Coast

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The bottom line: Gulf Coast Federal Credit Union is a good option if you live in Texas, especially if you want to use a Hispanic American-led institution. It pays higher interest rates than most brick-and-mortar banks.

Overall bank rating

FeatureInsider rating (out of 5)
Savings4.75
Checking4.25
Share certificate4.25
Money market account4
Trustworthiness5
Total4.45

Pros and cons

ProsCons
  • Hispanic American-led credit union
  • No monthly service fees
  • Pays high interest rates, especially on Kasasa accounts
  • Only available in Texas (Corpus Christi, Alice, Portland)
  • Compounds interest monthly, not daily
  • No free overdraft protection ($3.50 when you sweep money from savings)

Savings

Gulf Coast Federal Credit Union Savings Account

> Gulf Coast Federal Credit Union Gulf Coast Federal Credit Union Savings Account Learn More "> Learn More
Annual Percentage Yield (APY)
0.25% APY
Min Deposit
$5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.75 out of 5 Stars
Editor's Rating
Annual Percentage Yield (APY)
0.25% APY
Min Deposit
$5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.75 out of 5 Stars
Editor's Rating
Pros
  • $5 minimum opening deposit
  • High interest rate
  • No monthly service fees
Cons
  • Interest compounded monthly, not daily
  • Hispanic American-led credit union with 4 branches in Texas (Corpus Christi, Alice, and Portland)
  • Become a member by paying a one-time $2.50 membership fee and opening a savings account with $5
  • Earn interest when your average daily balance for the month is $25 or more
  • Interest compounded monthly, paid monthly
  • Federally insured by the NCUA

The Gulf Coast Federal Credit Union Savings Account is a strong account that pays a higher interest rate than most brick-and-mortar banks. It doesn't charge monthly service fees.

Gulf Coast also has a Kasasa Saver Account that pays an even higher rate. To qualify for the high rate, you'll need to open a Kasasa checking account and make 12 debit card transactions each month.

Checking

Gulf Coast Federal Credit Union Basic Checking Account

> Gulf Coast Federal Credit Union Gulf Coast Federal Credit Union Basic Checking Account Learn More "> Learn More
Annual Percentage Yield (APY)
None
Min Deposit
$25
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars
Editor's Rating
Annual Percentage Yield (APY)
None
Min Deposit
$25
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars
Editor's Rating
Pros
  • No monthly service fees
  • $25 minimum opening deposit
Cons
  • $25 overdraft fee
  • $2.50 overdraft protection fee when you sweep money from savings into checking
  • $1 out-of-network ATM fee
  • Hispanic American-led credit union with 4 branches in Texas (Corpus Christi, Alice, and Portland)
  • Free ATMs at branch locations, surcharge-free ATMs with Members First Credit Union, CC City Employees Credit Union, Star Credit Union, Navy Army Federal Credit Union, and Stripes Stores
  • Become a member by paying a one-time $2.50 membership fee and opening a savings account with $5
  • Federally insured by the NCUA

The Gulf Coast Federal Credit Union Basic Checking Account doesn't charge a monthly service fee, but keep an eye out for other fees. You'll pay $3.50 each time you use overdraft protection and $1 at an out-of-network ATM.

The credit union also has Kasasa checking accounts, a cash-back option and high-yield option. These are good choices if you use your debit card at least 12 times per month.

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Share certificate

Gulf Coast Federal Credit Union Share Certificate

> Gulf Coast Federal Credit Union Gulf Coast Federal Credit Union Share Certificate Learn More "> Learn More
Annual Percentage Yield (APY)
0.55% to 1.26% APY
Min Deposit
$500
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars
Editor's Rating
Annual Percentage Yield (APY)
0.55% to 1.26% APY
Min Deposit
$500
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars
Editor's Rating
Pros
  • $500 minimum opening deposit
  • High interest rates
Cons
  • No term lengths over 3 years
  • Interest compounded monthly, not daily
  • Must contact your branch for information about early withdrawal penalties
  • Hispanic American-led credit union with 4 branches in Texas (Corpus Christi, Alice, and Portland)
  • Become a member by paying a one-time $2.50 membership fee and opening a savings account with $5
  • Terms range from 6 months to 3 years
  • Interest compounded monthly, paid monthly

Gulf Coast Federal Credit Union pays high interest rates on share certificates, and you only need $500 to open an account. Gulf Coast only has terms up to three years, though, while many institutions offer terms as long as five years.

