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Union Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Union Bank’s checking account options

Ready to Go checking

Get unlimited checks for a low monthly fee.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM (exceptions apply)
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This checking account gives you the opportunity to add extra features, though some do come with added fees. Free features include bill pay, online, telephone and mobile banking. You also get an unlimited supply of checks and a debit card.

One of the extra features is an ATM transaction benefit, where, for $3 a month, you can use any non-Union Bank ATM worldwide for any transaction. The benefit also allows for no Union Bank ATM fees and a rebate of non-Union Bank fees for the first two transactions per statement period.

Other add-on services include unlimited incoming wire transfers for $1 a month. You also can pay $1 a month for cashier’s checks or money orders. Note that if you sign up for these optional features, you will still be charged even if you do not use the service. You can cancel anytime.

You can waive the monthly maintenance fee if you make at least $500 worth of mobile check or direct deposits, maintain a $1,500 average monthly balance or maintain a minimum balance of $5,000 in linked deposit accounts each month.

How to get the Ready to Go checking account

You can open an account by filling out an online form in as little as 10 minutes. You’ll need to provide personal details such as your name, employment information, Social Security number and government-issued ID. You’ll then need to verify your identity by answering questions that Union Bank provides. Afterward, you can fund your account and create your profile online. Then print, sign and mail a signature card so that you can use it to make transactions at your local branch or to write checks.

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Banking by Design checking

There’s a lower monthly maintenance fee but there are fewer features.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM (exceptions apply)
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This account is best for those who want a simple checking account that doesn’t require high deposit minimums. To waive the monthly maintenance fee, you’ll need to either make at least a $250 mobile check or direct deposit each month. Account holders get a free debit card, bill pay, online and mobile banking.

Like the Ready to Go checking account, you can choose to get some add-on features. Unfortunately, you’ll need to pay $1 a month for the unlimited check supply. You’ll also need to pay $3 each month for the ATM service where you don’t pay fees for out-of-network. You can also get unlimited incoming wire transfers or cashier’s checks for $1 each per month.

How to get the Banking by Design checking account

You can complete an application in as little as 10 minutes. Head over to the bank’s online application and fill in your details such as your name, Social Security number, employment information and state-issued ID. The bank will ask you to verify your identity by answering a few questions. Then you can fund your account and create an online profile. You’ll also need to print, sign and mail a signature card so that you can write checks and make transactions in person.

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Priority Banking

Low tiered interest, but the fees are waived for a few other accounts across Union Bank.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.05%
$2,500
0.05%
$50,000
0.05%
$100,000
0.05%
$500,000
0.05%
$1,000,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $30 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This checking account has some pretty low APYs, but the benefits you get could be worth it. Account holders don’t pay any ATM fees worldwide, plus you get two additional deposit accounts in which there are no monthly maintenance fees. You will have no annual custodial fees for one of your IRAs, and receive free checks. You also get better rates for certain accounts.

This account is best for those who intend to keep a large sum of money or who have a mortgage with Union Bank, as you can waive the monthly fee if you link your mortgage account or have at least $50,000 in a combined balance every month. If hands-on service is important to you, this account gives you before- and after-hours access to customer service exclusively for Priority Banking customers.

How to get the Priority Banking account

Fill out an online application and provide information such as your name, address, employment details, Social Security number and state-issued ID. You’ll also need to answer a few security questions to verify your ID. Afterward, create your online profile and fund your account. You’ll also need to print, sign and mail a signature card to do in-person transactions and write checks.

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Teen Access

This account offers similar perks to the Banking by Design checking account.
  • Minimum opening deposit: $100
  • Monthly maintenance fee: $0
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $15 per debit

This account is meant for those between ages 13 and 17. An adult will need to be a joint account owner, though the teen is the primary account holder. Although the account doesn’t earn any interest, teens get check-writing capabilities, bill pay, mobile and online banking. Teens also get an ATM or debit Mastercard that comes with a choice on daily spending limits.

Once the primary holder turns 18, the account is automatically converted to another checking account. You’ll receive notice 60 days before it happens.

How to get the Teen Access account

This account can only be opened in person. Click here to find the nearest location.

