Written by Ali Cybulski | Published on 10/3/2024
Coastal1 Credit Union, founded in 1928, has made investing in the local Rhode Island and Massachusetts communities it serves a key part of its mission. The credit union provides many checking and savings products; check with Coastal1 for membership eligibility requirements.
The credit union offers four types of checking accounts, including two that earn interest. Advantage Checking earns an annual percentage yield (APY) of 3.5% on balances of up to $20,000 and a 0.10% bonus rate on any Coastal1 Credit Union CD. The basic Free Checking has no minimum balance requirement or monthly service charge and no ATM fees if you use another bank.
Coastal1’s other two accounts, Spectrum and the interest-bearing Direct Plus, offer distinct benefits, such as free unlimited check writing as well as a free first order of checks and one annually thereafter. Direct Plus earns an APY of 0.10% on a minimum balance of $2,500 and requires a $25 minimum opening deposit.
Savings account options include Money Market Savings, Statement Savings and Club Accounts. The Statement Savings account earns an APY of 0.10%, and Money Market Savings accounts earn from 1.00% APY to 3.00% depending on your balance. (The Club Account APY was undisclosed.)
Look out for service and account fees, mainly on checking accounts. You’ll pay $7.50 to replace a debit card, for example, and monthly service charges of $10 to $25 if you don’t meet the account requirements.
If you’re looking for a certificate of deposit (CD) instead, you will find a variety of terms and a $1,000 minimum opening deposit requirement. Terms span from six months to 60 months and rates range from 3.00% APY to 4.75% APY.
Online services allow you to view transaction history, open accounts, transfer funds, set up account alerts and more. You’ll be able to pay online bills and access monthly electronic statements.
If you have questions about products or services, you can reach the credit union’s call center at 800-298-2212 or 401-722-2212 from 8 a.m. to 5 p.m. Monday through Friday or from 8:30 a.m. to noon Saturday. For support with bill pay, call 877-559-9566 from 7:30 a.m. to noon Monday through Friday or live chat within bill pay.
Coastal1 Credit Union pros and cons
Pros:
• Variety of checking accounts, including two interest-bearing accounts
• Many savings account options
• Investment in local Rhode Island and Massachusetts communities
Cons:
• High minimum deposit required on money market accounts
• Many possible service and account fees on checking accounts
• Unclear membership requirements
