Guadalupe Credit Union review: Hispanic American-led institution with a free checking account

Guadalupe Credit Union review: Hispanic American-led institution with a free checking account

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Overall bank rating

Pros and cons

Savings

Annual Percentage Yield (APY)

0.00% to 0.10% APY

  • Pros & Cons
  • Details

  • Pros
    • $5 minimum opening deposit
    • No monthly service fee
    Cons
    • Low APY
    • Minimum of $100 needed in your account to earn APY
    • Hispanic American-owned credit union
    • 6 branches in New Mexico (Santa Fe, Espanola, Mora, Taos)
    • You or a family member need to be a resident or work in Santa Fe, Rio Arriba, Taos, Torrance, San Miguel, Colfax, or Mora County to become a member
    • Must maintain $100 in your account to earn 0.10% APY
    • Interest compounded and deposited quarterly
    • Federally insured by the NCUA

    The Guadalupe Credit Union Savings Account doesn’t have any monthly fees and lets you earn a bit of interest if you have at least $100 in your account. 

    But if you’re looking for a savings account that has more savings tools or a higher interest rate, consider reading our best savings accounts guide.

    Checking

    Annual Percentage Yield (APY)

    None

  • Pros & Cons
  • Details

  • Pros
    • No minimum opening deposit
    • No monthly service fees
    • Unlimited check writing
    • Overdraft protection
    • No out-of-network ATM fees
    Cons
    • $30 non-sufficient funds fee
    • No reimbursements on out-of-network ATM transactions
    • Hispanic American-owned credit union
    • 6 branches in New Mexico (Santa Fe, Espanola, Mora, Taos)
    • Access to over 30,000 free ATMs at branch locations and through the Co-Op Shared Network and CU Anytime ATM Network
    • You or a family member need to be a resident or work in Santa Fe, Rio Arriba, Taos, Torrance, San Miguel, Colfax, or Mora County to become a member
    • Federally insured by the NCUA

    The Guadalupe Credit Union Simple Checking Account is the credit union’s standout account. It has no monthly fees and no minimum opening deposits. You’ll also have access to over 30,000 free ATMs through the Co-Op Shared Network and CU Anytime ATM network. 

    CD

    Annual Percentage Yield (APY)

    0.15% to 0.85% APY

    Min Deposit

    $500 to $1,000

  • Pros & Cons
  • Details

  • Pros
    • Competitive interest rates
    • Variety of term options
    • Minimum opening deposits range from $500 to $1,000
    Cons
    • Interest compounded quarterly
    • Standard early withdrawal penalties
    • No 5-year term
    • Hispanic American-owned credit union
    • 6 branches in New Mexico (Santa Fe, Espanola, Mora, Taos)
    • You or a family member need to be a resident or work in Santa Fe, Rio Arriba, Taos, Torrance, San Miguel, Colfax, or Mora County to become a member
    • Terms range from 3 months to 4 years
    • Early withdrawal penalties: Depend on the amount deposited and term length
    • Interest compounded and deposited quarterly
    • Federally insured by the NCUA

    Guadalupe Credit Union offers more CD terms than most banks and

    credit unions
    . It pays competitive interest rates, especially compared to other brick-and-mortar financial institutions.

    Most CDs require a low minimum opening deposit of $500 — only a 7-month, 13-month, or 27-month CD needs a $1,000 minimum deposit. 

    Money market account

    Annual Percentage Yield (APY)

    0.10% APY to 0.25% APY

  • Pros & Cons
  • Details

  • Pros
    • 3 free check withdrawals
    • Possible to waive monthly service fee
    Cons
    • $5 monthly service fee
    • $1,000 minimum opening deposit
    • No debit card
    • Can earn higher interest through online banks
    • Minimum withdrawal amount of $100
    • Hispanic American-owned credit union
    • 6 branches in New Mexico (Santa Fe, Espanola, Mora, Taos)
    • You or a family member need to be a resident or work in Santa Fe, Rio Arriba, Taos, Torrance, San Miguel, Colfax, or Mora County to become a member
    • Access to over 30,000 free ATMs at branch locations and through the Co-Op Shared Network and CU Anytime ATM Network
    • Earn 0.10% APY if you have a balance between $1,000 and $10,000
    • Earn 0.15% APY if you have a balance between $10,000 and $25,000
    • Earn 0.20% APY if you have a balance between $25,000 and $50,000
    • Earn 0.25% APY if you have a balance over $50,000
    • To waive the $5 monthly service fee, maintain at least $1,000 in your account daily
    • Interest compounded and deposited quarterly
    • Federally insured by the NCUA

