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Union Bank Review

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Union Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1891, Union Bank has $745 million in assets along with deposits totaling $649 million, ranking it as a medium-size bank. Union Bank, whose headquarters are in Morrisville, Vermont, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Union Bank a 3.9 stars out of 5, indicating that it is a respectable bank that deserves your consideration. Union Bank has a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Union Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product features a monthly fee of $5.00, which places it at the higher end of monthly fees. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best bet for gaining the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Union Bank ranks poorly in comparison to the national average. Union Bank's one-year and five-year term lengths CDs earn at a rate of 0.30% and 1.28%, respectively, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How Union Bank's Savings Rates Compare

Union Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Union Bank charges its customers average fees as compared against the national average. Union Bank's checking account has a monthly fee of $5.00, making it fair for anyone looking for a hassle-free account. For those who often withdraw cash from the ATM, it is perfect because it has no out-of-network ATM fees. Union Bank unfortunately does not refund out-of-network ATM charges, meaning you'll be required to search for a Union Bank ATM or accept the fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Union Bank is a brick-and-mortar bank, with 18 total bank locations in New Hampshire and Vermont. With mobile and web apps, Union Bank makes account access easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Thursday, 8:00 a.m. to 5:00 p.m. ET; Friday, and 8:00 a.m. to 6:00 p.m. ET. Union Bank's online and mobile banking platforms get fair feedback from customers. The Union Bank mobile app is rated at 3.9 out of 5 (with 85 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Union Bank's mobile app to manage your accounts by reviewing monthly statements, transferring money as well as accessing support representatives. Union Bank gets an exceptional consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Union Bank ranks as a medium-size bank owning $745 million in assets as well as $649 million in deposits. Union Bank's Texas Ratio is 2.43%, signifying a low chance of failure. Additionally, Union Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Union Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $25
Checking Account 0.02% APY $300
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.65% APY
  • 48 Month: 1.14% APY
  • 60 Month: 1.28% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Union Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Union Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Union Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Union Bank Near Me

Union Bank has 18 branches across the U.S.

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