Bethpage Federal Credit Union Review: No Monthly Fees and Solid APYs

GOBankingRates Score

4.8
Quick Take: Bethpage Federal Credit Union has a full range of banking products and services and offers competitive rates. While rates on some of its accounts are more competitive than others, it's the combination of competitive rates, no minimum balance requirements and no monthly maintenance fees that make this credit union worth considering.
  • Minimum Opening Deposits
    5.0
  • Monthly Fees
    5.0
  • Accessibility
    4.5
  • Rates
    4.5
How did we calculate this?

Pros

  • Competitive APYs
  • Affordable minimum opening deposits
  • No minimum balance requirements
  • No monthly maintenance fees

Cons

  • Limited full-service Bethpage branches
  • Limited account options

About Bethpage Federal Credit Union

Bethpage Federal Credit Union began as Grumman Plant 1 and 2 Federal Credit Union in 1941, changed to Bethpage Aircraft Federal Credit Union in 1948 and became Bethpage Federal Credit Union in 1974. Its headquarters are in Bethpage, New York.

Bethpage offers 34 full-service branches across New York City and Long Island. It also offers more than 5,000 shared locations and over 30,000 surcharge-free ATMs in its CO-OP network, so members can bank across the U.S. Bethpage Federal Credit Union has a lot going for it — that’s why it ranked as one of the Best Credit Unions and Top 100 Banks of 2022 in GOBankingRates’ annual Best Banks rankings.

Checking Accounts

Bethpage Federal Credit Union offers three checking accounts — Free Checking, Youth Checking and Young Adult Checking. Here are the details for each account.

Free Checking

Bethpage’s Free Checking account has no monthly maintenance fees and no minimum balance requirements. Plus, you’ll receive free checks when you set up direct deposits. And you’ll earn 0.40% APY on your account balance by using your debit card, getting direct deposit and enrolling in e-statements.

To open this checking account, you’ll fill out an online application. Once the credit union verifies your information, you’ll need to make a $5 deposit into a Bethpage savings account to establish your membership.

Youth Checking

Youth Checking is a free checking account designed for teens who are ages 15-17. The account doesn’t require a minimum opening deposit or a minimum balance. Plus, it has no maintenance fees. The account comes with a free debit card and checks and offers parental monitoring with joint owner accounts.

Young Adult Checking

Young Adult Checking is for individuals ages 18-20. You can open an account with as little as $0, and there are no minimum balance requirements or maintenance fees. You’ll also receive free checks with direct deposit. Plus, you’ll earn dividends of 0.40% APY on your checking balance by using your debit card, getting a direct deposit and enrolling in e-statements.

Savings Accounts

Bethpage offers four savings account options for a variety of ages and savings goals. Here are the details for each account.

Savings Account

Bethpage’s Savings Account requires a $5 minimum opening deposit and has no monthly maintenance fees or required minimum balance. This account is required to establish membership in the credit union and to open other types of accounts. Account holders will earn a 0.10% APY across all balance tiers.

Youth Savings Custodial Account

Children and teens up to age 17 qualify to open this account, which requires a minimum opening deposit of $5. The minor is the owner of the funds, but a custodian (parent, guardian or grandparent) controls the account. Account holders will earn a 2.00% APY on the first $1,000 deposited, and a 0.35% APY and dividend rate will apply to balances above $1,000.

Young Adult Savings Account

Like the Savings Account and Youth Savings Custodial Account, the Young Adult Savings Account requires a minimum opening deposit of $5. Young people ages 18-20 are eligible to open this account. Plus, like the Youth Savings account, a 2.00% APY will apply to the first $1,000 deposited, and a 0.35% APY and dividend rate will apply to balances exceeding $1,000.

Special Purpose Account

Bethpage’s Special Purpose Account is for people who have special savings goals, such as putting aside funds for holiday purchases, vacations or home upgrades. You can open a Special Purpose Account with as little as $1. And you’re free to withdraw any amount of your funds or cash out at any time. For convenience, this account — like all Bethpage accounts — is linked to your other Bethpage accounts, so you can easily transfer funds to your Bethpage checking or savings.

Money Market Account

Bethpage only offers one money market account, which has a minimum opening deposit of $500 and pays a competitive 0.40% APY — over three times the national average. You can open a Money Market account online, but you’ll have to also make a one-time $5 deposit into a Bethpage savings account to establish membership if you’re a new customer.

