Randolph-Brooks Review: Fee-Free Banking With Competitive APYs
Written by
John Csiszar
Edited by
Elizabeth Constantineau
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Randolph-Brooks Federal Credit Union
-
Checking Accounts
4.0
-
Savings Accounts
4.0
-
Certificate and Money Market Accounts
4.5
-
Banking Experience
4.0
Pros
- Numerous fee-free accounts
- Competitive yields on some accounts
- Interest-bearing checking account
Cons
- Limited to four primary areas in Texas
- Low APY on savings account
Randolph-Brooks Credit Union Overview
Randolph-Brooks Federal Credit Union, or RBFCU, started out serving military members and their families but has since extended its services to others. The credit union serves four major markets in Texas — Austin, Corpus Christi, Dallas-Fort Worth and San Antonio — and has more than 60 branches.
RBFCU offers its members an impressive range of account types, from standard banking accounts to certificates, credit cards, insurance, loans and business accounts.
Bank Accounts at a Glance
| Account | APY | Fees |
|---|---|---|
| Really Free Checking | $0 | |
| Savings | $0 | |
| CDs | Up to | Early withdrawal penalties range from 30 to 420 days based on term |
| Money Market | Up to | $0 |
Key Features
Checking Accounts
The Really Free Checking account is Randolph-Brooks Federal Credit Union’s only checking account option for adults, though it also offers a checking account for children younger than 18. Really Free Checking lives up to its name, charging no monthly maintenance fees and featuring no minimum balance requirements.
Really Free Checking is an interest-bearing account that pays an annual percentage yield of . The account also comes with a Freedom Debit Card with free ATM access to the CO-OP network, bill pay and early direct deposit.
Savings Accounts
Randolph-Brooks Federal Credit Union offers a single primary savings account as well as a Youth Savings account. The primary savings account requires a $1 deposit to establish membership in the credit union, and there is no monthly maintenance fee. Dividends are paid monthly. The APY for this account is , just below the national average.
Certificate Accounts
Randolph-Brooks Federal Credit Union offers two types of certificate accounts, which are the credit union version of CDs: regular certificates and SuperSaver certificates. Terms are six months to seven years for regular certificates and 18 months for SuperSaver certificates. Rates are tiered, and there is a $1,000 minimum to open an account.
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Yields are very strong across the board. Regular certificates pay an APY up to , with higher balances and medium-length terms getting the higher rates. SuperSaver certificates pay an APY of to .
Money Market Accounts
RMFCU offers two money market accounts — the Classic account and the Choice account. Both accounts require a $2,500 minimum deposit, and have a tiered rate structure that pays a different rate depending on your account balance.
- The Classic account pays anywhere from APY to APY depending on your balance.
- The Choice account pays anywhere from APY to APY depending on your balance.
Neither of these accounts offer check-writing privileges and the rates are lower than many other online bank money market accounts.
Banking Experience
Randolph-Brooks Federal Credit Union has 60 branches across four metro areas in Texas. In addition, customer service representatives are available by phone Monday through Saturday. The credit union has a robust digital self-help service on its website where members can find answers to the most commonly asked questions.
Members have access to their accounts online and in the app. Through the app, members can manage their accounts, pay bills, deposit checks and locate ATMs. The app has a rating of 4.8 out of 5 in the Google Play Store and 4.8 out of 5 in the App Store.
In addition to checking and savings accounts, RBFCU offers additional banking products, including credit cards and loans.
How To Join Randolph-Brooks Federal Credit Union
To join RBFCU, you’ll first need to qualify for membership. There are thousands of ways to join, depending on your address, where you work, the church you attend or where you go to school. You’ll need to fill out an online application and answer a few questions to confirm your qualifications and join. You can also visit one of the 60 branches to join and apply for an account.
Once you join, you can open a checking account or any other bank account by applying. You’ll need to provide personal and financial information, and any identifying documentation request — usually a driver’s license and your Social Security number.
Once your account is open, you can deposit funds in-person or at an ATM via cash, or connect an external bank account and transfer funds online.
Comparable Credit Union Options
Check out how Randolph-Brooks Federal Credit Union compares to similar credit unions.
Navy Federal Credit Union
Navy Federal Credit Union, which caters to active and retired military and Defense Department personnel and their families, gets the edge with its certificates. The APY for certificates tops out at , which is higher than RBFCU. However, its savings account rate can’t top RBFCU. Navy Federal also has 350 branches around the world, but Texas residents may find it easier to locate an RBFCU branch if they live in the service area.
Alliant
The line of banking products offered by Alliant is similar to RBFCU, including courtesy pay and online banking. However, where it stands out is in the APY. The high-yield checking account has an APY of , and the high-yield savings account has an APY of . However, Alliant has no physical branches, which can be a drawback for members who like to bank in person.
Final Take
Randolph-Brooks Federal Credit Union packs a lot of service and features into a relatively small geographical area. Most accounts have no monthly maintenance fees, and all of the basic banking accounts at RBFCU pay interest. Many of the credit union’s APYs are higher than those offered by national banks. RBFCU is best for people who live in one of the credit union’s Texas service areas and enjoy the convenience of visiting a local branch.
FAQ
Here are answers to some of the most frequently asked questions about RBFCU.- Can anyone open an RBFCU account?
- RBFCU started as a credit union to serve military personnel, but today people have many ways to qualify for membership. They may qualify based on their employers, their neighborhoods, their churches or their community organizations.
- Is RBFCU a good bank?
- RBFCU is a low-fee credit union that can be a great choice for those living in Texas. The credit union offers free checking and savings accounts, high rates on CDs and access to fee-free ATMs nationwide. While you can join if you live outside of Texas — you won’t have access to in–person service because all branch locations are in Texas.
- Is RBFCU only in Texas?
- While RBFCU physical branch locations and branded ATMs are only located in Texas, you don’t have to live in Texas to join RBFCU. You can join online, and use any participating credit union CO-OP ATMs without fees -- there are 30,000 ATMs in the U.S.
- Is RBFCU FDIC Insured?
- RBFCU deposit accounts are FDIC-insured up to $250,000 per person. This is the maximum amount of FDIC insurance offered and protects your money in case of bank failure.
Vance Cariaga, Jacob Wade and Allison Hache contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 19, 2024.
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