    You may like the Guadalupe Credit Union Money Market Account if you can maintain at least $50,000 in your account — that way, you can earn the highest interest.

    However, you are only allowed three free check withdrawals per month, and there isn’t a debit card included. For additional account options, you may want to go through our best money market accounts guide.

    How Guadalupe Credit Union works

    Guadalupe Credit Union is a Hispanic American-led credit union with six branches in New Mexico. You can find a branch location in the following cities: Santa Fe, Espanola, Mora, and Taos.

    It’s part of the CO-Op Shared Network and CU Anytime ATM network. The Co-Op Shared Network provides access to over 30,000 free ATMs and 5,000 shared branches throughout the US. The CU Anytime ATM network adds another 220 free ATMs throughout New Mexico, Texas, and California. 

    Customer support hours vary by branch location. All locations are open at least on Mondays, Wednesdays, and Thursdays. A few are also open on Tuesdays, Fridays, and Saturdays.

    The Guadalupe Credit Union’s mobile app may not be ideal for mobile banking enthusiasts. It’s received 3.7 out of 5 stars in the Google Play store and 2.4 out of 5 stars in the Apple Store. 

    The credit union is federally insured by the NCUA. This means that money in your account will be protected, up to $250,000. 

    How to join Guadalupe Credit Union 

    You can join Guadalupe Credit Union if you, or a family member, live or work in any of these New Mexico counties: 

    • Santa Fe
    • Rio Arriba
    • Taos
    • Torrance
    • San Miguel
    • Colfax
    • Mora

    To become a member, you’ll have to open a savings account with at least $5. You’ll also have to pay a $1 one-time membership fee. 

    The role of Hispanic American financial institutions 

    Since the 1960s, Hispanic American financial institutions have helped serve low-income and underserved communities. 

    Guadalupe Credit Union is a Juntos Avanzamos designated financial institution in New Mexico. For a credit union to receive Juntos Avanzamos designation, it has to go through a certification process and show a real commitment to serving its community, regardless of a person’s immigration status. 

    Guadalupe Credit Union permits alternative forms of ID if you don’t have a US ID. You can use a permanent resident card, foreign passport, or Matricla Consular as a photo ID. If you don’t have a social security number, you can provide an ITIN number.

    The credit union is also closely involved with its community. It works with local organizations and hosts events like the BizKid$ program and Christmas Families project.

    Is Guadalupe Credit Union trustworthy?

    Guadalupe Credit Union hasn’t been involved in any recent public scandals. It’s also received an A+ rating in trustworthiness from the Better Business Bureau. 

    A good BBB rating doesn’t necessarily mean that your relationship with a credit union will be perfect. You’ll want to read online customer reviews or reach out to friends and family who have banked with Guadalupe Credit Union. 

    How Guadalupe Credit Union compares 

    We compared Guadalupe Credit Union to two other Hispanic American-led financial institutions in New Mexico: Centinel Bank of Taos and Community 1st Bank Las Vegas

    If you want to open a checking account, Guadalupe Credit Union will have the most appealing option.

    The Guadalupe Credit Union Simple Checking Account has no minimum opening deposit and no monthly service fees. At the other two banks, you’ll have to make an initial deposit and deal with monthly service fees (unless you can waive them).

    If you’re more interested in CD options, your decision may depend on your account preference.

    Community 1st Bank has a $500 minimum opening deposit for all its CDs, which is the best of the bunch. However, Centinel Bank of Taos has low early withdrawal penalties, especially on long-term CDs. 

    https://ragheadnews.com

    Leave a Reply

    Your email address will not be published. Required fields are marked *