings

This account offers a sky-high APY and the ability for your child to save.
APYMinimum Balance to Earn APY
2.00% $5-$999.99
0.35%$1,000+
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

Bethpage’s Youth Savings account is a great opportunity for a parent or guardian to teach their child about personal finances and be able to hand over the account once they reach adulthood. The biggest plus on the account is the high APY paid on the first $999.99; go above that, and the rate drops to a lower, but competitive number.

There are currently two types of this account — the custodial Youth Savings and the Young Adult Savings. In order to open a custodial Youth Savings account, either the custodian or the minor must be a resident of New York.

The custodial account is for anyone under the age of 18. The minor is the owner of the account but the adult has full control over it. When the child turns 18, the account will automatically be converted to a young adult savings account and they’ll have full access to the account. It’ll then automatically be converted to a regular savings account once the account holder is 21 years old.

Perks of the account include online and mobile banking and ATM access.

How to get the Youth Savings accounts

Head over to Bethpage Federal Credit Union’s website and fill out an application form online. Adults will need to first open a regular savings account with $5 to establish membership. You’ll need to provide personal details such as your name, employment information and Social Security number. For the custodial savings account, you’ll need to fill in personal details for the minor. Afterwards, just make make your initial deposit.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

Special Purpose Account

Use this account to set aside money for your short-term savings goals.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

This is meant as a savings account for those who want to set aside money specifically for short-term savings goals, such as a vacation or large purchases. This account earns interest, but you’ll need to call the credit union for its current rates.

You do get an ATM card to access your funds easily, but remember that since it’s a savings account, Regulation D limits you to six certain withdrawals a month. Bethpage Federal Credit Union will charge you $10 per withdrawal when you make more than six.

Other than the lower minimum threshold, there isn’t much else to know about this account. If you like having separate savings accounts for different purposes, it’s a good choice.

How to get the Special Purpose Account

You’ll need to establish membership by depositing $5 in a regular savings account. To do so, head to the credit union’s website and fill out an online application form by providing details such as your name, address, employment information and Social Security number. Then you can fund your account.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

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How Bethpage Federal Credit Union’s savings accounts compare

Except for the whopping APY paid on Youth Savings account balances up to $1,000, Bethpage Federal Credit Union’s savings accounts rates fall short when compared to other online banks. The accounts on our list of the best online savings accounts have much higher APYs and also don’t require minimum balance amounts.

If you were planning on opening an account for your child, it’s a great option since you need to open a savings account to access the credit union’s other products. Otherwise, you’re better off shopping around.

Bethpage Federal Credit Union’s CD rates

Certificate accounts

Offers some great rates at a fixed rate of return.
TermAPY
6 months0.50%
12 months0.50%
18 months0.50%
19 months1.10%
24 months0.60%
30 months0.75%
36 months0.75%
48 months0.85%
60 months1.00%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less – 90 days’ interest
    • More than 12 months – 180 days’ interest

This is a fixed-rate CD that’s best for those looking for a conservative investment vehicle. The $50 minimum opening deposit is one of the lowest we’ve seen, and the rates are pretty competitive as well. Interest earned is compounded daily and credited either monthly or quarterly. You can either have the interest kept in the CD, transferred to another account or paid to you via paper check.

Bethpage Federal Credit Union will send you a notice 16 days before your account matures. When it does, you’ll get a seven-day grace period — three days shorter than most other banks — and you can either withdraw funds, add additional money or renew for another term. Otherwise, your CD will automatically be renewed for the same term, except for the 19-month CD, which will be renewed as a 12-month CD.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

Bump Up Certificate

This CD offers you the chance to increase your rate once during your term.
TermAPY
39 months0.75%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: 180 days interest

This CD is best for those seeking a long-term CD but wanting an opportunity to increase their rates. The Bump Up certificate gives you the opportunity to increase your rate once during the 39-month term. If the rate increases, you’ll need to request the bump up.

When your account matures, the CD will automatically be renewed to the 36-month fixed rate CD.

How to get Bethpage Federal Credit Union’s CDs

You can open either the fixed rate or bump up CD online by heading to Bethpage Federal Credit Union’s website and completing their online application form. You’ll need to provide details such as your name, address and Social Security number. Then you can fund your account.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

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How Bethpage Federal Credit Union’s CD rates compare

Bethpage Federal Credit Union’s CD rates are on par with some of the best offerings out there. Their CDs also have a lower minimum opening deposit than some of those on our list of the current best CD rates. The Bump Up CD also offers a great rate and the opportunity to increase it during your term.

