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

GOBankingRates Score

Bethpage Federal Credit Union
4.4
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
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Quick Take: Bethpage Federal Credit Union has a full range of banking products and services and offers competitive rates. It's the combination of those competitive rates, no minimum balance requirements for most accounts and no monthly maintenance fees that make this credit union worth considering.
  • Checking Accounts
    4.8
  • Savings Accounts
    4.2
  • CD Accounts
    4.4
  • Banking Experience
    4.0
How did we calculate this?

Pros

  • Competitive APYs on most accounts
  • Affordable minimum opening deposits
  • Virtual meeting options
  • No monthly maintenance fees

Cons

  • Lower APYs on savings accounts
  • All full-service branches are located in New York
  • Limited account options

Bethpage Federal Credit Union Overview

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 was ranked as one of the Best Credit Unions of 2023 in GOBankingRates’ annual Best Banks rankings.

Key Features

Bethpage earned its score of 4.4 out of five stars with the following features.

Checking Accounts

Bethpage Federal Credit Union offers three checking accounts. The options are Free Checking, Youth Checking and Young Adult Checking.

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.

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. You can earn APY on your checking account balance by meeting the following requirements.

  • Using your debit card at least 10 times per month
  • Getting direct deposit
  • Enrolling in e-statements

Youth Checking

Youth Checking is a free checking account designed for teens who are ages 15 to 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 to 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 interest on your checking balance if you are enrolled in online banking with eStatements, receive a direct deposit and make at least 10 debit card transactions.

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. This account is required to establish membership in the credit union and to open other types of accounts. Account holders will earn an APY of 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 an APY on the first $1,000 deposited.

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 to 20 are eligible to open this account. Plus, like the Youth Savings account, all balances earn interest — though at different amounts, depending on the balance.

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.

CD Rates

You’ll find a host of CD rates and terms at Bethpage. There is a wide array of term options and APY ranges. 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 — $50 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 has just over 30 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 APY offered on the first $1,000 in a Youth Savings Custodial Account and the Young Adult Savings Account, and the APY offered on the Money Market account. While you may be able to find rates that are equally competitive, other institutions may not be able to also offer low to no minimum deposits and no monthly maintenance fees.

Comparable Credit Union Options

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 APY on its high-yield Smart Checking account, account holders are required to have an average monthly balance of $5,000 to qualify for that rate, and the rate drops when your balance exceeds $15,000. 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 rates rival those of Bethpage Federal Credit Union. However, Bethpage offers two savings options geared to youths and young adults with special APY rates, 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 Credit Union 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, Bethpage is the winner.

Final Take

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 Bethpage Federal Credit Union. GOBankingRates has ranked Bethpage Federal Credit Union as one of the Best Credit Unions of 2023.

You will have limited in-person banking options if you live outside the New York City and Long Island areas, but if you do live in those areas, consider opening an account today.

Bethpage Federal Credit Union FAQ

Here are the answers to some of the more commonly asked questions about Bethpage Federal Credit Union.
  • Is Bethpage a good credit union?
    • GOBankingRates has ranked Bethpage Federal Credit Union as one of the Best Credit Unions of 2023 and has given it 4.4 stars out of 5 stars based on its checking, savings and CD accounts, as well as its overall banking experience.
  • Who is eligible for Bethpage Federal Credit Union?
    • Everyone is eligible for Bethpage Federal Credit Union membership. However, since its only locations are in the New York City and Long Island areas, it is probably best for people who live in those regions.
  • What credit bureau does Bethpage Federal Credit Union use?
    • Bethpage works with FICO and Fair Isaac Advisors to leverage credit scoring and analytics in lending.
  • Is Bethpage Federal Credit Union FDIC insured?
    • All Bethpage Federal Credit Union deposit accounts are insured up to $250,000 through the National Credit Union Administration, which is the credit union equivalent of the FDIC.

Caitlyn Moorhead contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To discover the Best Credit Unions, GOBankingRates looked exclusively at the 50 credit unions in terms of total asset size that had available published data. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the NCUA; (2) number of branch locations as sourced from the NCUA; (3) minimum deposit to open a checking account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) checking APY; (6) minimum to open a savings account; (7) minimum balance needed to achieve savings APY; (8) savings APY; (9) minimum to open a 12-month CD account; (10) 12-month CD APY; (11) 60-month CD APY; (12) customer service options offered (24/7 customer service and live chat with a human); (13) Bauer rating (out of 5 stars); (14) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (15) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2) and (12) were weighted 0.5 times, and factor (14) was weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.

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About the Author

Cynthia Measom is a personal finance writer and editor with over 15 years of collective experience. Her articles have been featured in MSN, AOL, Yahoo Finance, INSIDER, Houston Chronicle and The Seattle Times. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.
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