Randolph-Brooks Federal Credit Union Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

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Updated on Thursday, October 1, 2020

Randolph-Brooks Federal Credit Union’s checking account option

Really Free Checking

For free checking, you could do a lot worse. This account has no balance requirement, pays cash back on debit card purchases and earns interest. We just wish it offered a better rate and out-of-network ATM refunds.
APYMinimum Balance Amount to earn APY
0.05%$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: Free at Randolph-Brooks Federal Credit Union and CO-OP Network ATMs. $1 for out-of-network ATM transactions.
  • ATM fee refunds: None
  • Overdraft fees: $24

Like the name says, Randolph-Brooks Federal Credit Union’s Really Free Checking account is completely free. There is no monthly fee or minimum balance requirement.

This account earns interest on all balances, but the rate is very low. If you buy something using the debit card, you get 10 cents back for every purchase. This account also comes with online banking and free checks when you order them online..

You can make unlimited free withdrawals from Randolph-Brooks Federal Credit Union ATMs as well as ATMs that are part of the CO-OP network, a nationwide network of nearly 30,000 credit union ATMs. If you use out-of-network ATMs, Randolph-Brooks Federal Credit Union charges $1 per transaction and will not refund any fees from the ATM owner.

Lastly, this account also does not have an opening deposit requirement, so you set the account up without adding money.

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on Randolph-Brooks Federal Credit Union’s secure website

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How Randolph-Brooks Federal Credit Union’s checking account compares

Randolph-Brooks Federal Credit Union offers just one checking account: Really Free Checking. But, as far as free accounts go, you could do a lot worse. There is never a monthly fee, no minimum balance requirement, you earn cash back on debit purchases and the account earns interest on all balances.

Still, there are some features we don’t like. If you use an out-of-network ATM, Randolph-Brooks Federal Credit Union charges $1 per transaction and will not refund any fees from the ATM owner. This can get expensive if you don’t live near one of its branches or a CO-OP network ATM. Also, while the account earns interest, the rate is very low.

Just because you use a free checking account doesn’t mean you can’t earn a decent interest rate. These online checking accounts are also free but pay a much higher rate than Randolph-Brooks Federal Credit Union.

Randolph-Brooks Federal Credit Union’s saving account option

Regular savings

Every member of Randolph-Brooks Federal Credit Union must have one of these accounts. It’s not bad, but there are better savings accounts out there.
APYMinimum Balance Amount to earn APY
0.20%$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at Randolph-Brooks Federal Credit Union and CO-OP Network ATMs. $1 for out-of-network ATM transactions.
  • ATM fee refunds: None
  • Overdraft fees: $24

Randolph-Brooks Federal Credit Union requires that all members have a Regular savings account, which it describes as “your passport to the many other financial resources.”

The opening deposit and minimum balance requirement to keep the account open is just $1; you cannot withdraw the last $1 in this account unless you terminate your credit union membership. In addition, this account does not charge a monthly fee, so this is an easy membership requirement. The Regular savings account earns interest on all deposits of $1 or more. The rate always stays the same and doesn’t increase for larger balances.

Since this is a savings account, government regulation limits how often you can take money out. In each statement cycle, you can only make six certain withdrawals or transfers out of the account. This includes checks, account transfers, debit card purchases and bill payments. However, you can make unlimited ATM and in-branch withdrawals. If you go over the limit, Randolph-Brooks Federal Credit Union charges a $12 fee for each excess transaction

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on Randolph-Brooks Federal Credit Union’s secure website

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How Randolph-Brooks Federal Credit Union’s savings account compares

We have mixed feelings about Randolph-Brooks Federal Credit Union’s savings account. On the plus side, it’s free, only requires a $1 balance and pays a moderate interest rate. On the other hand, the interest rate is nowhere near as high as the top savings accounts on the market.

Basically, this savings account is good enough that we don’t see members complaining about being required to open one but we don’t see people rushing to add a ton of money into the account either. There are better options both at Randolph-Brooks Federal Credit Union and elsewhere.