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Private Advantage

Get a bunch of great perks if you have $250,000 to stash away.
APYMinimum Balance to Earn APY
Varies$250,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Unlimited refunds
  • Overdraft fee: None (up to 20 linked accounts)

The Private Advantage checking account is meant for those who have large sums of money and want to build an ongoing relationship with Union Bank. Think of it as ideal for those requiring robust wealth management services such as investment advisory, insurance and brokerage services.

You’ll be working with a relationship manager who will help you with managing your accounts.

One such account is its checking account. It’s only available to customers who can maintain a minimum of $250,000 in combined account balances such as personal checking, savings, money market, CD and retirement accounts. As for rates, you’ll need to speak with the relationship manager first to determine how much you’ll have on deposit with Union Bank and the types of products you intend on opening. Your rates with other Union Bank products could go up, depending on which one it is.

With this account, you get the benefits of no monthly fees, free ATM usage worldwide (including out-of-network machines), free wire transfers, a Private Bank Debit Mastercard with no foreign transaction fees, no overdraft fees and a free safe deposit box. Also, these features can be extended to up to 20 linked accounts.

How to get the Private Advantage checking account

You’ll need to speak with a relationship manager to open an account. To do so, go to Union Bank’s Private Advantage checking account page and enter your ZIP code. You’ll then be presented with a list of people you can speak with to find out out if you can qualify for an account.

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How Union Bank’s checking accounts compare

Unfortunately, the rates for Union Bank’s checking accounts are much like the ones from big banks — miniscule. Sure, you get some nifty features, such as unlimited checks and ATM refunds, but other banks offer that as well, sometimes for free. Those other banks, particularly the online-only ones, also have much higher rates and low minimum balance amounts.

Instead of going with Union Bank, you’ll probably get better rates elsewhere like the ones listed on our best checking accounts page.

Union Bank’s savings account options

Regular Savings

You’re earning next to nothing with this savings account.
APYRelationship APYMinimum Balance to Earn APY
0.01%
0.05%
$0.01
0.01%
0.05%
$2,500
0.01%
0.05%
$10,00
0.01%
0.05%
$25,000
0.01%
0.05%
$50,000
0.01%
0.05%
$100,000
0.01%
0.05%
$500,000
0.01%
0.05%
$1,000,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $4 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: N/A

This savings account does earn interest, but it’s really nothing significant. The relationship rates you see are only available if you have a Priority Banking checking account. This savings account might be useful if you want to link it to a Union Bank checking account for overdraft transfer protection. You can waive the monthly maintenance fee if you maintain a minimum daily balance of $300 or make at least one $25 deposit each month.

This account also comes with free bill pay, telephone banking, online banking and an ATM card, though you are allowed up to six certain withdrawals each month, as per Federal Reserve Regulation D. Otherwise, you’ll be charged $15 for each excess transaction.

How to get the Regular Savings account

To get a Regular Savings account, head over to Union Bank’s website and fill out an online application. Complete the form by filling in your name, employment details, government-issued ID and Social Security number. The bank will ask a few verification questions to confirm your identity. Then you can go ahead and create an online profile and fund your account. You’ll also be required to print, sign and mail a signature card so that you can write checks and do in-person transactions.

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Kidz Savings

Your child has the opportunity to earn gift cards with this account.
APYMinimum Balance to Earn APY
0%
$0.01
0.01%
$2,500
0.01%
$10,00
0.01%
$25,000
0.01%
$50,000
0.01%
$100,000
0.01%
$500,000
0.01%
$1,000,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $15 per debit

The Kidz Savings account offers children ages 8 to 12 an opportunity to start learning the importance of using a bank account. An adult needs to be the joint account holder, but the child is the primary owner. You don’t get an ATM card, so the only way to access funds is through in-person transactions, either in cash or cashier’s check, though you are allowed up to six certain withdrawals a month, as mandated by Federal Reserve Regulation D. If you make more than six withdrawals, you’ll be charged a $15 excess transaction fee.

A unique feature of this account is the Kidz Savings bonus card. Every deposit with a $5 minimum gets your child a stamp. Once he or she reaches 10 stamps, the bank will give your child a retail gift card. The types of gift cards available may vary.

How to get the Kidz Savings account

You can only open an account in person. Click here to find the nearest location.

