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Union Bank Review

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by Lauren Perez Updated
Union Bank

Union Bank doesn’t offer the most competitive interest rates on its accounts. The bank’s highest-earning account has an interest rate lower than 1%. If you’re looking to grow your money at the highest possible rates, this won’t be the bank for you.

It’s important to note that the bank’s physical locations are limited to seven states throughout the U.S.: California, Georgia, Illinois, New York, Oregon, Texas and Washington. Unless you live in those states, you won’t have access to a physical branch. 

Products Offered

Product Key Details
Savings Accounts
  • Three account options, including options for kids and teens 
  • Low interest rates 
  • Low minimums and interest rates
Certificates of Deposit
  • Term lengths between 7 days and 60 Months
  • Terms shorter than 32 days have a high minimum deposit of $2,500
Money Market Accounts
  • Two account options 
  • Both accounts have high minimum deposit requirements
  • Relationship Rates available
Checking Accounts
  • Three account options, including the Teen Access® Checking account
  • Priority Banking® Checking account earns tiered interest rates
IRAs
  • Five account options: MoneyMarket, Fixed-Rate CD, two Variable Rate CDs and Bonus Rate Rollover IRA CD
  • Bonus Rate Rollover IRA CD provides opportunity to earn a bonus 0.25% on CD IRAs

Union Bank Interest Rate Comparison

Union Bank Overview

Union Bank is one of three brands in the Americas of one of the world’s leading financial groups Mitsubishi UFJ Financial Group, Inc., or MUFG. MUFG reaches 50 countries with over 2,000 offices globally. In the U.S., Union Bank has physical branches in California, Georgia, Illinois, New York, Oregon, Texas and Washington. 

Union Bank itself offers a ton of financial products. From personal lines of credit to small business savings accounts to private wealth management, you could keep all your banking in one place. 

Union Bank Account Features

Union Bank brands itself as ready with the perfect account for you, no matter where you are in your life. If want to boost your retirement savings, you’ll be able to open an IRA. If you’re a teenager who needs to learn more about money management, you can open a checking and savings account specifically made for teens. Of course, when you’re anywhere in between those two points of life Union Bank has accounts for that, too. 

When you have an account with Union Bank, you’ll have access to online and mobile banking, mobile check deposit, email and text alerts, automatic payments and more. 

Union Bank Regular Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $4, waivable with one of the following
  • Maintain a minimum daily ledger balance of at least $300
  • Make a single deposit of at least $25 per month 
Current Terms and Rates
  • Standard Rates: 0.01% APY
  • Relationship Rates: 0.05% APY

This is Union Bank’s simplest savings account, besides the bank’s Youth Banking accounts detailed below. With interest compounded daily and paid quarterly, the Regular Savings account earns at two different interest rates. You can earn at the higher rate by opening and maintaining an eligible Priority Banking® checking or Private Advantage® checking account with a $1,000 minimum deposit. You must also request to link the Regular Savings account to your checking account. Linking accounts can also offer overdraft protection for your checking account

The account charges a small monthly fee, but luckily, you can get this waived by either maintaining a minimum daily ledger balance of at least $300 or making a single deposit of at least $25 each month.

Union Bank Youth Banking Accounts: Kidz Savings and Teen Savings

Key Features Details
Minimum Deposit $1 for either account
Access to Your Savings Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees None
Current Terms and Rates
  • Kidz Savings: 0.01% APY
  • Teen Savings: 0.01% APY

These two savings accounts are a part of Union Bank’s three bank accounts geared toward minors. These accounts aim to teach young kids and teenagers how to save and manage their money responsibly. Minors can also learn how to reach their various savings goals. An adult will need to be a joint owner on both of these accounts. 

The Kidz Savings account is available to kids between the ages of 8 and 12. For every deposit of at least $5 made to the account, the account owner will earn a stamp. You can earn up to one stamp per day. Once you’ve earned 10 stamps, you can receive a retail gift card. This offers a rewards-based system to help minors learn how to save. 

The Teen Savings account is for teens ages 13 to 17. Since teens are closer to the financial responsibilities of adulthood, this account includes a Union Bank ATM Card with a $100 daily withdrawal limit. This can help teens learn how to save and spend money responsibly. This account may also be used for a checking account’s overdraft protection

Union Bank Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit
  • 7 - 31 Day: $2,500
  • 32 Day - 60 Month: $350
Access to Your CD Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees None
Current Terms and Rates
  • 7 - 364 Day: 0.05% APY
  • 12 - 17 Month: 0.15% APY
  • 18 - 23 Month
    • Account balances below $10,000: 0.15% APY
    • Account balances of $10,000 and over: 2.75% APY
  • 24 - 35 Month: 0.20% APY
  • 36 - 47 Month: 0.35% APY
  • 48 - 59 Month: 0.40% APY
  • 60 Month: 0.50% APY

A certificate of deposit, also known as time deposits, allow you to make an initial deposit into an account that has a set term length. You can only retrieve your savings once the term is up, or the account reaches maturity. CDs, especially long-term accounts, tend to offer high interest rates.

