Union Bank IRA Review 2020

Union Bank IRA review: Roth IRA, Traditional IRA, rollover, Money Market IRA, CDs IRA. Union Bank IRA fees, rates, APY/APR, promotion offer code for 2020. Is Union Bank IRA good and safe way to invest?

About Union Bank

Union Bank is a financial institution worth a consideration for both personal and business accounts. Headquartered in San Francisco, the full service financial holding company recently reported assets of $97 billion and a rising credit rating.

If you prefer to bank where your service is personalized, employees know your name and care about your financial needs then take a closer look at Union Bank. Operating in California, Washington, and Oregon, selected cities for commercial banking in Texas, New York, Chicago and two international offices, Union Bank is steadily growing.

No matter how strong a bank is customer service is often the deciding factor on where people park their funds. Customer service is what you make of it with this bank. You should choose one branch to be your main hub and introduce yourself to the manager at that branch. Make this branch the only one, if possible, where you open accounts. When you create and build relationships with the tellers, assistant managers, managers, and bankers, you will enhance your experience and service. The banks have set rules to follow when it comes to accounts being overdrawn and fees but they can override them on occasion if the manager feels comfortable vouching for the customer. Creating strong relationships with their customers is valued at Union Bank but you have to make the effort.

Union Bank Checking and Savings Accounts

If you are looking for a checking or savings account without a minimum balance and tons of fees, Union Bank has a lot to offer. You can open a checking account with as little as $100 and no required minimum balance with a qualified direct deposit set up for as low as $250. The account also offers many options to reduce monthly charges for maintaining the account. You can have a free checking account called ‘Banking By Design’ that includes a ATM debit/credit card, online banking, email alerts and text alerts if your account reaches a certain low balance. You can also get unlimited checks, incoming wire transfers and money orders for $1.

There are six business checking accounts to choose from so there is something for everyone. Small business accounts can be maintained with as little as a $1,000 daily balance or $3,000 monthly average or $5,000 in combined accounts to avoid monthly service fees. The monthly service fees are a low $3.00 if the minimum requirements are not met so a small business owner will not have to worry about being killed in high fees if they have a slow month.

Union Bank Brokerage

Union Bank offers a variety of brokerage services from stocks, fixed income investments to annuities and mutual funds. The type of investment you are looking for is easy to review on their website. You can choose the type of risk you want to take from high to low, and look at the investment product that meets your needs.

It is highly advisable to meet with a trained and licensed financial specialist at Union Bank and a tax professional to make sure you are in the best brokerage account possible. HighMark Capital Management is the bank's investment management subsidiary.

Union Bank IRAs

If you are seeking an account for your retirement, Union Bank also offers IRA’s. If you left a company and had a retirement account started, you should consider rolling it into an Individual Retirement Account. One does not have complete control over an account if it is left with the company they are with no longer. Union Banks licensed bankers can advise on the best IRA for you: from money markets, mutual funds to annuities. Rolling your savings directly into a Rollover IRA at Union Bank can give you benefits like maintaining a tax-deferred status of your retirement savings, a greater control and investment options than in an employer-sponsored plan, and no taxation or IRS withdrawal penalties.

Self-employed customers could take advantage of Simple IRA and SEP IRA accounts. Businesses can also open a SEP plan that allows employers to make contributions that are tax-deductible toward their own retirement accounts and their employees.

Union Bank IRA CDs

Term APY Min Deposit
3 months 0.10 % $350
6 months 0.20 % $350
1 year 0.25 % $350
18 months 0.40 % $350
2 years 0.40 % $350
3 years 0.50 % $350
4 years 0.75 % $350
5 years 1.25 % $350

The interest is compounded daily, paid monthly, quarterly, semi-annually, annually, or at maturity if term is one year or less. IRA CDs don't have regular monthly service charge. Early-withdrawal or compensating fee if withdrawn before maturity date.

Union Bank IRA MMA

Min Deposit Max Deposit APY
$25 $2,499 0.01 %
$2,500 $9,999 0.05 %
$10,000 $24,999 0.05 %
$25,000 $49,999 0.10 %
$50,000 $99,999 0.15 %
$100,000 $499,999 0.20 %
$500,000 $999,999 0.20 %
$1,000,000 0.20%

Earnings grow tax-deferred, so you don't pay taxes on them until withdrawal. Annual contribution limits vary by year and age. Eligible individuals age 50 and older may make additional contributions in the form of catch-up contributions. Contributions may be tax-deductible.

Union Bank IRA Review Conclusion

Union Bank has A3 rating by Moody’s Investors Service: a company that reviews financial institutions and provides credit ratings, research, and risk analysis.

As you see, the rates Union Bank is offering on IRAs are well below the inflation, which is officially about 2.5% but in reality is much bigger. It means that your money will actually loose value if you invest in Union Bank IRA CDs or MMA.

If you are looking for more investment options, like no-load mutual funds, CDs, bonds, ETFs and stocks, there are well-known brokerage companies available offering completely fee free IRAs and competitive pricing, like Ally Invest.


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