Bethpage Federal Credit Union Review – Forbes Advisor

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Bethpage Federal Credit Union is a full-service credit union that offers a variety of financial products and services. The New York-based credit union has more than 30 branches in Long Island and New York.

Unlike many credit unions, membership is not exclusive to specific individuals or groups. Anyone can become a member by opening a $ 5 savings account. Members outside of the New York area can access their funds at more than 30,000 ATMs at no additional cost, as well as through the CO-OP shared branch network of credit unions across the country. Bethpage also offers virtual tour options.

Bethpage is known for its competitive pricing, including its money market account and certificates of deposit (CDs). This review focuses on Bethpage Federal Credit Union personal banking accounts and services. Here’s a look at Bethpage and how competitive its services are.

Annual Percentage Returns (APY) and account details are correct as of January 10, 2022.

Account Basics


Bethpage Federal Credit Union offers three checking accounts, including two options for teens and young adults.

Free Checking is a dividend-generating checking account that offers many of the features that today’s banking customers want. The account earns 0.40% APY for account holders who meet the monthly requirements:

  • Register for online banking with electronic statements
  • Receive a direct deposit
  • Complete 10 debit card transactions at the point of sale

If these conditions are not met, Free Checking earns 0.00% APY. While the website does not list a minimum age for the account holder, Bethpage does offer separate accounts for youth ages 15-17 and young adults ages 18-20 (see below).

The account offers several other great features, including no monthly maintenance fees and no account minimums. The account also comes with a debit card and access to over 30,000 ATMs at no additional cost. Account holders who have set up direct deposit will receive free checks.

Youth Checking is aimed at adolescents aged 15 to 17. The account comes with a debit card, free checks, no monthly fees, and no minimum balance requirement. It is a joint account for parents and teens, allowing parents to monitor as they wish. Parents can also transfer money to the account for chores, weekly allowance, or other chores. The online fee schedule shows Youth Checking earns 0.10% APY.

When a Youth account holder turns 18, the account is converted to a Young Adult Account. Young Adult Checking is basically the same account as Free Checking, but for young adults aged 18-20. And that account earns the same competitive 0.40% APY as free verification to meet the same monthly requirements (e-statements, direct transfers, and debit card transactions).


As mentioned earlier, opening a Bethpage savings account allows you to become a member of a credit union. A balance of $ 5 is required to open and maintain the account, which earns 0.10% APY. The account also comes with an ATM card.

Bethpage Special Purpose Account is a savings account designed to help clients achieve specific savings goals. It is also a great place to keep an emergency fund. Opening a special purpose account requires a minimum deposit of $ 1. When you apply online, you select Savings Account as the type of account to open, and then choose Special Use as the type of savings account.

Bethpage also offers two savings account options for young adults. Youth Savings Custodial (NYUTMA) accounts are joint accounts for children ages 0-17 and their parents or legal guardians.

Savings for young adults are intended for young adults between the ages of 18 and 20. Youth and young adults can open either account with a minimum opening deposit of $ 5.

Youth and Young Adult Savings Accounts earn 2.00% APY on the first $ 1,000 held in the account and 0.35% on account balances over $ 1,000.

CD (share certificates)

Bethpage Certificate Accounts are the equivalent of a CD bank account. Certificates are available in 10 terms ranging from three months to five years, and with APYs of 0.40% to 1.00%. These certificates offer competitive APYs, both over shorter and longer terms.

The 39-month certificate is a supplement certificate. With this gross-up certificate, account holders can increase their dividend rate once during the term of the certificate, as they wish. This allows you to enjoy additional savings if market rates rise.

A minimum deposit of $ 50 is required to open a Bethpage certificate account. You will have to pay an early withdrawal penalty, equal to 90 or 180 days of dividends, depending on the length of the term, if you choose to withdraw the principal from the certificate before it reaches maturity. Certificates renew automatically. You have up to seven days after the due date to make the desired changes or withdrawals.

