In the world of financial institutes, the Union Bank is standing out as a major regional bank that is predominantly serving the West Coast.

All the branches of the bank are known to offer a variety of financial products. To provide you with a thorough analysis of these financial institutes, here is a detailed perspective stated below.

The analysis will cover details about; savings accounts, checking accounts, CDs, money market accounts, and mortgages. The bank is overall appealing to stand with a mix of both pros and cons across different products.

Bank Overview

Union Bank has another name and officially it is known as MUFG Union Bank. The bank has an extraordinary investment platform along with a rich history dating back to its establishment.

It was established in 1864, but at that time, it was called The Bank of California.

The bank has gained various other names. It was;

  • Union Bank of California in 1996
  • UnionBank in 2008

It was a prominent American national bank that has its origin in California, Washington, and Oregon. Apart from these areas, the setup is boasted with other 398 branches.

At the initial stage of establishment, the bank was owned by MUFG Americas Holdings Corporation. This ownership lasted until December 2022, after which it was acquired by U.S. Bancorp.

Union Bank Locations

The primary and most significant locations of the Union Bank are;

StateCityBranch NameAddressZIP Code
CaliforniaSan DiegoPacific Beach Branch1706 Garnet Avenue, San Diego, CA92109
CaliforniaSanta MariaSanta Maria Branch2340 South Broadway, Santa Maria, CA93454
TexasDallasDallas Commercial Branch500 North Akard, Suite 4200, Dallas, TX75201
TexasHoustonHouston Branch1100 Louisiana St #4850, Houston, TX 7700277002
OtherAtlanta, GAAtlanta Branch133 Peachtree St NE #3450, Atlanta, GA30303
OtherSeattle, WASeattle Branch1201 3rd Ave #950, Seattle, WA98101

From 10:00 AM to 4:00 PM, the consumers can get the services from branches. This timing falls from Monday to Friday with weekends off. However, some branches may have different hours or temporary closures, so to find even more details about it, you can check the official website for the most updated information.

Checking Accounts

Union Bank is known to provide a variety of checking accounts. These accounts are designed after careful consideration by the experts for the authentic & different customer needs. Each account type has specific features, which have been explained below;

Checking Account TypeTarget AudienceOpening DepositMonthly FeeKey Features and BenefitsInterest Rates (APY)
Simply Free Checking AccountGeneral Public$50NoneBasic checking with essential features for day-to-day banking.None
Simply Free Plus Checking AccountSavvy Bankers$1,000NonePremium interest with no monthly fees.3.85% to 3.92% APY on balances up to $100,000; 1.00% to 1.30% APY for balances over $100,000 (activity requirements apply)
Simply Free Student Checking AccountStudents (Aged 14-25)$50None$50 bonus and $10 RoundUp credit, no monthly fees.None
Simply Free Platinum Checking AccountCustomers (Aged 50 and over)$50NoneInterest-earning account with tiered interest rates.0.25% for $100 to $4,999.99 balances; 0.70% APY for $25,000 and over
Simply Basic Checking AccountFinancial StartersNone$5No overdraft fees, includes a debit card, online BillPay, and more.None

Saving Accounts

As far as the concept of the savings account is concerned, Union Bank delivers a couple of different savings account options. The details of the accounts are;

Union Bank Regular Savings Account


  • Comes with a mobile app for easy access.
  • Availability of physical branches.


  • Offers a relatively low-interest rate.
  • Requires a minimum deposit to open.
  • A monthly maintenance fee is applicable.


  • A $50 minimum opening deposit, which is lower than many other banks.
  • Interest is compounded daily and paid quarterly.
  • No minimum balance requirement after opening.
  • A $4 monthly service fee is charged, but it can be waived by maintaining a $300 minimum daily balance or making a minimum monthly deposit of $25.
  • Excess withdrawal fee of $15 for each transaction exceeding six per month.

Union Bank Bank Freely Savings Account


  • Rebates for up to two non-Union Bank ATM fees per statement period.
  • Very low minimum deposit requirement (as little as $0.01).
  • Provision of free paper statements.
  • Access to branch banking.


  • The interest rate is significantly lower compared to other banks.


  • No minimum balance requirement to avoid a monthly service charge.
  • No monthly maintenance fees.
  • Other fees include $10 for deposit overdraft protection and varying fees for domestic and international wire transfers.
  • The account includes an ATM card, although it’s not designed for bill payments or purchases.
  • Overdraft protection is available with a fee of $10 per transfer.