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Teen Savings

Your teen can open this account to opt in to overdraft protection for the Teen Access checking account.
APYMinimum Balance to Earn APY
0%
$0.01
0.01%
$2,500
0.01%
$10,00
0.01%
$25,000
0.01%
$50,000
0.01%
$100,000
0.01%
$500,000
0.01%
$1,000,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $15 per debit, or $10 per day if you opt into overdraft transfer

This savings account is for those ages 13 to 17 who want the opportunity to earn some interest, though it’s not going to be much. The teen (primary account holder) gets an ATM card with a $100 withdrawal limit per day. The account also has paper statements, mobile, online and telephone banking. Your teen can also link it to a checking account for overdraft protection, though keep in mind that this account is limited up to six certain withdrawals a month, as per Federal Reserve Regulation D.

Like the Kidz Savings account, an adult is required to be a joint account owner.

How to get the Teen Savings account

You can only open an account in person. Click here to find the nearest location.

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How Union Bank’s savings accounts compare

Just like the checking accounts, Union Bank’s savings accounts have incredibly low rates. Other banks offer much better ones and some don’t have any balance minimums or maintenance fees. In short, you’re better off looking at our list of the best online savings accounts if you’re after earning more in interest.

Union Bank’s CD rates

Certificates of Deposit

Most of the rates you see here aren’t worth it.
Term: 7 to 31 days
Minimum Account Balance to Earn APYAPY
$2,5000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 32 to 89 days
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 90 to 179 days
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 180 to 364 days
Minimum Account Balance to Earn APYAPY
$3501.01%
$1,0001.01%
$10,0001.01%
$25,0001.01%
$50,0001.01%
Term: 12 to 17 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 18 to 23 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 24 to 35 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 36 to 47 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 48 to 59 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
Term: 60 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$1,0000.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
  • Minimum opening deposit: $350 for CDs with a 32-day to 60-month term; $2,500 for seven to 31 days
  • Minimum balance amount to earn APY: $350 or $2,500, depending on the term (see above)
  • Early withdrawal penalty: Depends on the length of term:
    • 7 to 31 days: Either all interest earned, seven days’ interest or what you would have earned in half the term, whichever is greater
    • 32 to 91 days: Either 31 days’ interest or compensating penalty (more details below), whichever is greater
    • 92 days to a year: Either 91 days’ interest or compensating penalty (more details below), whichever is greater
    • More than a year: Either 181 days’ interest or compensating penalty (more details below), whichever is greater

These are fixed-rate CDs that are best for those looking for a conservative investment option. Interest earned is compounded daily, except for CDs with $1 million or more, which will only earn simple interest. With all accounts, you can either keep the interest earned in the CD, paid out via paper check or transferred to a Union Bank checking, savings or money market account.

Interest you earn will be credited differently depending on the CD term:

  • 7 to 31 days: Credited at maturity
  • 32 days to a year: Credited monthly, quarterly, semiannually, annually or at maturity
  • More than a year: Credited monthly quarterly, semiannually or annually

If you make early withdrawals, be aware that you may need to pay what the bank calls a compensating penalty. The bank will subtract the rate on your current CD from the one that’s equivalent to the number of days left in your term. The difference will then be used to calculate the simple interest that you would have earned.

When your account matures, you have a 10-day grace period in which to make additional deposits, withdrawals or renew for another term. Otherwise, it’ll automatically be renewed. If your CD term is 31 days or less, you’ll get a three-day grace period.

How to get Union Bank’s CDs

You can either go to the nearest branch or call customer service at 888-818-6060 to open an account.

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How Union Bank’s CD rates compare

The only CD term worth considering at Union Bank is its 18-to-23 month certificate, but you’ll need to deposit a minimum of $10,000 to even qualify for that one. If not, other banks and credit unions offer much more competitive rates in wide ranges of terms and with lower minimum opening deposits.

To kick-start your research, head over to our page featuring the best CD rates.

Union Bank’s money market account options

MoneyMarket

This account gives you limited check writing capabilities and an ATM card.
APYRelationship APYMinimum Balance to Earn APY
0.01%
0.05%
$0.01
0.05%
0.10%
$2,500
0.08%
0.13%
$25,000
0.08%
0.13%
$50,000
0.08%
0.13%
$100,000
0.08%
0.13%
$500,000
0.08%
0.13%
$1,000,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $9 with e-statements, $10 with paper statements (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This account is best for those looking for a hybrid checking-savings account. The rates are slightly higher than the standard savings account and even higher if you can qualify for the relationship rate — only applicable to those who have a Priority Banking or Priority Advantage checking account. You also get check-writing capabilities and an ATM or debit card, though you are allowed up to six certain withdrawals a month, per Federal Reserve Regulation D. If you make more than six withdrawals, you’ll be charged a $15 excess transaction fee.

