Bethpage Federal Credit Union Review: No Monthly Fees and Unique Accounts
Written by
Taylor Milam-Samuel
Edited by
Elizabeth Constantineau
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Quick Take: Bethpage Federal Credit Union offers a full range of banking products, including accounts for students and teenagers. The rates aren't very competitive, but there are no minimum balance requirements and no monthly maintenance fees, which make this credit union worth considering.
Pros
- Affordable minimum opening deposits
- No minimum balance requirements
- No monthly maintenance fees
Cons
- Low APY for checking and savings accounts
- Limited full-service branches
- Limited account options
Bethpage Checking Accounts
Bethpage Federal Credit Union offers two checking accounts: Free Checking and Student 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 can access over 30,000 free ATMs through the CO-OP network. But earning interest on your account is complicated. You must set up direct deposit, complete ten monthly debit card purchases and enroll in online banking. Â
To open this checking account, complete the online application. Once the credit union verifies your information, you must make a $5 deposit into a Bethpage Savings Account to establish your membership.
Student Checking
Student Checking is a free checking account designed for teens and young adults between ages 13 and 20. It doesn’t require a minimum opening deposit or a minimum balance, and it has no maintenance fees or overdraft charges.
The account comes with a free debit card and built-in spending limits. It also offers parental monitoring with joint owner accounts.
Bethpage Savings Accounts
Bethpage offers three savings account options for various 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. You must open this account to establish membership with the credit union before opening other accounts.
The Savings Account is pretty standard, but the APY is lower than average.Â
Student Savings Account
Children and young adults up to age 20 qualify to open a Student Savings account, which requires a minimum opening deposit of $5. If the account owner is under 17, you must have a joint owner — parent, guardian or grandparent. Custodial accounts, which allow the guardian more control, are also available.
Account holders earn a APY on their first $1,000 in the account. Higher balances earn between and APY.
Special Purpose Account
Bethpage’s Special Purpose Account is for people with unique 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 anytime.
For convenience, this account is linked to your other Bethpage accounts, so you can easily transfer funds to your Bethpage checking or savings accounts.
Bethpage Money Market Account
Bethpage only offers one money market account, which requires a minimum opening deposit of $5 and pays a tiered APY, depending on your balance.
You can open a Money Market account online, but if you’re a new customer, you’ll also have to make a one-time $5 deposit into a Bethpage Savings Account to establish membership.
Bethpage CD Accounts
You’ll find a host of CD rates and terms at Bethpage. Certificate term options range from 3-60 months, and rates range from APY to 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 current rate if it’s increased. 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.
Bethpage Monthly Fees
You won’t have to worry about monthly fees on deposit accounts at Bethpage because there are none. And while other financial institutions may offer the ability to meet requirements and have their monthly maintenance fees, it’s more of a hassle.Â
| Type of Fee | Cost |
|---|---|
| Maintenance fee | $0 |
| Overdraft protection transfer | $0 |
| Cashier’s check | $0 |
| ATM fees | $0 |
How To Become a Bethpage Member
Bethpage Federal Credit Union does not have membership requirements. Anyone can apply to join the credit union by opening an account. You need your driver’s license and Social Security number to open an account. Bethpage will also verify your name, address and date of birth. The entire process takes about five minutes.Â
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.
All the other checking and savings accounts require a minimum opening deposit of $0 to $5. The certificate of deposit account requires a higher deposit of $50. But it’s still lower than what many other banks and credit unions require.
Comparable Banks
When you’re trying to decide if a credit union is right for you, it’s helpful to compare its products and services to other institutions. Find out how Bethpage Federal Credit Union stacks up to other credit unions you may consider.
Bethpage Federal Credit Union vs. Teachers Federal Credit Union
Teachers Federal Credit Union pays up to APY on its High-Yield Smart Checking account, which is significantly higher than the APY from Bethpage. Teachers Fed requires an average monthly balance of $5,000 to qualify for that rate. Bethpage Federal Credit Union has no average monthly balance requirements for earning interest. But you have to complete other steps, like making ten debit card purchases.
Teachers Federal Credit Union is a better pick if you typically maintain a checking account balance of at least $5,000.Â
Bethpage Federal Credit Union vs. ESL Federal Credit Union
ESL Federal Credit Union offers better introductory rates on their credit cards compared to Bethpage. However, Bethpage offers a savings account option for teenagers and young adults with a special APY. 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 your needs and financial goals. People looking for no fees and a full range of banking products will likely benefit from an account with Bethpage. Once you’re ready to move forward with Bethpage, 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.- Is Bethpage Federal Credit Union good?
- Bethpage Federal Credit Union is a solid option for people who want a straightforward banking solution. It offers all-in-one banking with savings accounts, checking accounts, loans, retirement accounts and credit cards. It's also NCUA-insured, which means that your money is safe.
- What are the interest rates at Bethpage Federal Credit Union?
- The interest rates at Bethpage Federal Credit Union are between 0.10% APY and 5.00% APY. The rates are lower than expected, and even the accounts that offer higher rates have limitations on how much of your balance qualifies for the rate. For example, the Student Savings Account has a 5.00% APY, but only on the first $1,000 in the account.
- Is Bethpage Federal Credit Union nationwide?
- Bethpage Federal Credit Union offers 17 full-service branches across New York City and Long Island. It also provides more than 5,000 shared locations and over 30,000 surcharge-free ATMs in its CO-OP network so that members can bank across the U.S.
- What type of bank is Bethpage?
- Bethpage is a credit union, which is similar to a bank. The main difference is that banks are for-profit companies with shareholders. Credit unions are not-for-profit and member-owned. Banks and credit unions usually offer the same types of accounts and services.
- 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 and Cynthia Measom 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 Jan. 8, 2025.
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.
