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

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Updated on Thursday, July 1, 2021

Union Bank’s checking account options

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.

SEE DETAILS Secured

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

Member FDIC

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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 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
$2,5000.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
Term: 32 to 89 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$1,0000.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
Term: 90 to 179 days
Minimum Account Balance to Earn APYAPY
$3500.05%
$1,0000.05%
$10,0000.05%
$25,0000.05%
$50,0000.05%
Term: 180 to 364 days
Minimum Account Balance to Earn APYAPY
$3500.10%
$1,0000.10%
$10,0000.10%
$25,0000.10%
$50,0000.10%
Term: 12 to 17 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$1,0000.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
Term: 18 to 23 months
Minimum Account Balance to Earn APYAPY
$3500.15%
$1,0000.15%
$10,0000.15%
$25,0000.15%
$50,0000.15%
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.

SEE DETAILS Secured

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

Member FDIC

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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.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$2,500
0.05%
$25,000
0.05%
$50,000
0.05%
$100,000
0.05%
$500,000
0.05%
$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.

SEE DETAILS Secured

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

Member FDIC

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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.

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.