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Personal Banking - Frequently Asked Questions

Savings Accounts

1. How do I choose the best savings account for me?

2. What is the minimum opening deposit?

3. Is there a balance required to avoid the regular Monthly Service Charge?

4. How is interest paid?

5. Do you offer savings accounts for children and teens?

6. Can I open an account with Union Bank if my account history has been reported to ChexSystems?

7. Can I use my savings account to cover unintentional overdrafts on my checking account?

8. Can I set up automatic deposits to my savings account?

9. Can I use my savings account to pay a Union Bank loan?

10. Can I receive a combined monthly statement for all my accounts?

11. How do I start banking online?

12. Can I check my balance on the telephone?

13. Is an ATM card available with my savings account?

1. How do I choose the best savings account for me?

To find the savings account that best fits your lifestyle, start with our savings account overview. You also can review our comparison chart to see account features side-by-side. For example, a Regular Savings account is ideal for short-term goals, emergencies, or overdraft protection.1
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2. What is the minimum opening deposit?

Open a Union Bank Preferred SavingsSM with $10,000 or start a Regular Savings with $50. Kids can open a Kidz Savings account or a Teen Savings account with just $1.
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3. Is there a balance required to avoid the regular Monthly Service Charge?

We waive the Preferred Savings account regular Monthly Service Charge if you maintain a minimum daily ledger balance of $10,000. We waive the Regular Savings account regular Monthly Service Charge if you maintain a minimum daily ledger balance of $300 or more or if you make at least one single monthly deposit of $25 or more. Kidz Savings accounts and Teen Savings accounts have no minimum balance requirements and no regular monthly service charge.
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4. How is interest paid?

Interest is compounded daily, paid quarterly. The interest rates may change as often as daily.

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5. Do you offer savings accounts for children and teens?

The Kidz Savings account is designed for children ages 8 to 12. At age 13, this account automatically converts to a Teen Savings account, which is ideal for teens ages 13 to 17. At age 18, a Teen Savings account automatically converts to Regular Savings. Adult joint owners are required on both Kidz Savings and Teen Savings accounts.
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6. Can I open an account with Union Bank if my account history has been reported to ChexSystems?

We verify all new accounts through ChexSystems. Please inquire at any Union Bank branch for our ChexSystems guidelines.
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7. Can I use my savings account to cover unintentional overdrafts on my checking account?

Yes. If you request Deposit Overdraft Protection, automatic transfers will be made from your Preferred Savings or Regular Savings account to your checking account as needed.1 Teens may also use their Teen Savings as overdraft protection for their Teen Access account if both accounts are jointly owned by an adult.2 Learn more about overdraft protection.
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8. Can I set up automatic deposits to my savings account?

Yes. You can set up automatic deposits to your Preferred Savings or Regular Savings account from your Union Bank checking account. You can also make automatic deposits to a child's Kidz Savings account or Teen Savings account.
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9. Can I use my savings account to pay a Union Bank loan?

Yes. You can set up automatic transfers from your Preferred Savings or Regular Savings account to repay a Union Bank loan.
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10. Can I receive a combined monthly statement for all my accounts?

Yes. You can combine up to 20 Union Bank savings, checking, and money market accounts into one organized monthly statement.
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11. How do I start banking online?

If you have a Union Bank savings account, you can start banking online today.1 Learn more about online banking. Online banking is not available for Kidz Savings.

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12. Can I check my balance on the telephone?

Yes. You can check your balances and even handle some transactions over the telephone.1 Learn more about Telephone Banking.

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13. Is an ATM card available with my savings account?

Union Bank offers an ATM card with every Preferred Savings or Regular Savings account. With it, you can enjoy free withdrawals and deposits at Union Bank ATMs. There is a charge for ATM mini-statements.3

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