Union Bank 2.25% APY Bank Freely Account

[Jeffster1]

I live in Los Angeles and have no prior relationship with Union Bank. I am aware that Union Bank is being merged into USBank at some point in the future. 

I received a mail offer from Union Bank for a "Bank Freely" account which pays 2.25% APY with no minimum deposit requirement and no monthly service charge. The offer included a 3.00% APY on a 12-month CD.

The invite expires 12/31/22, and requires a visit to a branch. 

The mail offer appears random. I do already have accounts at USBank, and cannot imagine this was from a USBank mailing list. 

It looks like Union Bank might be planning to operate separately from USBank for a while if they are sending out offers. I don't know much about Union Bank and I wonder if opening an account during the in-person visit might help with applying for a CC with the banker during the same visit. Not a lot of DPs about this bank and their CCs. Also wondering if requiring a person to come in is actually a way to get them to look at other Union Bank products.

Might be worth a try.

[Revelate]

At the time their CCs weren't anything to write home about so I never applied.

I didn't have a problem with Union Bank when they bought my mortgage: their tech worked albeit it was a little dated, but better than some I could name.  I'm not sure how they are as a relationship bank, I tend to think that is vastly overrated anyway usually unless you have significant deposits, but I still got denied for a USBank card even with an auto loan through them so maybe some even large banks it's still a thing.

Ultimately if you are looking for another FI and this offer makes sense to you, I'd take it.

I think you can probably beat those APRs though without trying especially hard if that is your primary consideration.  This isn't a small merger so it'll take some time for USBank to digest, hard to say what features you will grandfather into USBank with as an Union Bank customer... Chase had different credit cards even for WAMU customers for a good long while. 

[Revelate]

Hrm that Union Bank PR card is at least a little interesting and might grandfather into something cute USBank wise later.

Whenever my in the wind mortgage gets sorted maybe I'll use the opportunity to see about applications to those two FIs for perhaps future use as I suspect I am going give up on Chase points as I pull back my spending specifically on restaurants and travel.

ETA: yes I know this falls outside of PF for a topic, please don't hurt me .

[AndySoCal]

@Jeffster1   Bank freely product is a similair product to US bank's Bank Smartly. Both banks have CD rates around 3% . I cannot find the product that the 2.25% is attached to. The product guide for the bank freely checking states the account pays no interest.  If you look around there some banks that can do better than this.

[Jeffster1]

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@AndySoCal wrote:

@Jeffster1   Bank freely product is a similair product to US bank's Bank Smartly. Both banks have CD rates aroudnd 3% . I cannot find the product that the 2.25% is attached to. The product guide for the bank freely checking states the account pays no interest.  If you look around there some banks that can do better than this.

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@AndySoCal Thanks for that. I think the 2.25% Bank Freely deal is attached to the mailer invite, and not available via the website. I decided to pass on it. I have accounts at USBank and read yesterday that the two banks will operationally merge early in 2023. It didn't seem worth it get this account.Of course, that's what I say now. The closest branch is a few minutes away so it may just come down to whether I pass it and decide to go in. Right now, I'm saying no. 

Since you're in SoCal, it looks like Wescom CU (attached to UCLA) is sending out preapprovals which seem to be an easy app. They don't seem to be inquiry- or new account-sensitive, and they give you your CL with your pre-approval mailer. Not the greatest card in the world but this CU seems to be intent on growing, and it's local. 

[Jeffster1]

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@Revelate wrote:

At the time their CCs weren't anything to write home about so I never applied.

I didn't have a problem with Union Bank when they bought my mortgage: their tech worked albeit it was a little dated, but better than some I could name.  I'm not sure how they are as a relationship bank, I tend to think that is vastly overrated anyway usually unless you have significant deposits, but I still got denied for a USBank card even with an auto loan through them so maybe some even large banks it's still a thing.

Ultimately if you are looking for another FI and this offer makes sense to you, I'd take it.

I think you can probably beat those APRs though without trying especially hard if that is your primary consideration.  This isn't a small merger so it'll take some time for USBank to digest, hard to say what features you will grandfather into USBank with as an Union Bank customer... Chase had different credit cards even for WAMU customers for a good long while. 

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@Revelate Thanks! You've presented some new potential for me. I think I may stop in and deposit a moderate amount and let it sit. Thank you for that! 

[AndySoCal]

@Jeffster1   Thank you for the information on Wescom.  Credit card wise I am not looking to add to my collection at this time. At the moment my CIti Custom Cash and Capital One - Walmart cards (groceries) are getting about 90%  of my credit card use. That will change on December 1 Custom Cash has special offer of Bonus points for spending in certain catagories that will end tomorrow.  I will have to look at my spending and see which of my cards will give me the best rewards. I currently have two cards not recieving any spend at this time.

I have a credit union that I am member of but it is not local.  The credit union is Lafayette Federal Credit Union in Rockville Maryland. They have above average rates on CD's but also the early withdrawal penalty is stiff. Also, they have a checking account that earns 2% without a lot of hoops to jump thru to get it.  I am waiting to see what the new rates are on December 1. The credit cards they have would not be interest.  They are my back up banking relationship my primary is Discover Bank due to their interest rates and a checking account with only one fee attached to it.

[ejbarraza]

PNC Bank offers 3.5% APY.

[Jeffster1]

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@ejbarraza wrote:

PNC Bank offers 3.5% APY.

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BMO Harris is now offering 3.6% in my zip code.