Union Bank certificates of deposit require a relatively high minimum deposit requirement. A higher amount means a higher return, however, Union Bank CDs don’t offer very competitive rates. Even the longest term, which typically has the highest rate, earns at a rate well under 1%. 

You have the opportunity to choose a CD (or more) of various term lengths from seven days to 60 months. This allows you to open accounts according to your own savings goals, whether they’re short- or long-term. 

Interest is compounded daily throughout the term. Interest is typically paid monthly, quarterly, semiannually or at the maturity date. Once your CD reaches its maturity date, you have 10 days to transfer or withdraw the funds. Otherwise, the account will automatically renew for the same term length. The rate will depend on the set rate at renewal.

Union Bank High Rate MoneyMarket and Union Bank MoneyMarket Accounts

Key Features Details
Minimum Deposit
  • High Rate MoneyMarket: $10,000
  • MoneyMarket: $2,500
Access to Your Money Market Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • High Rate MoneyMarket: $14 with online statements or $15 with paper statements, waivable with a minimum daily ledger balance of at least $10,000
  • MoneyMarket: $9 with online statements or $10 with paper statements, waivable with a minimum daily ledger balance of at least $2,500 
Current Terms and Rates: High Rate MoneyMarket
  • Account balances of $0.01 - $2,499.99: 0.01% APY
  • Account balances of $2,500 - $9,999.99: 0.05% APY
  • Account balances of $10,000 - $49,999: 0.08% APY
  • Account balances of $50,000 and over 0.10% APY
Current Terms and Rates: MoneyMarket Standard Rates 
  • Account balances of $0.01 - $2,499.99: 0.01% APY
  • Account balances of $2,500 - $24,999.99: 0.05% APY
  • Account balances of $25,000 and over: 0.08% APY
Relationship Rates
  • Account balances of $0.01 - $2,499.99: 0.05% APY
  • Account balances of $2,500 - $24,999.99: 0.10% APY
  • Account balances of $25,000 and over: 0.13% APY

Union Bank’s money market accounts start off with pretty high minimum deposit amounts, especially when compared to most other money market accounts. They also carry monthly maintenance fees, although you can get them waived by keeping the same amount as your initial deposit in your account. This would require little to no spending on the account if you deposit only the minimum. 

The main difference between accounts is that the High Rate MoneyMarket account earns at slightly higher rates than the MoneyMarket account. Both accounts allow you to write up to six checks per month and request a Union Bank® ATM or debit card. You’ll want to watch out for the high fees for overdrafts and excessive transactions. If you overdraft the account, you’ll face a fee of $33 and if you exceed the limit of six outgoing transactions, each extra transaction will cost you $15. 

You will have to have and link a Union Bank® Personal Checking account to qualify for a High Rate MoneyMarket account. When you open a MoneyMarket account, you must open and maintain an eligible Priority Banking® checking or Private Advantage® checking account with a $1,000 minimum deposit and request to link the accounts. Linking your accounts together will also help with overdraft protection.

Union Bank Priority Banking® Checking Account

Key Features Details
Minimum Deposit $1,000
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $30, waivable with one of the following
    • At least $50,000 in combined balances with MUFG Union Bank, N.A., and/or its investment subsidiaries
    • A linked Union Bank® mortgage
  • $33 overdraft fee
Current Terms and Rates
  • Account balances of $0.01 - $2,499.99: 0.01% APY
  • Account balances of $2,500 and over: 0.05% APY

This checking account offers customers Priority Banking perks and benefits. A big plus is its unlimited and free access to ATMs all over the world so you don’t have to worry about deposits or withdrawals no matter where you are. While you may have to pay a monthly fee for this account (if you can’t waive it), just having this account can waive the service charges for two additional personal deposit accounts, one business checking account and one IRA. You’ll also gain unlimited incoming wires for free and Priority Banking checks. 

With this account, you’re a Priority Banking client. This gives you access to extended hours assistance from the Priority Banking Client Services team, mortgage and lending professionals, retirement and investment solutions and a special Union Bank® Rewards Visa® Credit Card offer. 