Randolph-Brooks Federal Credit Union’s CD rates

Certificate accounts

Randolph-Brooks Federal Credit Union does a nice job with its CDs. A wide variety of terms to choose from and solid rates across the board.
TermAPY($1,000-$4999)APY($5,000-$19,999)APY($20,000-$74,999)APY($75,000+)
6 months0.45%0.45%0.45%0.45%
12 months0.60%0.60%0.60%0.60%
18 months0.65%0.65%0.65%0.65%
24 months0.75%0.75%0.75%0.75%
36 months0.81%0.81%0.81%0.81%
48 months0.91%0.91%0.91%0.91%
60 months1.01%1.01%1.01%1.01%
72 months1.11%1.11%1.11%1.11%
84 months1.21%1.21%1.21%1.21%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies; see below.

Randolph-Brooks Federal Credit Union offers CDs which range from 6 months all the way up to 84 months (7 years). All of its CDs require a minimum opening deposit of $1,000 and you must keep at least this much in the account to earn the APY.

Randolph-Brooks Federal Credit Union breaks down its CD rates into four different levels, based on the amount you deposit. However, it currently pays the same interest rate on all CDs regardless of the balance.

These CDs charge a penalty if you take money out before the maturity date. The penalty depends on the length of your CD term:

  • 6 – 11 month certificate = 30 days of interest
  • 12 – 23 month certificate = 60 days of interest
  • 24 – 35 month certificate = 120 days of interest
  • 36 – 47 month certificate = 180 days of interest
  • 48 – 59 month certificate = 240 days of interest
  • 60 – 71 month certificate = 300 days of interest
  • 72 – 83 month certificate = 360 days of interest
  • 84 month certificate = 420 days of interest.

As is standard with credit unions, you need to join before you can open a CD.
You will need to provide the opening deposit for the CD along with your application.

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on Randolph-Brooks Federal Credit Union’s secure website

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How Randolph-Brooks Federal Credit Union’s CD rates compare

Randolph-Brooks Federal Credit Union’s CD rates are solid across the board. Whether you want something as short as 6 months, as long as 7 years or something in between, you can find a respectable CD with Randolph-Brooks Federal Credit Union.

While it breaks down its rates into four different deposit categories it then pays the same rate throughout, at least as of Oct. 11, 2018. This works out better for smaller deposits because someone contributing $1,000 earns the same rate as someone contributing $75,000.

Still, that’s a minor complaint because the rates at Randolph-Brooks Federal Credit Union are terrific. Here’s how they match up against the very best CD rates on the market today.

Randolph-Brooks Federal Credit Union’s money market account options

RBFCU Choice Money Market

Worried about the high fees on the average money market account? This one is completely free. It’s a shame the interest rates aren’t higher.
APYMinimum Balance Amount to earn APY
1.11%$2,500
0.55%$10,000
0.40%$25,000+
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: Free at Randolph-Brooks Federal Credit Union and CO-OP Network ATMs. $1 for out-of-network ATM transactions.
  • ATM fee refunds: None
  • Overdraft fees: $24

The Choice Money Market account requires an opening deposit of at least $2,500. While this account states that its minimum balance requirement is $2,500, it won’t charge a fee or close your account if you fall below. Instead, Randolph-Brooks Federal Credit Union will pay its lower savings account rate for balances below $2,500.

This account pays interest on all balances of $1 or more. The best rate is for balances between $2,500 and $10,000. If you have more than $10,000, your rate falls nearly in half, so it’s not an ideal account for larger deposits.

Since this is a money market account, you’re limited on how often you can take money out because of Federal Reserve Regulation D. In each statement cycle, you can only make six certain withdrawals or transfers out of the account. This includes checks, account transfers, debit card purchases and bill payments. If you go over the limit, Randolph-Brooks Federal Credit Union charges a $12 fee for each excess transaction.

Once you’ve become a credit union member and opened your Regular savings account, you can open a Choice Money Market account by providing your membership information and your initial deposit along with the application.