Union Bank CD Rates and Money Market Accounts

CD Rates

  • Interest Rates: CDs generally offer higher interest rates than savings, checking, or money market accounts.
  • Terms: Union Bank provides CDs with terms ranging from 7 days to 60 months, allowing flexibility in choosing the duration that fits your needs.
  • Early Withdrawal Penalties: The penalties vary based on the terms of the CD. They can be substantial, especially for longer-term CDs.
  • Minimum Deposit Requirements:
    • Short-term CDs (less than 32 days) require a $2,500 deposit.
    • For terms of 32 days or more, the minimum deposit is $350.
  • Promotional CD Rates: As of early 2023, Union Bank offered promotional CDs with attractive rates for 15, 18, and 24-month terms.
  • IRA CDs: Union Bank also offers CDs within both traditional and Roth IRAs.

In addition to all this, the Union Bank also holds the Money Market IRA Savings Accounts. These accounts provide compatible interest rates that mainly vary as per the balance on your account. These accounts are FDIC-insured enough to provide an extra level of security.

Additional Products and Services

A detailed perspective describing the extent of the horizon is described below;

Banking Services OfferedTarget AudienceKey ConsiderationsRecommendations
Deposit Accounts (Checking, CD, MM)Individuals, BusinessesDiverse range of accounts; Convenience of physical branchesConsider convenience vs. interest rates; Online banks for higher rates
LoansIndividuals, BusinessesTailored loan solutions; Various types of loansEvaluate loan needs and terms; Compare with other lenders
Credit CardsIndividuals, BusinessesWide range of credit card optionsAssess card features, rewards, and rates
Investment ServicesIndividualsInvestment options and adviceConsider investment goals and risk tolerance
Financial PlanningIndividualsPersonalized financial plansSeek advice based on financial goals and circumstances
Business Banking SolutionsBusinessesComprehensive business banking servicesAssess business needs and banking requirements

Comparison Overview with Other Institutes

FeatureUnion BankChaseBank of America
Branches & ATMsStrong presence in the West Coast with 398 branches, and commercial offices in cities like Dallas, Houston, Chicago, and New YorkOver 4,700 branches and 16,000 ATMs nationwideAbout 3,900 branches and around 15,000 ATMs nationwide
Interest RatesGenerally lower interest rates for savings and CD accounts compared to online banksCompetitive interest rates, with promotional offers for new customersOffers interest rates that are typically in line with other large national banks
Notable FeaturesOffers a range of financial products with lower minimum deposit requirements for CDs and savings accountsKnown for excellent sign-up bonuses for checking accounts and extensive customer supportOffers a polished online experience and a virtual financial assistant in the mobile app
Online & Mobile BankingProvides online and mobile banking optionsStrong online and mobile banking platforms with extensive featuresAdvanced mobile banking app with user-friendly features
Customer ServiceMixed reviews, with some highlighting helpful customer serviceKnown for reliable customer service and supportOffers effective customer support and financial advisory services

Pros and Cons Analysis of Union Bank


  • Physical Branch Access – With numerous branches across the West Coast and major cities, customers have access to in-person banking services.
  • ATM Fee Rebates – Some savings accounts offer rebates for non-Union Bank ATM fees.
  • Low Minimum Deposit Requirements – Certain accounts, like the Bank Freely Savings Account, have very low minimum opening deposit requirements.
  • Mobile and Online Banking – Union Bank provides convenient online and mobile banking options.


  • Compared to online banks, Union Bank’s interest rates on savings and CD accounts are relatively low.
  • For those seeking high-yield savings, Union Bank may not offer the most competitive rates.

Customer Reviews

Union Bank generally receives mixed reviews from customers. Positive feedback often highlights the convenience of physical branches and helpful customer service. However, there are also concerns about the low-interest rates offered and fees associated with some accounts.

Final Personal Review

The bank’s reach to client’s service comes into sight to be immersed around ease of access, with multiple branches, and puts a cornerstone on physically personal interactions. Online and E-banking facilities magnify reliability for technology-literate clients.

However, the bank’s interest rates and fee structures may not align with the best interests of all customers, especially those seeking high returns on savings.


Union Bank is for sure a jewel in the crown for customers who value physical branch way in and multiple account options. Despite that, for those who put high interest rates and lower fees at the top, E-banking options might be more captivating. Without exception, prospective clients need to contemplate their various financial needs and inclinations before choosing a bank.


What are the interest rates for Union Bank’s savings accounts?

Union Bank’s savings account rates are generally lower than those offered by online banks. The exact rates vary and should be confirmed directly with the bank.

Can I open a Union Bank account online?

Yes, certain accounts like the money market account and Priority Checking account can be opened online.

Are Union Bank’s deposit accounts FDIC-insured?

Yes, Union Bank’s deposit accounts are FDIC-insured up to the applicable limits.

What is the minimum deposit for Union Bank’s CDs?

The minimum deposit is $2,500 for short-term CDs (7 to 31 days) and $350 for longer durations, including promotional offers.

Does Union Bank charge for ATM transactions?

Union Bank does not charge for using Union Bank ATMs. Some accounts offer rebates for fees incurred at non-Union Bank ATMs.