Union Federal Savings Bank Rates & Review

Union Federal Savings Bank Review

Founded in 2001, Union Federal Savings Bank specializes in money market accounts and mortgages.

Union Federal Savings Bank offers online banking and specializes in money market accounts and mortgages. Customers may visit the bank branch in North Providence, Rhode Island, or log on to the bank's online banking system to view and maintain their accounts. As of September 2010, accounts were required to be opened in person at the bank.

Money market accounts

Union Federal Savings Bank offers money market account plans available with a $1 minimum deposit, though the best money market rates will come with higher deposit amounts.

CD accounts

Customers choose among CD account options at Union Federal Savings Bank, offering flexible deposits, competitive rates, and no monthly fees. Union Federal Savings Bank is a member FDIC, and all deposit accounts at the bank are insured in accordance with current FDIC requirements.

Mortgage loans

Union Federal Savings Bank offers a portfolio of mortgage loans to customers. Mortgage loans at the bank come with a free consultation, multiple rate and term options, and low down payments for those who qualify.

An FHA-insured home loan presents another option to first-time buyers. The loan is available for owner- occupied 1- to 4-family homes in Rhode Island, Massachusetts, New Hampshire, Maine, Vermont, Connecticut, New York, and New Jersey, and features easier qualification than conventional loans.

Deposit insurance

Union Federal Savings Bank has been insured by the Federal Deposit Insurance Corporation since the bank opened in 2001. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

Compare savings account interest rates from Union Federal Savings Bank and hundreds of other banks and credit unions at SavingsAccounts.com.