Redstone Federal Credit Union Review

Learn the pros and cons of Redstone Federal Credit Union.

Redstone Federal Credit Union is located in the Tennessee Valley with branches in Alabama and Tennessee. Since it’s a credit union, not a bank, the fees and interest rates on loans are generally lower than many banks, although the interest rates on the savings accounts can be higher. Redstone Federal Credit Union might be a good choice if you are looking for a new bank or credit union. Check out this review of Redstone Federal Credit Union and its accounts and services to find out if you should become a credit union member.

Redstone Federal Credit Union Products At-a-Glance
Account Type Interest Rates Fees
Regular Share Account (Savings Account) .065% APY Might apply
Money Market Share Account .065% APY for balances $2,000 to $4,999.99, increases as balance goes up Might apply
36-Month Share Certificate 2.06% APY Might apply
96-Month Share Certificate 2.23% APY Might apply
6-Month MemberPlus! Share Certificate 1.65% APY Might apply
12-Month MemberPlus! Traditional and Roth IRA Certificates 1.75% APY Might apply
Easy Checking Account No Interest $3; waived with direct deposit or four or more debit card purchases per month
Relationship Checking No Interest $8; waived with direct deposit or $500 average monthly balance
Auto Loan New Car 60-month 3.95% APR Might apply
Auto Loan Used Car 60-month 3.95% APR Might apply
30-Year Fixed-Rate Mortgage 4.92% APR Might apply
5-Year Adjustable-Rate Mortgage 3.55% APR Might apply
Personal Unsecured Signature Loan 9.51% APR Might apply
Visa Signature 9.50% Variable APR Purchases 11.50% Variable APR Cash Advances Might apply
Information accurate as of April 25, 2018.

Review of Redstone Federal Credit Union

Redstone Federal Credit Union offers a variety of account products to its members. There are 26 Redstone Federal Credit Union locations to choose from and an extensive ATM network. If you find it difficult to visit a branch, you can take advantage of Redstone Federal Credit Union online banking. Redstone Federal Credit Union hours are from 9 a.m. to 5 p.m. Monday through Friday. Membership is limited to certain groups so you must qualify in order to join.

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How to Join Redstone Federal Credit Union

Redstone Federal Credit Union membership is available to government employees, military service members, people who belong to a number of different professional membership partnerships and their family members. The initial membership fee is $5, and you must maintain that in your member share account. Once you join the credit union, you have the option of signing up for online banking and receiving a Redstone Federal Credit Union login.

Redstone Federal Credit Union Financial Services

Redstone Federal Credit Union offers a number of different financial services, which include personal loans, mortgages, auto loans and other vehicle loans. There are also several Redstone Federal Credit Union credit card options available. Additionally, Redstone Federal Credit Union offers a variety of savings products ranging from a basic shares account to Money Market accounts, Certificates of Deposit and IRAs. You can also open a checking account, with fees waived if you sign up for direct deposit. To take advantage of this you will need the Redstone Federal Credit Union routing number and your new account number when you talk to your employer about switching your deposit.

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Redstone Federal Credit Union Fees

Redstone Federal Credit Union does not have very many fees associated with their accounts. The monthly checking fees can be waived with either a direct deposit or minimum balance requirement option. The savings accounts and loans do not have monthly fees to worry about, making these low-cost options compared with some fee-heavy banks. Traditional banking fees, however, like overdraft fees might apply.

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Advantages and Disadvantages of Redstone Federal Credit Union

Redstone Federal Credit Union has many of the same advantages and disadvantages of other credits unions. Since it’s a credit union, Redstone Federal Credit Union is focused on giving back to its members. Redstone Federal offers discounts, giveaways and other perks in addition to the dividends and savings on interest on your loans. One of the disadvantages is that the locations are all in the Tennessee Valley and so if you travel, you might have a more difficult time finding an ATM, but the credit union addressed that by joining a global ATM network.

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Is Redstone Federal Credit Union Right for You?

Redstone Federal Credit Union offers a variety of checking and savings accounts, along with loans. The competitive interest rates on savings accounts and the low-interest rates on car loans and other loans are something to consider when choosing a bank or credit union. If you’re looking for a more personal banking experience, Redstone Federal Credit Union focuses on helping its members with all their financial needs and not on making a profit.

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About the Author

Miriam Caldwell

Miriam Caldwell is a North Carolina-based writer specializing in personal finances.  Miriam has written about everything from budgeting to managing your money while married. With more than 12 years of experience, her writing as appeared online at TheBalance.com, About.com, and BlissfullyDomestic.com.

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