Union Bank Ready to Go® Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $10, waivable with one of the following
    • Combined direct deposits of at least $500 
    • Combined mobile check deposits of at least $500
    • An average monthly balance of at least $1,500
    • Monthly combined balance of at least $5,000 in linked deposit accounts
  • $33 overdraft fee

The Ready to Go® Checking account offers the basics of a checking account with added perks. You’ll have access to unlimited checks, a Personal Savings or MoneyMarket Account and your choice of online or paper statements. You will have to request a debit or ATM card to go with your account. 

You can choose to add other perks like incoming wire transfers, cashier’s checks, money orders and expedited card deliveries for an extra $1 per month. You can also add on two non-Union Bank ATM transactions for an extra $3 per month to avoid an ATM fee from the bank. 

Union Bank Teen Access® Checking Accounts

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fees, $15 overdraft fee

The Teen Access® Checking Account is the third account in Union Bank’s Youth Banking products. The account is made for teens from 13 to 17 years of age and must be held jointly with an adult. Account holders receive a debit Mastercard® or ATM card (upon request) with pre-set daily limits that you choose. The account also includes unlimited check writing and in-branch banking. Teens can also choose between paper and online statements. 

You can link a Union Bank checking, savings or money market account with the Teen Access® Checking account to provide overdraft protection.

Union Bank IRA MoneyMarket Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $25 annual custodial fee, waivable with one of the following
  • Have a combined fair market value of at least $25,000 in all your Union Bank IRA plans (not  Small Business Retirement Plans and Coverdell Education Savings Accounts) on December 31
  • Make a minimum contribution of $4,000 to one or more of your Union Bank IRA plans (not Small Business Retirement Plans and Coverdell Education Savings Accounts) by December 31 of the prior year
  • You are age 70 or older by June 30 of the prior year  
  • You are the primary owner of a Priority Banking® or a Private Advantage® checking account
Current Terms and Rates
  • Account balances of $25 - $2,499.99: 0.01% APY
  • Account balances of $2,500 and over: 0.05% APY 

This retirement savings account pays at a tiered interest rate, with higher balances earning at a higher rate. It mirrors the regular MoneyMarket account. 

Union Bank Fixed Rate IRA CDs

Key Features Details
Minimum Deposit $350
Access to Your Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $25 annual custodial fee, waivable with one of the following
  • Have a combined fair market value of at least $25,000 in all your Union Bank IRA plans (not  Small Business Retirement Plans and Coverdell Education Savings Accounts) on December 31
  • Make a minimum contribution of $4,000 to one or more of your Union Bank IRA plans (not Small Business Retirement Plans and Coverdell Education Savings Accounts) by December 31 of the prior year
  • You are age 70 or older by June 30 of the prior year  
  • You are the primary owner of a Priority Banking® or a Private Advantage® checking account
Current Terms and Rates
  • 90 - 364 Day: 0.05% APY
  • 12 - 23 Month: 0.15% APY
  • 24 - 35 Month: 0.20% APY
  • 36 - 47 Month: 0.35% APY
  • 48 - 59 Month: 0.40% APY
  • 60 Month: 0.50% APY

Slightly more limited than the bank’s regular CDs, Union Bank’s Fixed Rate IRA CD accounts come in term lengths between 90 days and 60 months. You will need to meet a relatively high minimum deposit requirement in order to open of these accounts. However, this allows you to start your retirement funds off with bigger savings. 

Union Bank IRA CDs pay interest quarterly. As with a regular CD, you can only make deposits and withdrawals at the account’s maturity. 

Union Bank Retirement Income IRA CD and 18-Month Variable-Rate IRA CD

Key Features Details
Minimum Deposit
  • Retirement Income IRA CD: $25,000
  • 18-Month Variable-Rate IRA CD: $500
Access to Your Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees Both accounts have a $25 annual custodial fee, waivable with one of the following
  • Have a combined fair market value of at least $25,000 in all your Union Bank IRA plans (not Small Business Retirement Plans and Coverdell Education Savings Accounts) on December 31
  • Make a minimum contribution of $4,000 to one or more of your Union Bank IRA plans (not Small Business Retirement Plans and Coverdell Education Savings Accounts) by December 31 of the prior year
  • You are age 70 or older by June 30 of the prior year  
  • You are the primary owner of a Priority Banking® or a Private Advantage® checking account
Current Terms and Rates
  • Retirement Income IRA CD: 1.05% APY
  • 18-Month Variable-Rate IRA CD: 0.95% APY

These IRAs are Union Bank’s Variable-Rate Time Deposit accounts. Each account interest rate is adjusted monthly according to the U.S. Treasury’s one-month Constant Maturity Bills. This means your interest rate may change each month and is not guaranteed to stay constant or increase. The risk associated with such a fickle interest rate is somewhat softened with the accounts’ high minimum deposit requirements. 

These accounts also offer the ability to make additional deposits and even withdrawals at any time during the account’s term length. This allows for some more flexibility with your funds, which is especially crucial during retirement. 

