Union Bank review: Checking and savings accounts with no monthly service fees

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Overall bank rating

Feature	Insider rating (out of 5)
Savings	3.5
Checking	4
CD	3.5
Money market account	3.25
Trustworthiness	4
Total	3.75

Pros and cons

Pros	Cons
Free savings and checking accounts Possible to waive monthly service fees for money market account Free overdraft protection Low minimum opening deposits for savings, checking, and most CDs	Branches mostly on the West Coast Low interest rates on savings accounts Monthly service fees for money market account High minimum opening deposit for money market account Mediocre mobile app ratings

Savings

The Union Bank Bank Freely Savings Account is a decent choice if you don’t want to deal with monthly service fees. Online banks offer higher interest rates, though.

Checking

One of the bank’s standout products is the Union Bank Freely Checking Account. The account doesn’t charge monthly services or out-of-network ATM fees. You’ll also get two monthly reimbursements if you are charged by an out-of-network ATM.

CD

Union Bank Certificate of Deposit might be ideal if you’re able to keep your money in an account for more than 31 days. Terms of 31 days or longer only require a minimum opening deposit of $350, which is pretty low compared to other banks. 

Money market account

The Union Bank Money Market Account works best if you can maintain at least $2,500 in your account daily. By meeting this requirement, you’ll waive the monthly service fee.

If that seems like too much money to keep in your account, our best money markets account guide has options with lower minimum opening deposits.

How Union Bank works

Union Bank has 295 branches in California, Washington, and Oregon, and commercial banking branches in Texas, Illinois, New York, and Georgia. The bank also has a total of 454 ATMs.

In 2021, US Bank announced it entered an agreement to acquire Union Bank. The deal is expected to be completed during the first half of 2022.

Customer service is available over the phone from 7:00 a.m. to 5:00 p.m PT on weekdays and 8:00 a.m. to 5:00 p.m. PT on Saturdays.

The Union Bank mobile app has 2.6 out of 5 stars in the Apple Store and 3.2 out of 5 stars in the Google Play store.

The bank is FDIC insured. You may deposit up to $250,000 in a bank account, and it will be secure.

Is Union Bank trustworthy?

The Better Business Bureau rates banks by how they interact with customers. Union Bank received an A+ rating.

A good BBB rating doesn’t necessarily mean your relationship with the bank will be perfect. You’ll want to talk to current customers or read online customer reviews to get a well-balanced view of the bank.

Union Bank has been involved in one public controversy. In 2021, the Office of the Comptroller of the Currency issued a cease and desist order against Union Bank. The OCC stated the bank had unsafe practices relating to its technology and operational risk management.

How Union Bank compares 

We compared Union Bank to two other national banks with branches on the West Coast: Bank of the West and US Bank.

Locations CA, WA, OR  (plus commercial banking in TX, IL, NY, GA)	Locations AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY	Locations AK, CA, ID, IL, IN, IA, KS, KY, MN, MI, MT, NE, NV, NM, NC, ND, OH, OR, SC, SD, TN, TX, UT, WA, WI, WY
Standout feature Free savings and checking account	Standout feature Low minimum opening deposits on savings, checking, and money market account accounts	Standout feature Low minimum opening deposits CDs and money market account
Union Bank Bank Freely Savings Account	Bank of the West Classic Savings Account	US Bank Standard Savings Account

Union Bank will probably be your favorite among these three banks if you don’t want to deal with monthly service fees. Union Bank has a free checking account and free savings account. Meanwhile, at Bank of the West and US Bank, you’ll need to meet certain minimum balance requirements to avoid monthly service fees.

If you don’t have a lot of money for an initial deposit, your preference between these three accounts will mainly depend on which account you’d like to open.

All three institutions have low minimum opening deposits for savings and checking accounts. However, if you’d like to get a  money market account, it’ll likely be between Bank of the West and US Bank. Both let you open a money market account for $100. Meanwhile, Union Bank requires a minimum opening deposit of $2,500. 

Frequently asked questions (FAQ)

Is Union Bank a good bank?

Union Bank could be a good bank if you don’t like dealing with monthly services fees, out-of-network ATM fees, or overdraft fees. It has several fee-free bank accounts, and you may receive reimbursements if you’re charged by an out-of-network ATM. 

You may also get overdraft protection if you’re worried about overdrawing from your account.

If you’re searching for a competitive interest rate to grow your savings, an online bank will be a better option.

Is Union Bank a safe bank?

Union Bank is FDIC insured. If a bank is FDIC insured, money is safe in a bank account, even if a bank closes. Up to $250,000 is protected in an individual bank account, and up to $500,000 is secure in a joint bank account.