Other features of the account include paper or online statements, bill pay, mobile, online and telephone banking. You can also link this account to a Union Bank checking account for overdraft protection.

To waive the monthly maintenance fee, you’ll need to maintain a minimum daily balance of $2,500.

How to get the MoneyMarket account

You can open an account by filling out an application form online. You’ll be asked to provide personal details such as your name, employment information, Social Security number and government-issued ID. You’ll also need to answer a few verification questions before creating an online profile and funding your account. Afterward, print, sign and mail a signature card so you can do in-person transactions and write checks.

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High Rate MoneyMarket

This account requires a significant amount of money and a Union Bank checking account to open.
APYMinimum Balance to Earn APY
0%
$0.01
0.05%
$2,500
0.08%
$10,000
0.10%
$50,000
0.10%
$100,000
0.10%
$500,000
0.10%
$1,000,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $14 with e-statements, $15 with paper statements (this can be waived)
  • ATM fee: $2 for out-of-network ATMs; $1 if you get a mini statement from an in-network ATM
  • ATM fee refund: None
  • Overdraft fee: $33 per debit

This account has higher interest rates, but you need a significant amount of money — $10,000 — to open the account. You’ll also need to link a Union Bank checking account to qualify. Like the other money market account, you get an ATM or debit card, bill pay, online and telephone banking. Since this is technically a savings account, you are allowed up to six certain withdrawals a month as required by Federal Reserve Regulation D. Otherwise, you’ll be charged a $15 excess transaction fee for each withdrawal you make over six.

To waive the monthly maintenance fee, you’ll need to maintain a minimum daily balance of $10,000.

How to get the High Rate MoneyMarket account

You can open an account by filling out an application form online. You’ll be asked to provide personal details such as your name, employment information, Social Security number and government-issued ID. You’ll also need to answer a few verification questions before creating an online profile and funding your account. Afterward, print, sign and mail a signature card so you can do in-person transactions and write checks.

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How Union Bank’s money market accounts compare

Sadly, Union Bank’s money market accounts aren’t worth a second look. The rates are extremely low compared to other banks, even with the relationship rates. Sure, you get limited check-writing capabilities and ATM access, but you’ll get that at other places, too. In short, you’re better off looking elsewhere, like ones from our list of the best money market rates.

Union Bank’s IRA options

IRA CD rates

IRA Time Deposits

There’s a low minimum opening deposit — and even lower rates.
Term: 90 to 181 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
$100,0000.05%
Term: 182 to 364 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
$100,0000.05%
Term: 12 to 17 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
$100,0000.15%
Term: 18 to 23 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
$100,0000.15%
Term: 24 to 35 months
Minimum Account Balance to Earn APYAPY
$3500.20%
$10,0000.20%
$25,0000.20%
$50,0000.20%
$100,0000.20%
Term: 36 to 47 months
Minimum Account Balance to Earn APYAPY
$3500.35%
$10,0000.35%
$25,0000.35%
$50,0000.35%
$100,0000.35%
Term: 48 to 59 months
Minimum Account Balance to Earn APYAPY
$3500.40%
$10,0000.40%
$25,0000.40%
$50,0000.40%
$100,0000.40%
Term: 60 months
Minimum Account Balance to Earn APYAPY
$3500.50%
$10,0000.50%
$25,0000.50%
$50,0000.50%
$100,0000.50%
  • Minimum opening deposit: $350
  • Minimum balance amount to earn APY: $350
  • Early withdrawal penalty: Depends on the length of term (exceptions apply):
    • Up to 91 days: Either 31 days’ interest or compensating penalty (more details below), whichever is greater
    • 92 days to a year: Either 91 days’ interest or compensating penalty (more details below), whichever is greater
    • More than a year: Either 181 days’ interest or compensating penalty (more details below), whichever is greater

This retirement account is best for those looking for a guaranteed rate of return. Interest is compounded daily and credited either monthly or quarterly. Account holders need to pay a $25 annual custodial fee, unless you have at least $25,000 in any of your personal Union Bank IRA accounts, contribute at least $4,000 to an IRA each year, own a Priority Banking or Private Advantage checking account checking account or are 70 years old.

