Redstone Federal Credit Union is a fully-functioning credit union and offers products and services that include savings and checking accounts, business services for sole proprietorships, and investment and insurance services. Redstone also offers their members a real estate department that includes mortgage products and home equity loans.
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.
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.
Redstone Federal Credit Unions have a few downsides that potential customers should consider beforehand. Some aren’t that big of a deal while others might be a big deal for some people.
Redstone Federal Credit Union is a much smaller credit union, they seem to be only located in Alabama, but claim they have members worldwide. While they have expanded their eligibility requirements to be more inclusive it looks like the majority of the business that takes part in their service group are located only in Alabama. They are a smaller credit union and ranked 25th nationally; this could be an influence on their ability to carry lower/higher rates to benefit their members.
Little Dividend Benefits
They have five checking accounts that they offer to their members, but none of them seem to offer any kind of dividend benefit, and four out of five checking accounts will accrue a monthly fee ranging from $5-$8 per month when certain maintenance requirements are not met each month. Most credit unions will offer dividend checking accounts that earn an APY of at least .10% and require a small minimum balance. Redstone Federal Credit Union has savings rates that are about average being at .18%. Most credit unions offer basic savings accounts with rates at .20%.
Lower Rates and Card Benefits
Redstone Share certificate rates are below average for a $1000 minimum, compared to other credit unions that will offer a little higher rate when depositing $1000. Lastly, Redstone only offers two types of Visa credit cards and only one of the card options earns rewards and the reward is automatically 1.5% cash back that accrued monthly and paid annually, members don’t even get to pick their rewards.