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Union Bank & Trust Review

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

Overview

Established in 1997, Union Bank & Trust has $9 billion in assets as well as $7 billion in deposits, which makes the institution a large bank. Union Bank & Trust, whose headquarters are in Richmond, Virginia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Union Bank & Trust is a great bank that you should seriously consider, with a score of 4.3 stars out of 5 from the SmartAsset team. Union Bank & Trust has a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Union Bank & Trust has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Union Bank & Trust offers an option without a monthly fee. Finding a bank with free checking as well as a high interest rate savings account is the best option for gaining the highest income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.10%, Union Bank & Trust ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.55% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.35%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Union Bank & Trust's Savings Rates Compare

Union Bank & Trust Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Union Bank & Trust charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Union Bank & Trust's checking account is perfect for people who need an easy checking account. Union Bank & Trust unfortunately does not reimburse out-of-network ATM fees, meaning you will need to search for a Union Bank & Trust ATM or accept the withdrawal fee.

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

4.3
SmartAsset Average: 3.7

Union Bank & Trust is a brick-and-mortar bank, with 152 total branches in North Carolina and Virginia. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturday, and 9:00 a.m. to 5:00 p.m. ET. Union Bank & Trust's online and mobile banking platforms get great ratings from users. The Union Bank & Trust mobile app rates a 4.6 out of 5 (out of 5,000 reviews on iOS and Android) compared to the national average of 3.8. Union Bank & Trust's mobile app lets you manage your accounts by checking account balances, sending and receiving money and accessing support representatives. Union Bank & Trust receives a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
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 & Trust is a large bank and handles $9 billion in assets as well as deposits totaling $7 billion. Union Bank & Trust's Texas Ratio is 2.62%, indicating a negligible chance of failure. Additionally, Union Bank & Trust 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 & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.03% APY $2500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.06% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.35% APY $10000 $15000

Union Bank & Trust offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Union Bank & Trust does not have the best savings rate, which means you should consider 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 & Trust's CD rates are fair compared to the average U.S. bank.

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Find a Union Bank & Trust Near Me

Union Bank & Trust has 152 branches across the U.S.

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