Those who make early withdrawals may face a penalty, which may entail what the bank calls a compensating penalty. How it works is that Union Bank will take the rate on your current CD term and subtract it from one that’s equal to how many days are left in your term. This difference will be used to calculate the simple interest you would have earned if you kept your entire deposit in your CD.

But the early withdrawal penalty doesn’t apply if you’re age 70½ or older or you’re at least 59½ years old and made plans for distributions or transferring it to another IRA.

When your account matures, you have a 10-day grace period in which to make additional deposits and withdrawals, or renew for another term. Otherwise, it’ll automatically be renewed. Union Bank offers a bonus rollover rate that pays an extra 0.25% bonus interest rate for the first 12 months if you have a 36- to 59-month term, or for the first 24 months if you have a 60-month term.

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Variable-Rate IRA Time Deposits

Earn much higher rates compared to the fixed-rate CD.
TermAPY
12 months1.33% Variable
18 months1.23% Variable
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on length of term (exceptions apply):
    • 12 months: 91 days’ interest or compensating penalty (more details below), whichever is greater
    • 18 months: 181 days’ interest or compensating penalty (more details below), whichever is greater

This account offers you the opportunity to earn higher rates plus the ability to make additional deposits. Once you open an account, you can keep making additional deposits — a minimum of $10 if it’s an electronic deposit, or $25 if made made in person. Also, only those older than 59½ can open the 12-month CD.

Interest is compounded daily and credited to your account either monthly or quarterly. Just like the fixed-rate IRA CD, you’ll need to pay a $25 annual custodial fee. This can be waived if you have a minimum of $25,000 across your Union Bank IRAs, own a Priority or Private Advantage checking account, are 70 or older or you contribute a minimum of $4,000 to an IRA every year.

You may face an early withdrawal penalty if you’re younger than 70½ or younger than 59½ and you don’t intend on making plans for distributions or transferring funds to another IRA account. This early withdrawal penalty may include what Union Bank calls a compensating penalty. The bank will take the rate of your CD term and subtract it from a rate that’s equivalent to how many days you have left until your CD matures. The difference will be used to calculate the simple interest that you could owe had you kept your funds in the account until maturity.

You’ll get a 10-day grace period, or else your account will automatically be renewed.

How to get Union Bank’s IRA CDs

You can only open an IRA CD in person or by calling customer service at 800-304-3854.

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How Union Bank’s IRA CD rates compare

You’re not really missing much if you end up going elsewhere. These IRA CDs don’t earn you much, even the variable-rate IRA. While it’s great you do get the option to make additional deposits, the lower rates may not be worth it. You’re probably better off going with one of the banks on our list of the best IRA CD rates.

IRA MoneyMarket Savings

This account offers low rates and you need to pay a custodial fee.
APYMinimum Balance to Earn APY
0.01%
$25
0.05%
$2,500
0.05%
$10,000
0.05%
$25,000
0.05%
$50,000
0.05%
$100,000
0.05%
$500,000
0.05%
$1,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $25
  • Annual account custodial fee: $25 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A

This IRA money market account is a simple account to store your retirement savings. You can waive the annual custodial fee if you have at least $25,000 in your Union Bank IRA accounts, make at least a $4,000 contribution to an IRA account, are at least 70 years old and own either a Priority Banking or Private Advantage checking account.

Interest is compounded daily and credited to your account either monthly or quarterly. Just like the fixed-rate IRA CD, you’ll need to pay a $25 annual custodial fee. This can be waived if you have a minimum of $25,000 across your Union Bank IRA accounts, own a Priority or Private Advantage checking account, are 70 years or older or contribute a minimum of $4,000 to an IRA account every year.

Since this is a savings account, Federal Reserve Regulation D limits you up to six certain withdrawals a month, or else you may face a $15 excess activity fee for each withdrawal over the six allowed. If you keep making excessive withdrawals, your account may be closed and you won’t be allowed to open another Union Bank savings or money market account for 12 months.

How to get Union Bank IRA money market account

You can only open an IRA in person or by calling customer service at 800-304-3854.