It’s important to note that you must be at least age 59 ½ to qualify for these accounts.

Union Bank Bonus Rate Rollover IRA CD

Key Features Details
Minimum Deposit $25,000
Access to Your Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $25 annual custodial fee, waivable with one of the following
  • Have a combined fair market value of at least $25,000 in all your Union Bank IRA plans (not  Small Business Retirement Plans and Coverdell Education Savings Accounts) on December 31
  • Make a minimum contribution of $4,000 to one or more of your Union Bank IRA plans (not Small Business Retirement Plans and Coverdell Education Savings Accounts) by December 31 of the prior year
  • You are age 70 or older by June 30 of the prior year  
  • You are the primary owner of a Priority Banking® or a Private Advantage® checking account
Current Terms and Rates
  • 36 - 59 Month: + 0.25% for one year
  • 60 Month: +0.25% for two years

Opening a Union Bank Bonus Rate Rollover IRA CD gives you the opportunity to earn an extra 0.25% in interest. Essentially, when you open an IRA CD with terms of 36 - 59 months, you can add 0.25% to the existing interest rate for the first year of account ownership. Bonus Rate Rollover IRA CDs with terms of 60 months earn the extra 0.25% for the first two years of account ownership.

Where Can I Find Union Bank?

You can find Union Bank online, on mobile, over the phone or at a physical branch. Only customers (and potential customers) who bank in California, Georgia, Illinois, New York, Oregon, Texas or Washington will have access to a physical branch. 

When looking at the bank’s product offerings online, you will have to enter your state to find an accurate list of offerings in your area. If you do not live in the above states, you will still have access to the bank’s products.

What Can You Do Online With Union Bank?

You can do just about anything you need online with Union Bank. Already from its homepage, the bank offers easy access to your existing accounts, checking and savings information, small business offerings, mortgage products and more.

There is a ton of information on the bank’s website, although it’s not the easiest to navigate. It may take clicking through a few pages or a site search to find an account’s interest rates, for example. 

You can also set up direct deposit, automatic payments and mail and/or text alerts online. That way, you can always be on top of your money. You’ll also have the opportunity to use its mobile app to bank on the go. For example, you can easily send a secure payment by choosing a payee, your amount and the type of payment. 

How Do I Access My Money?

You can access your money with online banking, mobile banking, over the phone and at a nearby branch, if applicable. When you bank online, you’ll be able to transfer money, pay bills, check on your transactions and more. Mobile banking comes with the extra perk of mobile check deposit. 

How Can I Save More Money With a Union Bank Account?

Union Bank doesn’t have the most competitive rates, making it hard to save more money here than with another bank. You can get the highest rates with a 60-month CD or a Variable-Rate Time Deposit IRA, especially with a Bonus Rate Rollover. 

You can also save money by avoiding the monthly service fees. Many of these accounts have a monthly fee that you can waive by meeting deposit or account balance requirements. If you can meet those requirements, then you won’t really have to worry about a service charge. However, you shouldn’t bend over backwards to try and meet them.

What’s the Process for Opening an Account With Union Bank?

You can open almost any account on the bank’s website. It’s as easy as clicking an “Open Now” button for the account you want to open. The process, which starts on the page shown here, typically takes only 10 minutes to complete. You’ll need to provide personal information including your Social Security number, a government-issued ID, employer information and bank information to make your initial deposit. The process also includes a step to verify your identity by asking questions about your finances. 

Once you’ve finished the process, you’ll have to print, sign and mail your signature card. This will enable you to write checks and make branch transactions. 

You can also open an account at a branch or over the phone. You’ll still need to provide all the above information. If you want to open an IRA and you’re in California, Oregon or Washington, you can visit the closest branch and bring proof of identification. Otherwise, you can call the bank and speak with a customer service representative. They will then email you the application materials for you to mail in.

What’s the Catch? 

If you value banking in person, Union Bank may not work for you. There bank only has branches in California, Georgia, Illinois, New York, Oregon, Texas or Washington. So if you do not live near a branch in those states, you’ll need to rely on phone, online and mobile banking.

Another catch with Union Bank is that its rates aren’t very competitive. None of its accounts reach an interest rate of 1%. Most of these accounts don’t have outstanding perks or benefits to outweigh the low rates, either. So if you’re looking for some big savings, you may want to look elsewhere.

Bottom Line

With its low interest rates and cluttered website, Union Bank doesn’t stand out from the other banks we’ve reviewed. Typically, banks that operate exclusively online can offer higher rates and better websites. You can still access your money online and on mobile. You also have phone access and branch access if you live near one. All in all, the bank poses a decent option for bankers who want a simple approach to banking.

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