Redstone
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Redstone Federal Credit Union first started in 1951, when the United States Government granted Redstone Federal Credit Union their charter. Redstone originally started with eleven original investors and assets totaling only $55 that was stored in a shoebox. The first Redstone Federal Credit Union branch was located on Redstone Arsenal and so Redstone only served employees of Redstone Arsenal. Today Redstone Federal Credit Union’s headquarters are located in Huntsville, Alabama and has expanded out of a shoebox to service over 50 locations throughout Alabama. Redstone has become the largest credit union in Alabama and the 25th Largest in the nation. Redstone has since expanded their eligibility requirements and after meeting the eligibility requirements, all it takes for someone to become a member is an initial $5 deposit to constitute member ownership in the credit union. Redstone Federal Credit Union takes pride in their business and helping their members succeed. Their mission is to improve the financial well-being of their members and communities by offering trusted advice, choices, opportunities, and solutions. Their core values are respect, integrity, soundness, and excellence.
Top Ranked Companies
The Good
- Several accounts
- Certificates
- Mobile app ratings and features
Several Accounts
Currently, there are five different checking accounts for Redstone members to choose from. Each account has its own unique set of benefits ranging from your basic account with zero balance required and is free, to larger accounts that will allow for a $250 line of credit for overdraft protection. Redstone Federal Credit Union has two savings accounts available to their member to choose from. One is a basic account that a member can personalize to save for anything really. And the other one earns dividends with a .18% rate that is compounded daily and paid quarterly.Certificates
Additionally, Redstone Federal Credit Union offers a Member's Choice share certificates to help their members earn higher dividends. All members with certificates will have the option if the annual percentage yield goes higher than when the certificate was originally opened, you will have the option to change it. You can change the rate any time after the first 90 days and then once every 365 days after. They offer terms that range from six months to 60 months and require a $1000 minimum opening balance. There are two different kinds of share certificates to choose from that will suit your lifestyle the best. Depending on how a member wants to use their dividends they can choose a non-compounding certificate and have access to dividends or a compounding certificate and wait for the dividends to mature.Mobile App Ratings and Features
As an added plus, the apps that Redstone has developed for Android and Apple device users have excellent ratings at 4.6 and 4.5 out of 5. Their current members have raved about how easy it is to access their accounts and utilize all of the tools in the app to make deposits and check balances.The Bad
- Fewer locations
- Little dividend benefits
- Lower rates and card benefits