SEE DETAILS Secured

on Union Bank (San Francisco, CA)’s secure website

Member FDIC

Overall review of Union Bank’s banking products

Union Bank does offer some nifty features, such as an unlimited supply of checks and an add-on feature to get unlimited ATM withdrawals. But it doesn’t necessarily make up for the fact that its rates are significantly lower than its online counterparts. If you want to maximize your earnings, you’re going to want to look at other places that can offer much more competitive rates.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

BrioDirect High-Yield Savings and CDs Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

BrioDirect is an online brand of Sterling National Bank, a brick-and-mortar bank based out of New York. By being online-only, BrioDirect is able to reduce its costs and potentially offer better deals for its customers. BrioDirect does not offer all the Sterling bank account types though, and only has two products: a high-yield savings account and CDs. Both accounts pay out respectable interest rates — especially compared with the returns at large national banks.

Our BrioDirect bank review covers the product details, along with the pros and cons, so you can decide if BrioDirect is the right place for your money.

BrioDirect High-Yield Savings account

APY

Minimum opening deposit

Monthly fee

1.25%$25None

Between a competitive interest rate, a low opening deposit requirement and minimal fees, the BrioDirect savings account is an excellent choice. However, it’s not the most accessible account, as it doesn’t come with a debit card and you can only take out money through bank transfers.

Rates

The Brio Direct savings account pays an excellent interest rate, competitive with the best online savings accounts on the market today. This high rate applies to all balances, large and small. You won’t earn more by depositing more but the upside is that even small accounts can earn a high rate. The only requirement is that you need to keep a balance of at least $25 in your account to earn interest.

Fees and minimums

The minimum opening deposit requirement for a Brio Direct high yield savings account is just $25. This account does not charge a monthly maintenance fee. If your balance falls below $25, you stop earning interest but there is no charge.

If you overdraft the account, BrioDirect charges $35 per overdraft/insufficient funds transaction. Since this is a savings account, you are limited to six withdrawals per statement cycle under the rules of Federal Regulation D. If you make more than six transactions, you will be charged $10 per excess transaction.

Transfers and limits

To deposit money into a BrioDirect Savings account, you can set up an ACH transfer from another bank account, send a check or make a wire transfer. Once your account is open, you can withdraw funds to another bank account by using the Sterling National Bank online banking portal or by calling the bank’s customer service hotline.

Since this is a savings account, you will face a $10 charge per excess transaction beyond the six withdrawals allowed per statement cycle mentioned above.

FDIC insurance

Considering BrioDirect is part of Sterling National Bank, you may be wondering whether Sterling Bank is FDIC-insured and if that applies to BrioDirect. The answer is yes, accounts at both organizations are insured by the FDIC to protect your deposits.

One point to keep in mind is that the FDIC maximum insurance limit applies to your combined account balances from both organizations. Now, since the FDIC limit is $250,000 per individual at an institution, this won’t be a problem unless you plan on having a six-figure balance. But if you do, make sure that your account balance combined at both organizations does not go over the FDIC limit.

Account accessibility

BrioDirect’s saving account offers online access through its website and mobile app. With these tools, you can check your balance and transfer funds to other accounts, like to a Sterling Bank savings account. However, Brio Direct Bank does not offer a debit card for ATM access. If you want to make a cash withdrawal, you’ll need to transfer money to another account first.

You also cannot service your account in person at a Sterling National Bank branch. For help, you need to either handle things online or by calling the customer service line.

BrioDirect High-Yield CDs

BrioDirect has a solid variety of short- and long-term CDs. The Brio CD rates are mostly competitive, especially compared with those at national banks, but they don’t quite match the very best online offers.

Rates and terms

Term

APY

30 day0.05%
3 month1.00%
5 month1.15%
9 month0.80%
12 month1.00%
18 month1.00%
24 month1.00%
30 month1.00%
36 month1.00%
48 month1.00%
60 month1.00%

The BrioDirect CDs come in terms ranging as short as 30 days to as long as five years. They are all traditional, fixed-rate CDs. They do not offer specialty products, like a bump-up CD that lets you increase the interest rate partway through the term.

The Brio Bank CD rates are mostly decent, except for their 30-day term, which is very low. However, while the Brio CD rates are respectable, you could potentially find even better rates with some of the best online CDs on the market today.

Minimum opening deposit

You must deposit at least $500 to open one of the BrioDirect CDs. It’s the same minimum opening deposit for any of the CD terms. If you make an early withdrawal and your balance falls below $500 for more than 20 days, the bank could close your account.

