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Union Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon


  • Variety of CD terms available
  • Competitive interest rates on accounts
  • Low opening required amounts
  • Can choose how to receive interest


  • Cannot open CDs entirely online
  • No interest rate guarantee
  • Cannot make deposits during the term
  • Only standard CD terms available

What You Need to Know

Union Bank offers a variety of CD terms. The terms range from 91-days to 60-months. They provide standard CDs as well as agricultural CDs. These are for the farmers of Michigan who have their business accounts with Union Bank.

The Union Bank CDs offer interest rates that are competitive with other online CDs. They offer a special 15-month and a 36-month terms. These terms earn more competitive interest rates. These two CDs are promotional. The other CDs are not promotional and earn competitive rates.

The initial required amount to open standard Union Bank CDs is low. Each of the CD terms only requires $500 to open. The interest rates are not tiered. Any balance over $500 earns competitive interest rates.

You can choose how to receive the interest you earn off Union Bank CDs. You can have the interest added to the CD balance. You can have the money mailed to you in the form of a check. You can also have the interest deposited into another checking or savings account.

Union Bank CDs cannot be opened entirely online. You fill out the initial application online. Once the bank reviews your information, they will contact you. You then set up a time to go into a branch location to finish the account opening process. When you visit the branch, you will pay the initial opening amount.

Union Bank CDs do not offer an interest rate guarantee. If the rates increase shortly after you open a CD, you will not receive the higher rates. Union Bank CD rates are competitive with other online CDs.

The only deposit you can make into Union Bank CDs is the initial deposit when you open the CD. After that, you must wait until the CD reaches maturity to add money to the account. The CD will automatically renew unless you contact customer service to make changes.

The only personal CDs Union Bank offers are standard CD terms. They do not offer IRA, educational, no-penalty, or add on CDs. The standard CD terms range from 91-days to 60-months.

Cool Things

Financial Calculators

The Union Bank website offers financial calculators. These include mortgage and savings calculators. There are loan and home budget analyzers. They offer retirement and student loan calculators. There is a checkbook balancer tool and a disability calculator.


Union Bank started in 1934 after the Great Depression. The bank was the union of two banks in Michigan. Those banks were the Farmers & Merchants Bank and Lake Odessa State Savings Bank. They formed Union Bank. This bank serves the West and Central parts of Michigan.

Today Union Bank still serves the farmers in their communities, as they have since the bank opened. They have over $186 million in assets and $161 million in deposits. Over 40 percent of their loans are for agriculture needs.

Giving Back

Union Bank employees give back to their communities. They participate in parades and volunteer at BBQ fundraisers. They sponsor and volunteer with the Summer Youth program through the library. Employees also donate money each to one charity each month. Union Bank matches the donation made by employees.

For the last 19 years, Union Bank has offered scholarships. The scholarships are awarded to students in communities around Union Bank locations. This year there were eight students who received scholarships.

Frequently Asked Questions

Is Union Bank FDIC insured?

Yes. Union Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Union Bank offer?

Union Bank offers 12 CD terms. The terms range from 91-days to 60-months.

What is the required amount to open a CD with Union Bank?

Each CD requires $500 to open.

How do I deposit money into Union Bank CDs?

By visiting a local branch location.

How do I access my money?

Through electronic transfers or by visiting a branch location.

Do I have to open other Union Bank accounts before I can open a CD?

No. You can open a Union Bank CD without first opening another account. To complete the opening process, you must visit a branch location.

Do Union Bank CDs offer competitive interest rates?

Yes. The CDs offer competitive interest rates. The rates are competitive with other online CDs.

Can I choose how to receive my interest payments from Union Bank CDs?

Yes. You can have the interest added to the CD balance or paid to you by check. You can choose to have the money deposited into another checking or savings account.

What percentage am I charged if I withdraw money before the maturity date?

Contact customer service. Specific fees are not listed on the website.

How do I make changes during the grace period?

By contacting customer service or visiting a branch location.

How will I know my Union Bank CD is nearing maturity?

Contact customer service to see when your CD is close to maturity.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are Union Bank CD rates guaranteed for the entire term?

Yes. Union Bank guarantees the interest rates for the life of the CD term.

Does Union Bank offer mobile banking?

Yes. With the mobile app, you can transfer money, make deposits, and pay bills. You can see account balances and statements.

Is Union Bank a good bank?

Union Bank CDs have low opening required amounts and offer competitive interest rates. They have a variety of CD options, and you can choose how you receive the interest payments. You cannot open the CDs entirely online. To finish the application, you must visit a branch location.

Is Union Bank secure online?

Union Bank has security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure.

What is the shortest Union Bank CD term offered?

The shortest CD is a 91-day term.

What is the longest Union Bank CD term offered?

The longest term is a 60-month CD.

Does Union Bank offer accounts other than CDs?

Yes. They offer personal and business accounts. Those accounts include savings, money market, and checking accounts. They offer CDs and specific savings accounts for children and Christmas. Union Bank offers credit cards and lending options as well.

Can I use Union Bank CDs for my business accounts?

Yes. Union Bank offers business CDs.

How do I reach customer service?

By phone, email, or mail. You can visit a local branch location. You can follow Union Bank on Facebook.

Bank Contact Information

933 Fourth Ave.
P.O. Box 488
Lake Odessa, MI 48849

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