Bethpage Federal Credit Union Review 2024 (2024)

Bethpage Federal Credit Union offers two checking accounts, three savings accounts, a money market account and share certificates.

Bethpage Checking

Bethpage Free Checking Account

Bethpage Free Checking Account is a dividend-earning—or interest-bearing, in bank terms—checking account that offers many of the features modern customers have come to expect. It earns 0.40% APY for account holders who:

• Enroll in online banking with eStatements
• Receive a direct deposit each month
• Make 10 point-of-sale debit card transactions each month

If these requirements are not met, Free Checking earns no dividends. This account carries no monthly maintenance fees or account minimums and offers surcharge-free access to more than 30,000 ATMs.

Bethpage Student Checking Account

Bethpage Student Checking is geared toward teens and young adults ages 13 to 20. The account has no minimum balance requirements, no monthly service fees or overdraft fees, and it comes with a debit card.

This checking account does not earn interest and is subject to lower transaction limits than many accounts, including a $1,000 ATM withdrawal limit and a $2,500 point-of-sale limit. Student Checking accounts can be managed online and through Bethpage’s mobile app.

For young adults under 18, a parent or guardian is required as a joint owner. Student Checking accounts automatically convert to Bethpage Free Checking accounts when the primary account holder turns 21.

Bethpage Savings

Bethpage Savings Account

You must open a Bethpage Savings Account to become a member of the credit union. This simple account requires a $5 deposit to open, earns 0.10% APY and comes with an ATM card.

This is a traditional savings account with poor yields. For more competitive rates, check out the best high-yield savings accounts, often found with online banks and credit unions.

Special Purpose Savings Account

Bethpage’s Special Purpose Account is a savings account designed to help customers reach specific savings goals or keep an emergency fund. Opening a Special Purpose account requires a minimum $1 deposit. This account has no withdrawal or deposit amount limits, allowing you to save for goals as needed. However, it earns the same low 0.10% APY. Compared to the other vacation savings accounts, you will earn far less on your deposits with this account.

Bethpage Student Savings Account

Easily the credit union’s most impressive savings option, Bethpage Federal Credit Union Student Savings is for young adults ages 20 and under. It earns a competitive 5.00% APY on the first $1,000 deposited into the account and 1.39% APY on balances between $1,000 and $10,000. You can open it with a $5 deposit.

Similar to Student Checking, this account requires a parent or guardian as a joint owner for kids under 18, but those 13 years old and older can access digital banking. The account comes with an ATM card and a $1,000 withdrawal limit.

Student Savings accounts are automatically converted to Bethpage Savings accounts when the account holder turns 21. This account is also available as a custodial account (NYUTMA), and the same conversion guidelines apply to Student Savings Custodial accounts unless otherwise specified at account opening.

Bethpage Money Market Account

The Bethpage Federal Credit Union Money Market Account is a tiered-rate account that earns up to 2.00% APY depending on your balance. The account requires a $1 minimum deposit to open, which is much less than many money market accounts require, but you’ll earn only 0.10% to 2.00% APY depending on the balance tier with a $500 minimum deposit requirement. A balance of more than $500,000 is required to earn the full 2.00% APY.

For comparison, the average money market account earns 0.67% as of June 2024, according to the FDIC.

Bethpage Federal Credit Union Money Market Accounts are subject to a limit of six qualifying withdrawals or transfers per monthly statement cycle. The credit union may charge a fee if you exceed monthly limits on select transactions. Dividends are compounded and credited monthly.

If you can’t qualify for this credit union’s best rate, you can likely earn more with another one of the best money market accounts.

Bethpage CDs (Share Certificates)

Bethpage Federal Credit Union Certificate Accounts are available in 11 term lengths ranging from three months to five years. Certificates are the credit union equivalent of bank certificates of deposit or CDs. All Bethpage CDs require an opening deposit of just $50, a low minimum for a certificate account. Available rates are listed below.

The 39-month certificate is a bump-up certificate. With a bump-up certificate, account holders can increase their dividend rate once during the certificate term if the available rate increases. This allows you to take advantage of extra savings if market rates rise.

If you choose to withdraw principal from the certificate before it reaches maturity, you will incur an early withdrawal penalty equal to either 90 or 180 days’ dividends, depending on the term length.

Dividends are compounded daily for all certificates and credited monthly or quarterly, depending on the CD term. Certificates automatically renew once they reach maturity. You have up to seven days after the maturity date to make any desired changes or withdrawals.