Univest Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Univest’s checking account options

Blue Checking

You don’t have to worry about minimum balance requirements or maintenance fees with this option.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 per item; linked savings or money market: $8

The Blue Checking account is a noninterest-bearing account that does offer some perks. Aside from no monthly maintenance fees, you get a free debit card, email alerts, bill pay and mobile banking. You also get Univest-style checks for free if you’re at least 55.

This account also comes with a courtesy overdraft limit of $750 — money the bank uses to help cover transactions if you have insufficient funds in the checking account. This is only available once you’ve had your account for 30 days (if you’ve maintained a positive balance throughout this period). It doesn’t cover ATM or debit card transactions unless you opted to have those covered.

Another option is to opt for overdraft protection by linking your savings or money market account. Instead of the $35 overdraft fee, you’ll be charged $8 per transfer.

More perks include a discount on a LifeLock — an identity theft protection service — account and a 0.25% discount on select loan products. To qualify for the discount, you’ll need to enroll in automatic payments from a Univest checking or savings account.

How to get the Blue Checking account

Opening a Blue Checking account can take about 10 minutes if you fill out an online form. You’ll need to fill in your personal details such as your name, address and Social Security number. After that, you can fund the account.

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on Univest Bank And Trust Co.’s secure website

Gold Checking

This interest-bearing account offers more access to surcharge-free ATMs, but you’ll need a hefty balance to avoid the monthly maintenance fee.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35

If you intend on accessing an ATM more often or are interested in earning interest, the Gold Checking account might be a good fit. The rates aren’t publicly advertised, so it’s best to call customer service at 877-723-5571 to ask.

You do pay a $5 monthly maintenance fee, but you can get that waived if you maintain a $10,000 minimum daily balance across combined Univest accounts. Other features of the account include your first order of basic checks, a debit card, email alerts, bill pay and mobile banking. If you’re 55 or older, you’ll receive Univest-style checks for free. You also get access to Univest ATMs and over 55,000 surcharge-free ATMs through the Allpoint network.

Like the Blue Checking account, you also get a discount on LifeLock identity theft protection services and a 0.25% rate discount on select Univest loan products. Getting the rate discount requires you to enroll in automatic payments from either your Univest checking or savings account.

You have a few features when it comes to overdrafts. This account comes with courtesy overdraft limits — $1,250 to be exact, and it will kick in after 30 days if you maintain a positive balance in that time. Otherwise, you can link a Univest savings or money market account and you won’t be charged a fee when a transfer is made. If your account is overdrawn by $10 or less, Univest won’t charge any overdraft fees.

How to get the Gold Checking account

You can open an account by completing an online form in about 10 minutes. Once you enter your personal information such as your name, address and Social Security number, you’ll be asked to fund your new account.

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All in One Checking

This noninterest-bearing account is for those between 16 and 24.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $0
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35

The All In One Checking account is meant to help those between 16 and 24 learn how to use a bank account and to begin saving. You can’t open this account if you’re going to turn 25 within 60 days of opening the account. If you’re younger than 18, a parent or legal guardian needs to be a joint owner. The adult can opt for the child to receive an Allpoint debit card — giving them access to Univest ATMs and over 55,000 surcharge-free ATMs through the Allpoint network. If you’re 18, you may be able to qualify for a 0.25% rate discount on some Univest loan products when you enroll in automatic payments from your Univest checking or savings account.

Once you turn 25, the All In One account will be automatically converted to a Blue Checking account.

How to get the All In One Checking account

You’ll need to head to a Univest branch to open an account. If you’re older than 18, you’ll need to provide your Social Security number and government-issued ID. If you’re opening an account with someone younger than 18, you and the minor will both need to provide your Social Security number and government-issued ID.

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How Univest’s checking accounts compare

We like that there is no minimum opening deposit amount and no ATM fees for the Gold and All In One checking accounts. The discounted LifeLock membership for the Gold and Blue checking accounts — and the loan rate discounts for all three — is pretty nice if you intend on taking advantage.

But the stipulations to get the monthly maintenance fee waived for the Gold Checking account seem pretty steep. Competitors have lower account minimums, if at all. Unless you intend to keep a lot of cash, we think you’re better off looking elsewhere, including the ones on our list of the best online checking accounts.

