Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
First Trade Union Bank0.95%$2,500-FT High-Yield Savings
Accounts mentioned in this post. Rates as of April 20, 2014

Another Top Savings Account Rate at First Trade Union Bank

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First Trade Union Bank

We have another internet savings account with a 1.00% APY. First Trade Union Bank has just increased the rate on its FT High-Yield Savings account from 0.70% to 1.00% APY. This applies to balances of $2,500 or greater. The rate is only 0.05% for balances under $2,500. On the plus side, there are no monthly service fees. There is no rate guarantee, so this rate is subject to change at anytime. Please refer to the bank’s FT High-Yield Savings page for the full details.

This savings account used to be called the High and Mighty Savings. It had been competitive in 2011 when the top yield was 1.05%. The rate fell to 0.70% in May 2012 where it has stayed until this rate change.

The bank has a free external transfer system that allows you to transfer money between your First Trade accounts and your accounts at other financial institutions. However, there is one major downside. I was told using the bank’s online chat system that the outgoing limit is only $5,000. There are no limits for incoming transfers. When I asked if limits apply for transfers initiated from another bank, I did not receive a clear answer. I don’t know why the bank thinks a $5,000 outgoing limit is adequate. Unfortunately, this is a common problem with many small internet banks.

Internet Checking and $100 in Cash Bonuses

First Trade Union Bank has an internet checking account called FT Checking. It has no minimum balance requirement and no maintenance fees. Also, it offers ATM surcharge rebates. The first order of basic checks is free.

The bank offers mobile banking with features like check deposit. It has been highlighting its mobile payment app FT Pay. It’s still offering a bonus for using FT Pay. A total bonus of $100 is available with direct deposit. Please refer to the bank’s promo page for the full details.

Online Application - Available Nationwide

These FT Checking and Savings accounts can be opened online with the bank's online application, and they're available to people in any state. Account funding can be done with an ACH transfer from your existing checking or savings account.

Bank Overview

First Trade Union Bank branches are located in Boston, MA and in New Hyde Park, NY.

The bank has an overall health grade at DepositAccounts.com of a B with a Texas Ratio of 14.66% (above average) based on September 2013 data. Please refer to our financial overview of First Trade Union Bank for more details. The bank has been a FDIC member since 1987 (FDIC Certificate # 32551).

  Tags: First Trade Union Bank, savings account, checking account

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Comments
3 comments.
Comment #1 by Charlie Chaplen (anonymous) posted on
Charlie Chaplen
not sure if anyone noticed, capitalone is also offering 1% smart Saving. the only issue is that ACH initiated from capitalone for deposit/withdraw has max 3k per day. ...so you need to goto bank to deposit amount greater than 3k and for withdraw, you can initiate ACH from external bank with any amount...so no issues with that.

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Comment #2 by cumulus posted on
cumulus
One possible drawback to FTUB bank is that On-line access to your account
requires that you receive a security code at a phone number or via text.
If you don't have immediate access to a phone or text-capable cell phone,
you're out of luck.  They DO NOT provide the typical e-mail handshake for
this that almost everone else does!  Previously noted here; ditto iGObanking.

6
Comment #3 by Anonymous posted on
Anonymous
This place was a nightmare to deal with in trying to open an account! They automatically demand a scanned copy of your I.D. used (mine was my driver's license), as opposed to most places, who simply ask for your number. THEN, they said they could not "verify my address" (in a home I've owned and lived in for 10 years!) and they demanded several other physical attachments be sent, ie., a current credit card statement, bank account statement, etc. They were VERY uncooperative, and the "hoops to jump through" were ridiculous - especially so since I was giving them MY money - I wasn't asking for a loan!  I find this bank repugnant. So, I told them to just cancel the whole thing - not sure I trust them to "wipe out" all personal info I already sent - and went to CIT Bank instead. It was worth getting 0.95, as opposed to the 1.00 First Trade Union was offering.  BIG THUMBS DOWN to First Trade Union Bank!!! 

3