Bethpage Federal Credit Union’s money market account options

Money Market account

You can earn a much higher rate than the regular savings account.
APYMinimum Balance to Earn APY
0.50% $500-$24,999.99
0.50%$25,000-$49,999.99
0.50%$50,000+
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: depends on balance tier
  • Monthly account maintenance fee: none
  • ATM fee: none
  • ATM fee refund: None
  • Overdraft fee: N/A

This money market account is best for those who are looking for a great rate on a savings account, much higher than on Bethpage Federal Credit Union’s regular savings account. But just like the savings account, you also get ATM access, online and mobile banking.

As with all savings accounts, Federal Reserve Regulation D limits certain withdrawals to six per month. Make more than that and the credit union will charge you a $10 excessive withdrawal fee for each one. Exceed the six-withdrawal limit too often and Bethpage Federal Credit Union may close your account.

How to get Bethpage Federal Credit Union’s Money Market account

You’ll first need to open a savings account with $5 to become a member of the credit union. To do so, go to its website and fill out an application. You’ll need to fill in information such as your name, address, employment information and Social Security number. Afterward, you can fund the savings and money market accounts.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

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How Bethpage Federal Credit Union’s money market account compares

Bethpage Federal Credit Union’s Money Market account is pretty comparable to some of the best money market offerings out there. The minimum balance is similar to other online banks that offer high rates. Unless you really care about having limited check-writing capabilities, this account is a great choice.

Bethpage Federal Credit Union’s IRA accounts

IRA CD rates

IRA CD

Earn a guaranteed rate of return for your retirement savings.
TermAPY
6 months0.50%
12 months0.50%
18 months0.50%
19 months1.10%
24 months0.60%
30 months0.75%
36 months0.75%
48 months0.85%
60 months1.00%
  • Minimum opening deposit: $50
  • Minimum balance amount to earn APY: $50
  • Early withdrawal penalty: Depends on length of term:
    • 12 months or less – 90 days of interest
    • More than 12 months – 180 days interest

This is a great account for those who want a guaranteed rate of return on their retirement savings. The rates are some of the best out there and the minimum opening deposit is pretty low. You are limited, depending on your age, to what IRS rules allow you to put into the account each year.

With this account, interest earned is compounded monthly and credited to your account either monthly or quarterly, depending on your CD term. When your account matures, you have a seven-day grace period in which you can withdraw funds, make additional deposits or renew for another term. Otherwise, it’ll automatically be renewed.

How to get Bethpage Federal Credit Union’s IRA CDs

You’ll need to establish membership by opening a savings account with a $5 deposit. Then you can head to their website and fill out an application form to request more information from a customer service representative who will help you handle the paper. You can also head your local branch to open an account.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

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How Bethpage Federal Credit Union’s IRA CD rates compare

Bethage Federal Credit Union’s IRA CD rates are comparable to some of the best offerings out there. The ones on our list of the best IRA CD rates have higher minimum deposit amounts which could be a disadvantage if you don’t have a lot to invest initially. The seven-day grace period for renewal is shorter than most similar IRA CDs out there. Still, if you go with this IRA CD, you can’t go wrong.

IRA money market

Earn a great rate in a tax sheltered or tax deferred account.
APYMinimum Balance to Earn APY
0.50%$1-$24,999.99
0.50%$25,000-$49,999.99
0.50%$50,000+
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: depends on tier
  • Monthly account maintenance fee: none
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This is a great account for those who want to maximize their retirement savings, as this one of the best rates we’ve seen lately. Even though there are higher rate tiers, you are limited by the IRS to the amount you can deposit each year, so check to see what the current rules and regulations are.

Another advantage is that you can technically withdraw money any time but you are limited to six certain withdrawals a month as per Regulation D. You may also face penalties from the IRS if you make withdrawals before the age of 59½.

How to get Bethpage Federal Credit Union’s IRA money market account

You’ll need to first become a member by opening a saving account with $5 and pop into your local branch or fill out an application form on their website to request to open an account. Then Bethpage will help you handle the paperwork necessary.

SEE DETAILS Secured

on Bethpage Federal Credit Union’s secure website

NCUA Insured

Overall review of Bethpage Federal Credit Union’s banking products

Overall, Bethpage Federal Credit Union offers great rates on most of their deposit accounts and IRA products. These have low opening deposit amounts and offer perks such as ATM access, free checks and mobile checking.

Where Bethpage Federal Credit Union falls short in on their savings accounts, which you need to open one in order to access the other products. If you look beyond that, Bethpage Federal Credit Union offers some great choices for most consumers.

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