Univest’s savings account options

Statement Savings

This account offers an ATM card and a low monthly maintenance fee that can be waived.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $2.50 (this can be waived)
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is helpful if you’re looking for a savings account that offers you ATM access so that you have better access to your cash. As for how much you could earn in interest, you’ll need to contact Univest as its rates aren’t publicly advertised. There is a $2.50 monthly maintenance fee, but you can get it waived if you maintain a $100 minimum daily balance.

Aside from ATM access, you can also make transactions in person or via online and mobile banking. Regulation D does limit account holders up to six certain withdrawals — Univest doesn’t charge an excessive withdrawal fee but may deny your transaction. If you continually make excessive transactions, Univest will send you a written notification that your account will be converted to a Blue Checking account.

How to get the Statement Savings account

Getting an account can take about 10 minutes if you fill out an online form. Fill in personal details such as your name, address and Social Security number, then fund the account.

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on Univest Bank And Trust Co.’s secure website

Online Savings

An online-only savings account that offers ATM access.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

There doesn’t seem to be much of a difference in features between this and the Statement Savings account, except you can only access this account online — meaning you can’t make transactions in person. The advantage of the Online Savings account compared to Statement Savings is that you don’t need to pay any monthly maintenance fees. You do earn interest but that isn’t made public. You’ll want to call Univest to find out its rates.

You can access your cash by logging in to your account online or using Univest’s mobile app or your ATM card. Remember that Regulation D limits you up to six certain withdrawals a month. Univest doesn’t impose an excess transaction fee, but your account may be converted to a Blue Checking account if you keep making more than six withdrawals each month.

How to get the Online Savings account

If you’re a U.S. resident, you can apply for an account in about 10 minutes. Head to Univest’s online form and fill in details such as your name, date of birth and Social Security number. Afterward, you’ll need to fund your account.

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Youth Savings

This account is for those younger than 18.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

If you want to start teaching your child the value of a dollar, consider opening this savings account to show them how to make bank transactions — and earn interest. As for how much interest your child could earn, you’ll need to contact Univest as its rate aren’t advertised.

Your child can get an ATM card if you approve of one. It might be a good idea to remind your child that Regulation D limits savings accounts up to six certain withdrawals a month. If there are continuous excessive withdrawals, Univest may convert your account to an All In One Checking account.

The account will be converted to a Statement Savings account once your child turns 18.

How to get the Youth Savings account

Take your child to the nearest Univest to open an account. Don’t forget to bring your government-issued ID, your child’s personal information (including their Social Security number) and a way to fund the account.

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on Univest Bank And Trust Co.’s secure website

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How Univest’s savings accounts compare

While it’s great that Univest’s savings account have low to no monthly maintenance fees and ATM access, we don’t see much else that stands out. If you’re just looking for a place to park your money or you want overdraft protection with a Univest checking account, it could be a good option if you can earn a high APY. That being said, we don’t know because Univest doesn’t advertise its savings accounts rates online.

While you’re deciding if these savings accounts are the right choice for you, it can pay to shop around, including looking at the ones on our list of the best online savings accounts.

Univest’s CD rates

Certificates of deposit

You get a pretty competitive APY with the promo CDs, but it needs to be with new money.
Promo rates
TermAPY
7 months1.15%
13 months1.30%
25 months1.40%
59 months2.50%
Standard rates
TermAPY
91 days0.05%
26 weeks0.10%
18 months0.55%
30 months0.85%
36 months1.10%
48 months1.15%
72 months1.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on the length of the term:
    • 91 days to five months: Seven days’ interest or all interest accrued (whichever is higher)
    • Six to 12 months: 180 days’ interest
    • 13 months or more: 360 days’ interest

The promo rates for Univest’s CDs are pretty comparable to other online banks, but you do need to open an account with new money — funds not on deposit with Univest. Interest for all CDs is compounded daily. You can choose how you want your interest paid — either monthly or at maturity in a Univest account, via check or rolled back into the CD.

When your account matures, you have a 10-day grace period where you can decide what to do with CD. Otherwise, it’ll renew for the same term for the standard CDs.

