Dedicated to Deposits: Deals, Data, and Discussion

Union Bank Money Market Special with Guaranteed Rate - West Coast

POSTED ON BY

Union Bank (San Francisco, CA)

Union Bank is offering a good deal on a money market promotion which guarantees 1.00% APY until December 31, 2013. To receive this rate, you have to open a new MoneyMarket Extra Account with a $10,000 minimum and a checking account. New money is required. This promotion doesn't appear to be listed at Union Bank's website. A reader received a mailer on this promo and emailed me (thanks!). I emailed Union Bank for additional details. According to the Union Bank CSR, this promo is available at all of Union Bank branches as of 2/13/2013.

Update: A reader found the promotion webpage for this offer. The page suggests that it's not available at California branches. The CSR told me it's available at all of their branches. If you're in California and tried to participate in this promo, please leave a comment.

There is the potential of monthly service charges. However, as long as a minimum balance of $10,000 is maintained in the MoneyMarket Extra Account, there is no monthly service charge on either of the money market or checking account.

Union Bank branches are located in California, Washington and Oregon. Union Bank has several branches in Washington and Oregon due to its acquisition of Frontier Bank which failed in 2010.

Union Bank is a large regional bank that's based in San Francisco, California with over 400 branches. Its overall health score at DepositAccounts.com is 5 stars (out of 5) with a Texas Ratio of 5.22% (excellent) based on September 2012 data. Please refer to our financial overview of Union Bank for more details. The bank has been a FDIC member since 1979 (FDIC Certificate # 22826).

How This Money Market Special Compares

The best money market special that's available nationwide is at EverBank which continues to offer 1.25% APY guaranteed for 6 months on its money market and checking account. The guaranteed rate is capped at $50K on the money market and $100K on the checking account.

Salem Five Direct used to also offer a promo yield of 1.25%, but this has recently fallen to 1.00%. Unlike EverBank, there's no guarantee how long this will last.

These rates are accurate as of 2/13/2013.

Searching for the Best Money Market Accounts

You can find the best rates in the nation and in your state using our money market rates table. If you don't care about check writing, you can sometimes find better deals on savings accounts. You can find the best rates for these in our savings account rates table.


  Tags: Union Bank (San Francisco, CA), California, Washington, Oregon, checking account, checking account

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Comments
9 Comments.
Comment #1 by Anonymous posted on
Anonymous
https://www.unionbank.com/rate to see the promo online

3
Comment #2 by KenBDG posted on
KenBDG
Thanks for the link. I've updated the post with the link.

3
Comment #3 by Anonymous posted on
Anonymous
According to #1's link, the rate is only available in WA and OR, but not in CA (where Union Bank has a large presence).

2
Comment #4 by Anonymous posted on
Anonymous
We live in Northern California and received an offer in the mail.  We are not or ever have been a customer of Union Bank. 

2
Comment #5 by Ted - Anonymous (anonymous) posted on
Ted - Anonymous
I got a flyer in the mail in December advertising this rate until December 31, 2013, and opened the account (with the checking) in late December, so it's definitely available in northern California, at least here in wine country north of SF. 

1
Comment #6 by OldGuy posted on
OldGuy
I'll add some chaos to the confusion.  I just spoke with a branch manager here in Southern California who said yes, indeed, the account was available throughout California, but that it was by "invitation only"--i.e., you had to get something in the mail.  He said, though, he could work with me to have me approved for the account even if I didn't get the mailed offer..

5
Comment #7 by unmesh posted on
unmesh
I went into a branch in Northern California earlier today and was told the same thing as OldGuy. I subsequently discovered that they will open an account immediately if you deposit what they feel is a significant amount of money :-)

6
Comment #9 by Anonymous posted on
Anonymous
I was able to open this account in Southern CA without the flyer by asking for the promotional rate.  The representative was very nice, but the account opening process was excruciatingly slow.  The bank initially could not provide the federally mandated Truth in Savings Disclosure guaranteeing the 1% rate.  No one in the branch knew how to generate the disclosure, even though it is required by federal Regulation DD. 

1
Comment #10 by Tennis (anonymous) posted on
Tennis
This offer is valid in my area of Northern California through June 28, 2013.

 

Below are the details on the back of the offer letter, but here are some specifics that I find lacking in clarity.  

 

Union Bank does not define when a checking account becomes “inactive.” However, thinking logically, if you have at least one checking activity item on each monthly statement, it would have to be considered active:  Here is the quote:  “If the personal checking account is closed or becomes inactive the MoneyMarket Extra account will convert to a regular MoneyMarket account, which may have lower rates than a MoneyMarket Extra account. Other charges, such as NSF and overdraft fees of $33 per item, still apply.”