Money market account

Gulf Coast Federal Credit Union Money Market Account

> Gulf Coast Federal Credit Union Gulf Coast Federal Credit Union Money Market Account Learn More "> Learn More
Annual Percentage Yield (APY)
0.40% to 0.60% APY
Min Deposit
$10,000
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars
Editor's Rating
Annual Percentage Yield (APY)
0.40% to 0.60% APY
Min Deposit
$10,000
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars
Editor's Rating
Pros
  • No monthly service fees
  • High interest rates
  • Includes paper checks
Cons
  • $10,000 minimum opening deposit
  • No debit card
  • Interest compounds monthly, not daily
  • Hispanic American-led credit union with 4 branches in Texas (Corpus Christi, Alice, and Portland)
  • Become a member by paying a one-time $2.50 membership fee and opening a savings account with $5
  • Tiered interest rates: Increase your rate when your balance reaches $25k and $50k; if your balance falls under $10k, you'll earn the interest rate paid on the share savings account
  • Interest compounded monthly, paid monthly
  • Federally insured by the NCUA

You may prefer to use Gulf Coast Federal Credit Union Money Market Account as your main savings account if you can maintain a $10,000 balance — then you'll earn a higher interest rate than with the regular share savings account.

How Gulf Coast Federal Credit Union works

Gulf Coast Federal Credit Union is a Hispanic American-led institution in Texas. It has four branches in Alice, Corpus Christi, and Portland. There are free ATMs at each branch. You can also use ATMs in the Members First Credit Union, CC City Employees Credit Union, Star Credit Union, and Navy Army Federal Credit Union networks for free, and at Stripes Stores.

To join, you'll pay a one-time $2.50 membership fee. You'll also need to open a Gulf Coast Federal Credit Union Savings Account with $5.

The credit union has its own accounts, but it also has high-yield savings, high-yield checking, and cash-back checking options through Kasasa. Kasasa is a financial company that partners with small banks and credit unions so they can provide competitive products. If you use your debit card regularly, you may qualify for rewards with Kasasa accounts through Gulf Coast.

Here are the lobby and phone hours at all four branches:

  • Monday: 8:30 a.m. to 5:00 p.m.
  • Tuesday: 8:30 a.m. to 5:00 p.m.
  • Wednesday: 9:00 a.m. to 5:00 p.m.
  • Thursday: 8:30 a.m. to 5:00 p.m.
  • Friday: 8:30 a.m. to 5:00 p.m.
  • Saturday: 9:00 a.m. to 1:00 p.m.
  • Sunday: Closed

The Gulf Coast mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.

Is Gulf Coast Federal Credit Union trustworthy?

Gulf Coast Federal Credit Union does not have any public controversies.

The Better Business Bureau gives Gulf Coast an A+ in trustworthiness. A strong BBB score indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A high BBB grade doesn't guarantee that you'll have a strong relationship with a company, though. You may also want to ask friends and family about their experiences with Gulf Coast or read online customer reviews.

The role of Hispanic American-led institutions

Many Hispanic American banks and credit unions provide services in both English and Spanish. There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans, so working with a Hispanic American institution can help eliminate unfair bias.

Some of these institutions make it possible to open accounts if you are an immigrant or non-US citizen. Gulf Coast does require a US ID to open an account, but you can see a full list of banks that accept applications from immigrants and noncitizens without SSNs here.

How Gulf Coast Federal Credit Union compares

We've comapred Gulf Coast Federal Credit Union to two other Hispanic American-led insitutions in some of the same cities: Navy Army Community Credit Union and CoastLife Community Credit Union.

Gulf Coast Federal Credit Union logo Gulf Coast Federal Credit Union
Navy Army Community Credit Union logo Navy Army Community Credit Union
Coast Life Credit Union logo Coast Life Credit Union

Texas locations

4 (Corpus Christi, Alice, Portland)

Texas locations

19 (Corpus Christi, Aransas Pass, Beeville, Calallen, Kingsville, Portland, Rockport, Brownsville, Edinburg, McAllen, Mission, Weslaco)

Texas locations

7 (Corpus Christi, Portland)

Standout feature

High interest rates

Standout feature

ATM fee refunds

Standout feature

High interest rates

Open accountOpen accountOpen account

All three institutions pay respectable interest rates, with Gulf Coast and CoastLife paying slightly higher rates than Navy Army. You can earn even higher rates with Gulf Coast if you qualify for its Kasasa savings and checking accounts . To be eligible, you'll need to use your debit card regularly.

Each credit union has strong share certificates. Navy Army and CoastLife require $1,000 to open a certificate, but you'll only need $500 with Gulf Coast.

You may qualify to receive refunds on ATM fees from Navy Army, so this credit union is a good option if you travel regularly and need to use out-of-network machines.

Source : https://www.businessinsider.com/personal-finance/gulf-coast-federal-credit-union-review

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