Early withdrawal penalties

You can withdraw your interest out of a BrioDirect CD before the end of the term without owing a penalty, though it will reduce your total earnings below the quoted APY. If you try to withdraw any of your deposit before your CD matures, BrioDirect will charge an early withdrawal penalty. The penalty depends on your CD term:

CD term

Penalty

Terms of 30 days or less30 days’ interest
Terms of 12 months or less90 days’ interest
Terms of 18 months or more but less than 60 months9 months’ interest
Terms of 60 months or more12 months’ interest

BrioDirect will charge the interest penalty even if it’s more than what you’ve earned. In other words, the bank could deduct the penalty from your initial deposit.

FDIC insurance

The BrioDirect CDs are also covered by FDIC insurance. However, since BrioDirect is part of Sterling National Bank, the limit applies to your deposit accounts at both institutions. FDIC insurance goes up to $250,000 per individual per bank. So long as your total balance in CDs and other deposit accounts at both organizations is below $250,000, you’re fully covered by FDIC insurance.

BrioDirect pros and cons

Pros

  • Competitive interest rates: The Brio Direct high yield savings rate is one of the highest on the market today, and is competitive even with the best online accounts. While the bank’s CD rates aren’t quite as high, they are still respectable for most terms.
  • Low deposit requirements: It only takes $25 to open a BrioDirect Savings account and $500 to open a CD, which is lower than the typical large lender. The bank’s accounts can be a good choice for customers with smaller balances.
  • Minimal fees on the savings account: The BrioDirect savings account does not charge a monthly maintenance fee. If your balance falls below $25, all that happens is you stop earning interest.

Cons

  • Lack of ATM access: The BrioDirect savings account does not come with a debit card. To withdraw cash, you’ll have to transfer funds to another account first, so your money is not immediately accessible.
  • Costly CD early withdrawal penalties: All the BrioDirect CDs charge early withdrawal penalties and they can be fairly steep, up to a full year of interest. BrioDirect does not let you withdraw any of your deposit without charging the penalty so make sure you can commit to the full term before signing on.
  • No in-person customer support: Since BrioDirect is an online bank, you can only get support through the website or over the phone. Even though BrioDirect is part of Sterling National Bank, you can’t visit a branch for in-person support.

How to open a BrioDirect Bank account

To open a BrioDirect Bank account, you apply through the bank’s website. You’ll need to provide your name, contact information, Social Security number and a form of ID like your passport, driver’s license or State ID. Since this is an online account, you can apply from anywhere in the United States.

You’ll need to make your opening deposit to complete the process of opening your account. BrioDirect suggests that you make the initial deposit by ACH transfer from an existing checking or savings account, but you can also deposit funds through wire transfer or by check. The bank’s website states it should only take a few minutes. Then, BrioDirect reviews the information to finish setting up your account.

Who is BrioDirect best for?

If you are comfortable with an online-only bank, BrioDirect could be an excellent choice. The bank’s high yield savings account is particularly impressive since there’s no monthly fee and the interest rate is competitive with nearly any account out there.

BrioDirect could also be a good fit for existing Sterling National Bank customers as they could manage both accounts through the same organization. If you’re on the fence about being a joint customer, this Sterling National Bank review can explain what the bank offers along with BrioDirect.

On the other hand, BrioDirect is not suitable for someone who needs fast and regular access to their money. Its savings account does not come with a debit card so to take money out, you need to make a transfer to another bank account, which takes time.

BrioDirect is also not a top choice for CDs. While its offers are decent, someone researching online could likely find a better offer. Finally, as an online-only bank, BrioDirect is not a good choice for someone who wants face-to-face customer service.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Auto Loan, Reviews

LightStream Auto Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you’re in the market for a quick, affordable and hassle-free way to finance your next car, a LightStream auto loan should definitely be on your radar. It’s particularly well-suited for deal-seekers with good credit who don’t mind working with an online company when it comes to financing their cars. If you’d rather work with a local company that can offer in-person support, however, you might want to skip this lender.

