What RBFCU offers in savings accounts
RBFCU (Randolph-Brooks Federal Credit Union) does not currently offer a dedicated high yield savings account. Instead, they offer a standard savings account and a money market account. The money market account pays a higher rate than their regular savings account, but it typically requires a larger opening deposit and has different withdrawal rules.
RBFCU is a credit union based in Texas, which means membership is limited to people who meet their field of membership requirements — usually people who live or work in certain Texas counties, work for specific employers, or belong to may be able to access organizations. If you are already a member, you can open either account at a branch, online, or by phone.
The rates RBFCU pays change regularly and vary based on your account balance. Because rates shift month to month, the best way to see current rates is to visit their website directly or call their member service line at 1-800-555-2328.
Key Takeaways
- RBFCU offers a money market account that pays more than a regular savings account, but you must be a credit union member to open one.
- Money market accounts at RBFCU typically require a higher opening deposit than savings accounts and limit the number of withdrawals you can make each month.
- Current rates vary by account balance and change regularly, so you should check RBFCU's website or call them directly to see what they are paying right now.
- If you do not meet RBFCU's membership requirements, you may want to compare high yield savings accounts from online banks, which often pay higher rates and have no membership restrictions.
How RBFCU's money market account works
A money market account is a hybrid between a savings account and a checking account. It pays interest like a savings account, but it also comes with a debit card and check-writing privileges. At RBFCU, the money market account typically requires a minimum opening deposit — the amount changes, so confirm the current requirement before you visit.
The trade-off is that money market accounts limit how many times you can withdraw money each month. Federal rules previously capped this at six withdrawals per month, though that rule has relaxed. RBFCU's current withdrawal limits depend on the specific account terms, so ask when you open the account or review the account agreement online.
The interest rate on a money market account is usually tiered, meaning you earn a higher rate on larger balances. If you keep $10,000 in the account, you might earn one rate; if you keep $25,000, you earn a higher rate. RBFCU publishes these tiers on their website.
Comparing RBFCU to online high yield savings accounts
Online banks like Marcus, Ally, and American Express Personal Savings typically offer higher interest rates than RBFCU's money market account because they have lower overhead costs. These banks also have no membership requirements — anyone with a Social Security number and a valid address can open an account.
The main advantage of staying with RBFCU is convenience: if you already bank there, you can manage everything in one place and visit a physical branch if you need help. The main advantage of an online bank is the rate. Over a year, the difference in interest earned can be significant, especially if you have a large balance.
If you are comparing rates, remember that online banks' rates also change regularly. A rate that is high today may not be high in three months. The best approach is to check both RBFCU's current rate and the rates at two or three online banks, then decide whether the extra interest is worth moving your money.
How to check RBFCU's current rates
Visit rbfcu.org and look for the savings or money market account page. The rates listed there are current as of that day. You can also call RBFCU member service at 1-800-555-2328 and ask a representative what they are currently paying on a money market account at your balance level.
When you call or visit online, have your account balance ready so the representative can tell you the exact rate you would earn. Rates are tiered, so the rate for a $5,000 balance is different from the rate for a $50,000 balance.
Membership requirements for RBFCU
RBFCU membership is open to people who live or work in certain Texas counties, work for specific employers, or belong to may be able to access organizations. The easiest way to learn about you may have access to is to visit their membership page or call and ask. If you do not meet their requirements, you cannot open an account with them, even if a friend or family member is a member.
If you are not may be able to access for RBFCU, online banks have no membership restrictions and often pay competitive rates on savings accounts.
What happens to your money if RBFCU fails
RBFCU is insured by the National Credit Union Administration (NCUA), a federal agency similar to the FDIC for banks. This means your deposits are protected up to $250,000 per account type. If you have a savings account and a money market account at RBFCU, each is insured separately up to $250,000.
This protection is the same whether you bank at a credit union or a traditional bank. Your money is safe either way.
Frequently Asked Questions
Can I open an RBFCU account if I do not live in Texas?
It depends on RBFCU's field of membership. Some people outside Texas may have access to if they work for an employer on RBFCU's list or belong to an may be able to access organization. Call 1-800-555-2328 or visit their website to check whether you may have access to.
What is the difference between RBFCU's savings account and money market account?
The money market account pays a higher interest rate and comes with a debit card and check-writing ability, but it requires a larger opening deposit and limits monthly withdrawals. The savings account is simpler and has lower deposit requirements, but the rate is lower.
How often do RBFCU's interest rates change?
RBFCU can change rates at any time. They typically adjust rates when the Federal Reserve changes its benchmark rate, but they may also change rates independently. Check their website or call regularly if you want to track rate changes.
Should I move my savings to an online bank instead?
Online banks often pay higher rates than credit unions, so if rate is your only concern, an online bank may earn you more interest. If you value having a physical branch and prefer to keep all your accounts in one place, RBFCU may be worth the slightly lower rate.
Is my money safe in a credit union?
Yes. Credit unions are insured by the NCUA up to $250,000 per account type, the same protection banks have through the FDIC. Your deposits are equally safe at either.