CD Rates

You’ll find a host of CD rates and terms at Bethpage. Certificate term options range from three to 60 months, and rates range from 0.40% APY to 1.00% APY. A $50 minimum opening deposit is required. Bethpage also offers a 39-month Bump-Up CD, which allows you to bump up the rate once during the initial term to the prevailing dividend rate if you desire. At the end of the 39-month term, the CD will automatically renew for an additional 36 months at its current rate with no bump-up option available.

Banking Experience

Knowing a financial institution has the products you need is only one factor when choosing a new place to bank. Here’s more about the banking experience at Bethpage.

Minimum Opening Deposits

Bethpage has an edge over many of its competitors when it comes to minimum opening deposits. While you must open the credit union’s personal savings account to establish membership, the deposit is only $5, and all other checking and savings accounts require either a $0, $1 or $5 minimum opening deposit. The certificate of deposit accounts and Money Market account require much higher deposits — $5 and $500, respectively — but those amounts are still lower than what many other banks and credit unions require.

Monthly Fees

You won’t have to worry about monthly fees on deposit accounts at Bethpage because there simply are none. And while other financial institutions may offer the ability to meet requirements and waive their monthly maintenance fees, why subject yourself to the hassle?

Accessibility

Even though Bethpage only has 34 full-service branches across Long Island and New York City, that doesn’t mean you’ll have to complete all of your banking tasks online when you’re not near a branch. Instead, you can make a deposit or withdrawal — among other basic transactions — at any one of more than 5,000 shared banking centers across the U.S. Simply look for the CU Service Center logo.

Rates

Bethpage offers very competitive rates when it comes to its deposit accounts. Some of the standout rates include the 2.00% APY offered on the first $1,000 on the Youth Savings Custodial Account and the Young Adult Savings Account, and the 0.40% APY offered on the Money Market account. While you may be able to find rates that are equally (or more) competitive, other institutions may not be able to also offer low to no minimum deposits and no monthly maintenance fees.

Editor’s Favorite

Bethpage Federal Credit Union has some outstanding rates. The credit union not only offers a competitive 0.40% APY on its Free Checking account and Money Market account, but you’ll earn that APY no matter what your balance. 

Bethpage Federal Credit Union vs. Competitors

Here’s a look at how Bethpage Federal Credit Union stacks up to other credit unions you may consider.

Bethpage Federal Credit Union vs. Teachers Federal Credit Union

Although Teachers Federal Credit Union pays up to 0.65% APY on its high-yield Smart Checking account and Bethpage offers 0.40% APY, Teachers requires an average monthly balance of $5,000 to qualify for that rate. Bethpage Federal Credit Union has no average monthly balance requirements to earn interest.

Bethpage Federal Credit Union vs. ESL Federal Credit Union

If you’re interested in getting a credit card through a credit union, ESL Federal Credit Union’s 0% APR for 12 months can’t be beat by Bethpage Federal Credit Union’s lowest rate of 2.99%. However, Bethpage offers two savings options geared to youths and young adults with a special 2.00% APY, while ESL has no savings options targeted at those age groups.

Bethpage Federal Credit Union vs. Hudson Valley Credit Union

People who always find themselves paying with their debit card would benefit more from having an account with Hudson Valley due to its debit card rewards program, which Bethpage does not offer. However, if you’re interested in a free checking account with a high dividend rate, Beth Page is the winner.

Final Take

Whether Bethpage Federal Credit Union is right for you depends on if it offers the products and services you want with the features and rates that align with your financial goals. People looking for competitive rates, an absence of monthly maintenance fees and a full range of banking products likely will be interested in depositing their money with this credit union. If you’re convinced that BFCU is right for you, take the next step and consider opening an account.

Bethpage Federal Credit Union FAQ

Here are the answers to some of the more commonly asked questions about Bethpage Federal Credit Union.
  • Can anyone join Bethpage Federal Credit Union?
    • Yes, anyone is eligible to become a member of Bethpage. All you have to do is open a savings account and deposit $5. 
  • What days is Bethpage Federal Credit Union open?
    • Bethpage Federal Credit Union branches are open Monday-Saturday. 
  • Does Bethpage Federal Credit Union have an app?
    • Yes, the credit union has an app for both Android and iOS users. 

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 26, 2021.

Editorial Note: This content is not provided by Bethpage Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bethpage Federal Credit Union.

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About the Author

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, AOL, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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