Frequently Asked Questions - Personal Savings, MoneyMarket & CD Accounts
Savings Accounts and CDs
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Personal Savings FAQ
To find the savings account that best fits your needs visit our savings accounts overview page where you can compare the different account features between our Bank FreelyTM savings, MoneyMarket, and CD products.
Open a Bank Freely savings account with any amount greater than $0.
Bank Freely savings, Kidz Savings, and Teen Savings accounts have no minimum balance requirements and no regular Monthly Service Charge.
Interest is compounded daily, paid quarterly on Bank Freely savings accounts. The interest rates may change as often as daily.
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 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. Please visit your local branch, or call us at 1-800-238-4486 for more information.
Yes. For more specific information regarding IRA savings products, please contact your local branch.
Yes. Please contact your local branch for further information. Restrictions may apply. Also, for some individuals that have a negative ChexSystems record, our Union Bank Access Account may be an option.
Yes. If you enroll in Deposit Overdraft Protection, automatic transfers will be made from your Bank Freely savings account to your checking account as needed. Teens may also use their Teen Savings account as overdraft protection for their Teen Access® checking account if both accounts are jointly owned by an adult. Learn more about Overdraft Protection.
Yes. You can set up recurring automatic deposits to your Bank Freely savings account from your Union Bank checking account or any other external personal account. You can also set up recurring automatic deposits to a child's Kidz Savings account or Teen Savings account.
Yes. You can set up recurring automatic transfers from your Bank Freely savings account to repay a Union Bank loan.
Yes. You can combine up to 20 Union Bank checking, savings, and money market accounts into one organized monthly statement. Stop by any branch or log in to Online Banking for details. Please note, combined statements option is not available for online-only statements. For money market accounts, you may lose your Monthly Service Charge Discount if you choose paper statements. Please see the Personal Accounts Fee Schedule.
If you have a Union Bank savings account, you can start banking online by enrolling in Online Banking. Online Banking not available for Kidz Savings. Sign up now to get started. For access from your smartphone or tablet, download our Mobile Banking app for iPhone®, iPad®, or Android™ devices from the app store.
Yes. You can check your balances and even handle some transactions over the telephone. Use our automated Telephone Banking service or contact us at 1-800-238-4486. Online Banking customers can also check balances online.
Union Bank offers an ATM card with a Bank Freely savings account.
There is no Union Bank ATM Fee for withdrawals and deposits made at Union Bank ATMs.
MoneyMarket FAQ
A money market account is similar to a savings account but typically offers higher interest rates. Your funds are liquid, and you have the convenience of writing checks. Compare our savings accounts to find the right choice for you.
Open a MoneyMarket account with $2,500.
Our MoneyMarket account requires a minimum daily ledger balance of $2,500 or more to avoid a Monthly Service Charge.
Interest is compounded monthly and paid monthly. The interest rates may change as often as daily.
Yes. Please contact your local branch for further information. Restrictions may apply. Also, for some individuals that have a negative ChexSystems record, our Union Bank Access Account may be an option.
Yes. If you enroll in Deposit Overdraft Protection, automatic transfers will be made from your MoneyMarket account to your checking account as needed.
Learn more about Overdraft Protection.
Yes. You can set up recurring automatic deposits to your MoneyMarket Account from your Union Bank checking account or any other external personal account. You can also set up recurring automatic deposits to a child's Kidz Savings account or Teen Savings account.
Yes. You can set up recurring automatic transfers from your MoneyMarket account to repay a Union Bank loan.
Yes. You can combine up to 20 Union Bank checking, savings, and money market accounts into one organized monthly statement. Stop by any branch or log in to Online Banking for details. Please note, combined statements option is not available for online-only statements. For money market accounts, you may lose your Monthly Service Charge Discount if you choose paper statements. Please see the Personal Accounts Fee Schedule.
If you have a Union Bank MoneyMarket account, you can start banking online by enrolling in Online Banking. Sign up now to get started. For access from your smartphone or tablet, download our Mobile Banking app for iPhone®, iPad®, or Android™ devices from the app store.
Yes. You can check your balances and even handle some transactions over the telephone. Use our automated Telephone Banking service or contact us at 1-800-238-4486.
Union Bank offers an ATM card with a MoneyMarket Account. A debit card is also available upon request.
Time Deposits (CDs) FAQ
A certificate of deposit (CD) lets you earn a higher rate of interest for a preset period of time. A CD is a great fit if you don't need immediate access to your funds. For more account information and terms and conditions governing our Time Deposit Accounts, see our Time Deposit Accounts Disclosure and Personal Accounts Fee Schedule. For more information, visit your local branch or call us at 1-800-238-4486.
The minimum opening deposit for a CD is $350 for a term of 32 days to 36 months, or $2,500 for a term of 7 to 31 days.
Yes. For more specific information regarding IRA savings products, please contact your local branch.
CDs automatically renew for the same term up to 36 months, but at the interest rate in effect on the maturity date, unless you withdraw the funds on or within 10 days after the maturity date called the grace period (three day grace period for CDs with a maturity term of 31 days or less).
CDs offer a range of interest disbursement options. Interest is fixed for the term and you can designate interest be paid monthly, quarterly, semiannually, annually, or on the maturity date. For terms greater than one year, you can designate interest be paid monthly, quarterly, semiannually or annually. Terms 7 to 31 days, interest is paid only on the maturity date. For more account information and terms and conditions governing our Time Deposit Accounts, see our Time Deposit Accounts Disclosure and Personal Accounts Fee Schedule. For more information, visit your local branch or call us at 1-800-238-4486.
Interest is compounded daily except on deposits of $1 million or more, for which simple interest applies.
Deposits can only be made during the grace period, and withdrawals must be made at maturity or during the grace period to avoid an Early Withdrawal Penalty.
There are no monthly fees for CDs; however, Early Withdrawal Penalties or Compensating Penalties may apply if you withdraw funds prior to maturity.
Yes. You can check your balances and even handle some transactions over the telephone. Use our automated Telephone Banking service or contact us at 1-800-238-4486. Online Banking customers can also check CD balances online.
For account information and terms and conditions governing our deposit accounts, see our applicable Simply Stated Product Guide, Personal Accounts & Services Disclosure and Agreement, and Personal Accounts Fee Schedule. For more information, visit your local branch or call us at 1-800-238-4486.