For the promo rates, the renewal terms are as follows (the rates for some of these terms are not available online, so check with the bank):

  • The seven-month CD renews to a 26-week CD
  • The 13-month CD renews to a 12-month CD
  • The 25-month CD renews to a 24-month CD
  • The 59-month CD renews to a 60-month CD

How to get Univest’s CDs

Opening any of the promo CDs can be done online by completing an application. You’ll need to select the term, then fill in personal details such as your name, address, Social Security number and a method to fund the account.

For the standard CDs, you’ll need to head to a local branch. Click here to find a location closest to you.

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How Univest’s CD rates compare

The promo rates are comparable to some of the best rates out there. Univest also wins points with us for having a low minimum opening deposit amount — some places require twice that. If you’re looking to maximize your savings, there are slightly better rates out there. Check our list of the best CD rates.

Univest’s money market account option

Gold Money Market

This account offers check-writing capabilities, but you’ll have to contact the bank for rate details.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

According to Univest, the Gold Money Market checking account offers a higher rate than its savings accounts, but these rates aren’t publicly listed. We recommend that you contact Univest to find out before opening an account. You’ll notice there is a $10 monthly maintenance fee. But if you don’t want to pay that, you’ll need to maintain a $1,000 minimum daily balance in the account.

Even if you’re using this account for long- or short-term savings goals, it’s nice to know that you can access your cash online, on Univest’s mobile app, in person or by writing a check. There are rules from Regulation D that limit you up to six certain withdrawals a month. If you make more, your transaction could be denied. If you keep abusing the regulation, Univest will send you a notice in writing that your account will be converted to a checking account.

How to get the Gold Money Market account

If you’re a U.S. resident and older than 18, head to Univest’s website and complete an online form. It’ll ask you for personal information such as your name, address and Social Security number. Afterward, provide a method to fund the account.

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How Univest’s money market account compares

Univest has lower minimum opening deposit requirements than some of its competitors, which is great news if you don’t have a lot of money to spare. If you look at our list of the best money market accounts, you may also notice that Univest has lower minimum balance amounts than most.

Unfortunately, we can’t comment on the rates because they’re not publicly advertised, so check those and compare them with other places before making your decision.

Univest’s IRA account options

IRA CDs

These IRA CD rates are quite low compared to what’s out there.
TermAPY
91 days0.05%
26 weeks0.10%
12 months0.45%
24 months0.75%
36 months1.10%
48 months0.85%
60 months0.95%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on the length of the term:
    • 91 days to five months: Seven days’ interest or all interest accrued (whichever is higher)
    • Six to 12 months: 180 days’ interest
    • 13 months or more: 360 days’ interest

The IRA CDs are classified as retirements — these are either tax-deferred or tax-sheltered depending on whether you choose a traditional or Roth IRA. Any interest you earn is compounded daily. It’s paid out monthly or when it matures.

Once the CD matures, you’ll receive a 10-day grace period where you can make changes, including renewing for another term, making additional deposits or moving it to another account. Remember that the IRS has regulations on when you can make withdrawals for IRAs, so keep in mind that you may need to pay penalties or taxes on money you take out.

If you don’t do anything once the CD matures, it’ll automatically renew after the grace period is over.

How to get Univest’s IRA CDs

The only way to open this account is by going to a Univest branch. Don’t forget to bring your government-issued ID and a way to fund the account.

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on Univest Bank And Trust Co.’s secure website

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How Univest’s IRA CD rates compare

Sadly, these rates fall way short compared to what else is out there. Sure, you don’t need a lot of cash to open one of these IRA CDs, but it’s worth it to find another competitor that offers equally low minimum opening requirements. Many of the ones on our list of the best IRA CD rates offer rates at least twice what you’d get with Univest and you don’t need a lot of money to open one either.

Overall review of Univest’s banking products

We think Univest’s promo CD rates are worth taking a look. The bank has competitive rates and requires a low minimum opening deposit. If you want to set aside money for some long-term goals and don’t need liquid access, these accounts are a good choice.

The checking and savings accounts are nice in that, for the most part, they don’t have minimum balance requirements. With the Blue and Gold checking accounts, you get that loan rate discount and lower fees for LifeLock identity protection. But the rates may be lower than competitors, so we can’t say for sure that it’s worth opening these accounts.

If you’re looking to save money with CDs, you can’t go wrong with Univest. Otherwise, do some comparison shopping with all other accounts before making a decision.

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