Dividends are compounded daily for all certificates. For certificates opened online, dividends are credited monthly. Certificates opened in branch have the possibility of being credited monthly or quarterly. Certificates renew automatically when they expire.

Money Market

Money market accounts offer the flexibility of a checking account with the dividend potential of a savings account. Bethpage Money Market Account earns 0.40% APY for balances over $ 500 and requires a minimum opening deposit of $ 500. Similar to a checking account, there are no monthly withdrawal limits with this money market account. The account also allows you to issue up to three checks per month. Money market account balances below $ 500 earn 0.10% APY.

Other accounts and services

In addition to its personal deposit accounts, Bethpage Federal Credit Union also offers the following financial products and services to its members:

  • Credit card
  • Mortgages
  • Home Equity Lines of Credit (HELOC)
  • Auto loans
  • Automatic refinancing
  • Personal loans
  • Retirement planning
  • IRA
  • Assurance
  • Business Accounts and Services

Distinctive signs

A special offer from Bethpage is the ability to virtually meet with credit union staff. While Bethpage staff provide in-person services at its 30 New York-area branches, members can also schedule phone and video appointments. Whatever your need or preferred method of communication, Bethpage offers practical solutions.

Access on the move

Bethpage Credit Union offers modern banking features to its members. Members can manage their accounts online and using the Credit Union’s mobile app. The popular mobile app is available for iOS (scoring 4.8 out of 5 stars) and Android (scoring 4.8 out of 5 stars) and includes features like mobile check deposit, budgeting tools and more. Online bill payment is available through the app and the desktop. The credit union also offers convenient features like a digital wallet and money transfers through Zelle.

Members can access their funds at over 30,000 ATMs at no additional cost across the country. You can also receive in-person assistance at its 30 branches in Long Island and New York. Since Bethpage is also participating in the CO-OP Shared Branch Network, you can get help from credit unions across the country that feature the CU Service Center logo.


  • Competitive APYs on most accounts
  • Full-service banking options
  • Virtual meetings by phone or videoconference
  • No monthly service fees

The inconvenients

  • All branches are in Long Island or New York City
  • Low APY on savings account

How Bethpage Federal Credit Union Stacks Up

People who like the idea of ​​banking through a credit union while maximizing their savings should take a look at Bethpage Federal Credit Union. While all of its branches are in Long Island or New York, most of its services are digitally accessible to those who reside outside of its local sphere.

Regarding the requirements to become a member, Bethpage offers an easy way for any individual to join by opening a savings account with a minimum deposit of $ 5. Credit union is also a solid choice for young adults and families who want to teach their children how to manage their money through a savings or checking account.

Frequently Asked Questions

Is my money safe with Bethpage Federal Credit Union?

Yes. Because it is a federally chartered credit union, Bethpage’s deposits are insured by the National Credit Union Administration (NCUA) up to $ 250,000 per depositor, for each category of account ownership, in default of the credit union.

Can anyone join Bethpage?

Yes. Membership in Bethpage Federal Credit Union is open to anyone who opens a savings account with a minimum deposit of $ 5.

What are the differences between a credit union and a bank?

Banks and credit unions offer similar products and services, but there are several differences between a credit union and a bank. Due to their not-for-profit membership structure, credit unions often charge lower fees, pay higher YPAs, and provide additional support to members, such as financial education programs. Consider your family’s financial situation and needs before deciding between a bank and a credit union.

How do I join Bethpage Federal Credit Union?

You can become a Bethpage member by opening a $ 5 savings account online. Most products and services are available online, and over 30 physical branches are also available in Long Island and New York.

How do I access Bethpage member services?

The Member Service Center can be reached by phone at 800-628-7070 Monday through Friday, 7:30 a.m. to 7 p.m. ET and Saturday 8 a.m. to 2 p.m. ET. An automated telephone service is available outside of opening hours. Members can also send messages through online banking or email. The FAQ section of the website can answer many questions about accounts.

About Joan Ferguson

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