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on Randolph-Brooks Federal Credit Union’s secure website

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Classic Money Market

This account has the exact same rules as the Choice Money Market except it pays lower interest rates. We suspect it’s an older account which it upgraded with Choice.
APYMinimum Balance Amount to earn APY
0.40%$2,500-$24,999
0.40%$25,000-$74,999
0.40%$75,000-$149,999
0.40%$150,000+
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fees: Free at Randolph-Brooks Federal Credit Union and CO-OP Network ATMs. $1 for out-of-network ATM transactions.
  • ATM fee refunds: None
  • Overdraft fees: $24

Randolph-Brooks Federal Credit Union also offers its Classic Money Market account. It has the same requirements as the Choice Money Market account: Deposit at least $2,500 to open. After that, there is no monthly fee, though if your balance falls below $2,500, you earn only the savings account interest rate.

The interest rates on the Classic Money Market account are lower than the Choice account. The Classic Money Market also pays the same interest rate for all deposits of $2,500 and up. There is no rate increase for larger deposits.

Federal Reserve Regulation D applies to this account, so in each statement cycle, you can only make six certain withdrawals or transfers out of the account. This includes checks, account transfers, debit card purchases and bill payments. If you go over the limit, the credit union charges a $12 fee for each excess transaction.

Before you can open a Classic Money Market account, you first need to join Randolph-Brooks Federal Credit Union and open your Regular savings account. Once that’s done, you can then open a Classic Money Market account by providing your membership information. You will need to provide your initial deposit along with the application.

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on Randolph-Brooks Federal Credit Union’s secure website

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How Randolph-Brooks Federal Credit Union’s money market accounts compare

If you’re going to open a money market account at Randolph-Brooks Federal Credit Union, the Choice account should be, well, your choice. It pays higher interest rates than the Classic Money Market account but with the exact same balance requirements and rules.

It’s nice that Randolph-Brooks Federal Credit Union’s money market accounts do not charge a monthly fee. Money market accounts typically charge high fees — $15 a month or more — if your balance falls below a certain point but this won’t be a problem here.

The downside is Randolph-Brooks Federal Credit Union doesn’t pay the greatest interest rates. In addition, its best money market rate only applies to balances between $2,500 to $10,000 in the Choice account. If you have more or less than this range in your account, you earn a much worse rate.

Randolph-Brooks Federal Credit Union might be worth using if you’d like a medium-sized money market account and want to avoid monthly fees at all cost. But there are better money market accounts out there which pay nearly double Randolph-Brooks Federal Credit Union’s highest rate while still having low fees. Be sure to check them out before deciding.

Randolph-Brooks Federal Credit Union’s IRA CD rates

Terrific rates for both short-term and long-term retirement saving goals.
TermAPY($1,000-$4,999)APY($5,000-$19,999)APY($20,000-$74,999)APY($75,000+)
6 months0.45%
0.45%0.45%0.45%
12 months0.60%0.60%0.60%0.60%
18 months0.65%0.65%0.65%0.65%
24 months0.75%0.75%0.75%0.75%
36 months0.81%0.81%0.81%0.81%
48 months0.91%0.91%0.91%0.91%
60 months1.01%1.01%1.01%1.01%
72 months1.11%1.11%1.11%1.11%
84 months1.21%1.21%1.21%1.21%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies; see below.

If you want to save for retirement, all of Randolph-Brooks Federal Credit Union’s CDs are available as IRA CDs with the same interest rates and terms. The IRA CDs range from 6 months to up to 84 months, so there is a nice variety to choose from.

All Randolph-Brooks Federal Credit Union IRA CDs require an opening deposit of at least $1,000 and you must keep this much in the account to earn the APY.

The credit union breaks down its IRA CD rates into four different levels, based on the amount you deposit. However, it currently pays the same interest rate on all IRA CDs regardless of the balance.

