Overall bank rating

Pros and cons

Savings

Annual Percentage Yield (APY)

0% to 0.25% APY

  • Pros & Cons
  • Details

  • Pros
    • Competitive interest rate
    • $5 minimum opening deposit
    • No monthly service fees
    Cons
    • Dividends only compound quarterly
    • Hispanic American-led credit union with 7 branches in Corpus Christi and Portland, Texas
    • To become a member, live or work in Aransas, Duval, Jim Wells, Kleberg , Nueces, or San Patricio County (You may also join if you attend school or worship in Kleberg County); work for an eligible business; or be an immediately family member of an existing CoastLife member
    • No interest earned on months that your average daily balance falls under $50
    • Interest compounded quarterly, paid quarterly
    • Federally insured by the NCUA

    The CoastLife Community Credit Union Regular Savings Account is a good choice if you can keep a minimum $50 balance, because then you’ll qualify to earn interest. CoastLife pays a competitive interest rate and doesn’t charge monthly fees.

    Checking

    Annual Percentage Yield (APY)

    0.10% to 3.56% APY

  • Pros & Cons
  • Details

  • Pros
    • $50 minimum opening deposit
    • No monthly service fees
    • Earn interest
    Cons
    • Compounds interest monthly, not daily
    • $1.50 out-of-network ATM fee
    • $25 overdraft fee
    • $3 overdraft protection fee when you sweep money from savings
    • Hispanic American-led credit union with 7 branches in Corpus Christi and Portland, Texas
    • Free ATMs at branches and 7-Eleven locations
    • To become a member, live or work in Aransas, Duval, Jim Wells, Kleberg , Nueces, or San Patricio County (You may also join if you attend school or worship in Kleberg County); work for an eligible business; or be an immediately family member of an existing CoastLife member
    • Earn 3.56% APY on balances up to $10k each month that you enroll in e-statements, are enrolled and log into internet banking, receive at least one automatic payment or direct deposit, and make at least 10 debit card transactions of $5 or more
    • Earn 0.50% APY on balances over $10k each month that you meet qualifications; earn 0.10% APY each month that you don’t meet qualifications
    • Interest compounded monthly, paid monthly
    • Federally insured by the NCUA

    CoastLife Community Credit Union Bonus Checking offers a high interest rate and charges no monthly fees. The credit union has other

    checking accounts
    , too, including a cash-back account and one for teenagers. There are no monthly fees on any of the accounts.

    Share certificate

    Annual Percentage Yield (APY)

    1.02% to 1.26% APY

  • Pros & Cons
  • Details

  • Pros
    Cons
    • $1,000 minimum deposit
    • Limited term options
    • Must contact CoastLife to ask about early withdrawal penalties
    • Hispanic American-led credit union with 7 branches in Corpus Christi and Portland, Texas
    • To become a member, live or work in Aransas, Duval, Jim Wells, Kleberg , Nueces, or San Patricio County (You may also join if you attend school or worship in Kleberg County); work for an eligible business; or be an immediately family member of an existing CoastLife member
    • Term lengths: 1, 2, and 3 years
    • Interest compounded daily, paid monthly
    • Federally insured by the NCUA

    You may like the CoastLife Credit Union Share Certificate if you have at least $1,000 to open an account, because the credit union pays high interest rates. You can only choose from 1-year, 2-year, and 3-year terms, though, so you’ll need to look elsewhere for other term lengths.

    How CoastLife Credit Union works

    CoastLife Credit Union is a Hispanic American-led credit union with six branches in Corpus Christie, Texas, and one branch in Portland, Texas. There are free ATMs at branches and 7-Eleven locations.

    To contact customer support, you can call, email, fax, or visit a branch. Lobby hours vary by location.

    The CoastLife mobile app has 4.8 out of 5 stars in both the Apple and Google Play stores.

    Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.

    How to join CoastLife Credit Union

    CoastLife Credit Union is a credit union, not a bank, so only certain people can become members. You’re eligible to join CoastLife if you meet one of the following criteria:

    • Live or work in Aransas, Duval, Jim Wells, Kleberg , Nueces, or San Patricio County (You may also join if you attend school or worship in Kleberg County)
    • Are an immediate family member of an existing CoastLife member, or a member who passed away when they were a member
    • Work for a qualifying school or business (see the full list here)

    To join, you’ll need to open a CoastLife Community Credit Union Regular Savings Account with $5.

    Is CoastLife Credit Union trustworthy?

    CoastLife Credit Union does not have any public controversies.

    At Insider, we usually look at Better Business Bureau ratings to evaluate a company’s trustworthiness. However, the BBB has not given CoastLife a grade yet. You may want to ask friends and family members about their experiences with CoastLife, or read online customer reviews.

    The role of Hispanic American institutions

    Many Hispanic American banks and credit unions provide services in both English and Spanish. There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans, so working with a Hispanic American institution can help eliminate unfair bias.

    Some of these institutions make it possible to open accounts if you are an immigrant or non-US citizen. CoastLife does require a Social Security number to open an account, but you can see a full list of banks that accept applications from immigrants and noncitizens without SSNs here.

    How CoastLife Credit Union compares

    We have compared CoastLife Credit Union to two other Hispanic American institutions in Corpus Christi: Navy Army Community Credit Union and Members First Credit Union.

    CoastLife Credit Union and Navy Army Community Credit Union both pay high interest rates on checking accounts and share certificates, but CoastLife pays a better rate on its savings account. 

    Members First Credit Union’s certificate interest rates aren’t as high as the other two institutions’ rates, but they’re still above average. Members First also offers more term lengths for certificates. You also might like Members First if you worry about overdrawing, because it offers free overdraft protection.



    Source Google News