 

Union Bank states: “Electronic Access Accounts cannot he linked.”  Specifically, what do they mean by “Electronic Access Accounts?”  A Google search does not provide an answer to what this phrase would mean.  (Is it possible that they consider "Electronic Access Accounts" to be the same as "Electronic Funds Transfers?"  Electronic Funds Transfer (EFT) is defined as the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.  

 

Here is their complete statement on the back of the letter:

 

1. Deposits are covered by FDIC insurance within permissible limits.

 

2. To get 1.00% Annual Percentage Yield (APY) through June 30, 2014, you must open a MoneyMarket Extra account between April 18, 2013, and June 28, 2013, with a minimum opening deposit of $10,000, with funds not presently on deposit with Union Bank, and a linked Union Bank personal checking account (minimum $100 to open). Electronic Transfer Accounts and Electronic Access Accounts cannot be linked. Offer for new customers only. 1.00% APY is based on maintaining a combined balance of $10,000 within the MoneyMarket Extra account and the linked personal checking account. Interest rate tiers are based on the combined balance of the linked personal checking account and MoneyMarket Extra account and applied to the MoneyMarket Extra balance. 1.00% APY valid through June 30, 2014, for combined balances of $10,000 -$499,999. For other balances and after June 30, 2014, rates are variable and subject to change daily without notice. Rates as of March 1, 2013, are: 0.01% APY for combined balances of $0 - $2,499; 0.05% APY for combined balances of $2,500 - $9,999; 1.00% APY for combined balances of $10,000 - $24,999, $25,000 - $49,999, $50,000 - $99,999, and $100,000 - $499,999; 0.20% APY for combined balances of $500,000 - $999,999 and $1,000,000 or more. Fees may reduce earnings.

 

Maintain a daily ledger balance of $10,000 in your MoneyMarket Extra account and we'll waive the regular monthly service charge of $15. If the personal checking account is closed or becomes inactive, the MoneyMarket Extra account will convert to a regular MoneyMarket account, which may have lower rates than a MoneyMarket Extra account. Other charges, such as NSF and overdraft fees of $33 per item, still apply.

 

3. Account alerts are provided for convenience only and do not substitute for account statements or other notices from Union Bank. Refer to our Online Banking Agreement for additional details. Alerts received on your mobile access device may incur charges from your mobile service provider.

 

4. Mobile and Text Banking are offered as free services to Union Bank Online Banking users. You may incur charges assessed by your service provider. Message and data rates may apply.

 

Available only for personal accounts. Limit: one MoneyMarket Extra account per customer. See our All About Personal Accounts & Services Disclosure and Agreement, A Guide to Our Personal Accounts, and Personal Accounts Fee Schedule for account details.

 

To get 1.00% Annual Percentage Yield (APY) through June 30, 2014, you must open a MoneyMarket Extra account between April 18, 2013, and June 28, 2013, with a minimum opening deposit of $10,000, with funds not presently on deposit with Union Bank, and a linked Union Bank personal checking account (minimum $100 to open). Electronic Transfer Accounts and Electronic Access Accounts cannot he linked. Offer for new customers only. 1.00% APY is based on maintaining a combined balance of $10,000 within the MoneyMarket Extra account and the linked personal checking account. Interest rate tiers are based on the combined balance of the linked personal checking account and MoneyMarket Extra account and applied to the MoneyMarket Extra balance. 1.00% APY valid through June 30, 2014, for combined balances of $10,000 -$499,999. For other balances and after June 30, 2014, rates are variable and subject to change daily without notice. Rates as of Mardi 1, 2013, are: 0.01°A APY for combined balances of $0 - $2,499; 0.05% APY for combined balances of $2,500 - $9,999-100% APY for combined balances of $10,000 - $24,999, $25,000 - $49,999, $50,000 - $99,999, and $100,000 - $499,999; 0.20% APY for combined balances of $500,000 - $999,999 and $1,000,000 or more. Fees may reduce earnings.

 

Maintain a daily ledger balance of $10,000 in your MoneyMarket Extra account and we'll waive the regular monthly service charge of $15. If the personal checking account is closed or becomes inactive the MoneyMarket Extra account will convert to a regular MoneyMarket account, which may have lower rates than a MoneyMarket Extra account. Other charges, such as NSF and overdraft fees of $33 per item, still apply.

 

Available only for personal accounts. Limit: one MoneyMarket Extra account per customer. See our All About Personal Accounts & Services Disclosure and Agreement, A Guide to Our Personal Accounts, and Personal Accounts Fee Schedule for account details.

 

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