These IRA CDs charge a penalty if you take money out before the maturity date. The penalty depends on the length of your term:

  • 6 – 11 month certificate = 30 days of interest
  • 12 – 23 month certificate = 60 days of interest
  • 24 – 35 month certificate = 120 days of interest
  • 36 – 47 month certificate = 180 days of interest
  • 48 – 59 month certificate = 240 days of interest
  • 60 – 71 month certificate = 300 days of interest
  • 72 – 83 month certificate = 360 days of interest
  • 84 month certificate = 420 days of interest.

Before you can open an IRA CD you need to join Randolph-Brooks Federal Credit Union.
Once you’re a member, you can then set up Randolph-Brooks Federal Credit Union’s IRA CDs either at a branch or online. You will need to fill out the new IRA form and submit your deposit to open the IRA CD.

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on Randolph-Brooks Federal Credit Union’s secure website

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IRA Savings account

With the IRA Savings account, you can open for as little as $1 and take money out without owing Randolph-Brooks Federal Credit Union a penalty. The trade-off is that the interest rate is lower than the IRA CDs.
APYMinimum Balance Amount to earn APY
0.40%$0.01-$24,999
0.40%$25,000-$74,999
0.40%$75,000-$149,999
0.40%$150,000+
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None

It only takes $1 to open a Randolph-Brooks Federal Credit Union IRA Savings account. After that, there is no minimum balance requirement and this account does not charge a monthly fee.

This IRA Savings account pays interest on all balances, but the rate currently stays the same no matter how much you have in the account and it’s lower than all Randolph-Brooks Federal Credit Union’s IRA CDs. In exchange, this account does not have a time requirement for your deposit. You can take money out without owing a penalty to Randolph-Brooks Federal Credit Union.

Before you can open an IRA Savings account, you first need to join Randolph-Brooks Federal Credit Union. Once you’re a member, you can then set up Randolph-Brooks Federal Credit Union’s IRA Savings account either at a branch or online. You will need to fill out the new IRA form and submit your deposit to open the account.

How to get Randolph-Brooks Federal Credit Union’s deposit accounts

Before you can open any of Randolph-Brooks Federal Credit Union’s personal banking products, you first need to become a member, which you can do online, by phone or by visiting one of its branches. You will need to provide your address, contact information, Social Security number and a form of government-issued ID. You’ll also need to open a Regular savings account, which you can do with a minimum deposit of $1. Once that’s done, you can then open Randolph-Brooks Federal Credit Union’s deposit accounts by providing your membership information.

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on Randolph-Brooks Federal Credit Union’s secure website

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How Randolph-Brooks Federal Credit Union’s IRA CD rates compare

We really like Randolph-Brooks Federal Credit Union’s IRA CDs. In our opinion, they’re the best accounts the credit union has to offer. They feature a wide range of both short-term and long-term IRA CDs and the rates are competitive at every level. You can also open an IRA CD for a deposit of just $1,000.

The IRA Savings account doesn’t pay quite as much but that’s what you’d expect from more flexible account. It’s not a bad choice for small retirement accounts because you can open one up for just $1 and start earning interest. Still, the IRA CDs a better option once you can meet the $1,000 deposit requirement.

There are other lenders who pay slightly higher IRA rates than Randolph-Brooks Federal Credit Union, but the majority require larger deposits of $2,000 or more. If you’d like to compare, we’ve reviewed the best IRA CDs here.

Overall review of Randolph-Brooks Federal Credit Union’s deposit accounts

Randolph-Brooks Federal Credit Union does a good job with a lot of its accounts. At a time when large banks keep coming up with new monthly charges, the Texas credit union has kept all of its deposit accounts completely free.

Its best options are the CDs and IRA CDs because they pay the most competitive rates. Its money market and savings accounts aren’t bad for free accounts but there are other low-cost options which pay much more.

Our least favorite is the checking account because it pays a low interest rate and doesn’t refund out-of-network ATM fees. This could get annoying if you ever leave Randolph-Brooks Federal Credit Union’s service areas in Texas.

Still, even its weakest account offers a lot more than the typical national bank. If your No. 1 priority is to avoid monthly bank fees and you’d like to support a local credit union in Texas, Randolph-Brooks Federal Credit Union is a fine choice.

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