How LightStream auto loans work

LightStream offers a wide range of options for financing your next ride, including:

  • Purchase of a new or used car, either from a dealer or an individual
  • Auto loan refinance (except it does not refinance its own loans)
  • Auto lease buyouts
  • Loans for motorcycles, as well as boats and RVs
  • Classic car loans

Auto loans at a glance:

  • Starting APR range: 3.49%–9.49%
  • Fees: None
  • Loan amounts: $5,000–$100,000
  • Terms: 24–84 months
  • Credit requirements: Minimum 660 credit score
  • Mileage or vehicle restrictions: None

LightStream offers the same starting rate whether you’re buying a new or used car from a dealer, something you don’t see at other lenders. But keep in mind that the lowest rates go to those with the best credit who opt for the shortest loan terms possible and use autopay to make their car payments.

Satisfaction guarantee

If you see a lower rate elsewhere, LightStream will beat any verified offer with a rate that is .10 percentage points lower. It also promises a $100 guarantee within 30 days if you aren’t satisfied with your loan experience.

How to apply for a LightStream auto loan

The only way you can apply for a LightStream auto loan is through its online form. It is an online lender, after all, so you should be comfortable with handling your business details — including the loan application — online. You’ll need to:

  1. Acknowledge receipt of LightStream’s statement on the use of electronic records.
  2. Agree to receive electronic records.
  3. Agree to use electronic signatures to sign your loan documents.

You’ll also need to have a Visa or Mastercard credit card to apply, which LightStream uses during the verification process.

You will be asked to provide:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

From there, LightStream may contact you for more details and documentation. If approved, you’ll need to sign your loan documents electronically and provide LightStream with your bank account details. The money will then be deposited into your bank account, which means you’ll need to pass it along to the seller, whether that’s a dealer or private seller. LightStream will not send the money to the seller directly.

It’s important to note that LightStream doesn’t offer any preapproval options, but if you apply and are approved for a loan, you are under no obligation to accept the loan.

How to qualify for the best rates

LightStream requires good credit at a minimum, but looks for excellent credit when giving the best rates. It defines excellent credit as:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save as shown by some or all of the following: liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Pros and cons of LightStream auto loans

LightStream offers the convenience of an online lender with the backing of a brick-and-mortar bank as the online arm of Truist, the bank created by the merger of  SunTrust Bank and BB&T. But it’s important to weigh all of your options carefully when choosing an auto loan. It’s one of the biggest purchases you’ll make, after all.

Pros

  • Wide variety of loans: New, used, refinance and lease buyouts loans are available on a wide range of vehicles. Unlike other lenders, LightStream doesn’t place restrictions on your vehicle’s age, make, model or mileage.
  • Decent rates: We’ve seen lower starting rates at credit unions, but you’ll have to meet membership requirements. LightStream has no membership requirements and provides the same starting rates for new and used vehicles as well as refinance loans.
  • No down payment required: LightStream finances up to 100% of the car’s cost. Of course, it’s always best to put down as much as you can afford on an auto loan. This will help you save money over the life of your loan and avoid becoming underwater on that loan.
  • Quick funding: If you complete the application process and are approved by 2:30 p.m. EST, you could receive funds the same day.
  • Good reviews: LightStream auto loan reviews are generally positive.

Cons

  • Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better.
  • No preapproval process: Unlike many lenders, you’ll have to complete a full application in order to see your rates and terms. Still, the process is fast, and if you complete your rate shopping within a certain time period, multiple applications should not impact your credit any more than a single application.
  • No face-to-face service: If you’re the type of person who likes to seal the deal with a handshake after signing the documents, you’ll want to stick with some place local.

LightStream vs. Capital One

If you’d like a bit more of a guided approach to the car-buying process,  Capital One’s Auto Navigator loan options might be better for you. Rather than sending you cash directly that you can use on whatever car you want to buy, Capital One’s Auto Navigator service lets you first get prequalified for financing, and then shows you which dealers in your area may offer based on the type of car you want to buy and the financing you can afford.

If any of the offerings pique your interest, you can then finish the application and buy the car. It’s still a good idea to compare the offer with other new and used car loan rates.

LightStream vs. Carvana

Carvana works similarly to Capital One Auto Navigator in that you can prequalify for financing and browse real cars in your area that you may then be able to buy. It’s important to remember that Carvana only sells used cars and its financing is only available on Carvana cars. But it is possible to finance here with poor credit — Carvana requires borrowers to be 18 years old, have no active bankruptcies on their credit report and earn at least $4,000 per year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.