Financial Resources FCU review July 2024: checking, savings, CDs, and more
Matt Sexton is a personal finance expert who specializes in business and banking coverage. Matt has more than 25 years of journalism experience, most recently as a writer and content producer for Fit Small Business. His expertise has been featured in articles on GOBankingRates, Credit Karma, IncFile, Yahoo! and MoneyGeek.
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
For customers looking for a credit union for their banking needs, the Financial Resources Federal Credit Union (FRFCU) could be an excellent choice. Financial Resources is headquartered in Bridgewater, New Jersey, and has been in business for over 100 years. It was formerly the Ethicon Employees FCU. The credit union has more than 26,000 members nationwide with more than $600 million in assets. FGFCU has seven branch locations, all in New Jersey.
While FRFCU is located in New Jersey, anyone nationwide can join and use the credit union online if they first join the American Consumer Council (ACC). You can sign up for the ACC through the FRFCU website.
Otherwise, you must meet one of the following requirements:
- Employed by an eligible company or involved with a participating association
- Live, work, worship, or attend school in the following locations in New Jersey: Greater New Brunswick area, Flemington Borough (Hunterdon County), City of Elizabeth (Union County), or Jersey City (Hudson County)
- You are related to an existing FRFCU member
All rates and fees are current as of July 24, 2024, and are subject to change.
Financial Resources FCU
| Checking accounts: | Starting at $0 per month |
| Savings accounts: | Open with as little as $50 |
| Certificate of deposit (CD) rates: | Earn up to 5.54% annual percentage yield (APY) |
Pros
- Ability to join the credit union nationwide makes it accessible to online customers outside of New Jersey.
- Solid rates of return on CDs.
- Many more options for checking and savings accounts than most banks offer.
Cons
- With branch locations only in New Jersey, in-person banking is not available to most customers.
- While free to do so, having to join the ACC to join FRFCU is an extra step in the signup process.
- Interest rates on high-yield savings accounts are not as high as some online banks and fintechs.
Financial Resources FCU rates and products
Financial Resources FCU offers seven different checking accounts, including several free checking accounts. It also provides four savings accounts and several varieties of CDs.
| Financial Resources FCU product | APY |
|---|---|
| Checking accounts | Up to 0.10% APY |
| Savings accounts | Up to 3.03% APY |
| CDs | Up to 5.54% APY |
| Checking accounts | |
|---|---|
| APY | Up to 0.10% APY |
| Savings accounts | |
| APY | Up to 3.03% APY |
| CDs | |
| APY | Up to 5.54% APY |
Checking accounts
There are plenty of checking account options with Financial Resources FCU, as the credit union currently offers seven types of accounts. Many of those are free checking accounts. Unfortunately, FRFCU does not offer a new account sign-up bonus.
You can get surcharge-free ATM transactions at both FRFCU ATMs and Allpoint ATMs nationwide. FRFCU doesn’t charge for out-of-network ATM transactions. However, third-party ATM fees may apply.
Financial Resources FCU Free Checking Account
This free checking account requires a $25 minimum balance to open and has no transaction limitations. It does not draw interest.
Financial Resources FCU Community Checking Account
This account is similar to the Free Checking Account, except you cannot write checks, there is no overdraft protection, no dormant fee, and you get up to five free money orders each month.
Financial Resources FCU Direct Advantage Checking Account
This account earns dividends when you have a recurring direct deposit into the checking account. You also get the first box of checks for free, with no minimum balance requirement outside of the $25 required to open the account, and no monthly service charge.
Financial Resources FCU Advantage 50 Checking Account
The FRFCU Advantage 50 account offers extra benefits for customers 50 and older, including free personalized checks, competitive dividends, and no minimum balance requirement outside of the $25 required to open the account.
Financial Resources FCU Champion Checking Account
The champion account is reserved for teachers, police, fire, emergency medical services, and health care workers. The account offers a $10 bonus monthly dividend with a monthly direct deposit of $1,000 or more. You can also earn cash back rewards on debit card purchases, and bonus relationship premium rates on loans and term certificates, among other perks.
In addition, FRFCU donates $10 for each new account relationship, consumer loan, and mortgage to the Champion Family Scholarship Fund.
Financial Resources FCU VIP Checking Account
For customers interested in tiered interest earnings, VIP checking could be a great option. It currently earns 0.05% APY on balances less than $1,500, and 0.10% APY on balances over $1,500. You also get free personalized checks and free online and mobile banking. You must maintain a daily balance of $1,500 or greater to avoid a service fee. Otherwise, you will pay $6 a month for this account.
Financial Resources FCU Hero Checking Account
The FRFCU Hero checking account is for Active-Duty Military personnel and veterans of the United States Armed Forces. The account perks are the same for this account as the Champion account. With each new account opened, the credit union will donate $50 to a local veteran service organization.
Savings accounts
Financial Resources FCU offers five different savings accounts, with its Ultra Purple savings account falling into the high-yield savings category. Many other online banks and fintechs offer higher yield savings and money market accounts, so be sure to shop around if interest yield is important to you.
Financial Resources FCU Regular Savings Account
This entry-level savings account requires a $10 minimum balance to open and requires that you maintain a $10 minimum daily balance to avoid the $2 per month service fee. Interest yield on this account is very low, currently earning just 0.01% APY.
Financial Resources FCU Purple Savings Account
The first of FRFCU’s tiered savings accounts, the Purple account earns up to 1.51% APY. It requires a minimum opening balance of $25. The monthly fee of $10 can be waived by maintaining a minimum daily balance of $25.
| Financial Resources FCU Purple savings account features | |
| Minimum opening deposit | $25 |
| Monthly fees | $10; waived with a minimum daily balance of $25 or greater |
| Top APY | Up to 1.51% APY (on balances $10,000 and higher) |
Financial Resources FCU Ultra Purple Savings Account
The highest-yield account at FRFCU is the Ultra Purple savings account. You can earn up to 3.03% APY with this account. The minimum opening deposit jumps to $1,000 with this account. To avoid the $15 monthly service fee, you must keep a minimum daily balance of $10,000.
Financial Resources FCU Simple Club Savings Account
This is the only savings account that FRFCU doesn’t disclose the rate for on its website. Expect the rate to be low, as there is no monthly fee or minimum balance requirement with this account.
Financial Resources FCU Youth Savings Account
This savings account is for customers aged 14 to 17. It requires a $5 minimum opening balance and a $5 minimum daily balance to avoid a monthly fee. The monthly fee is not disclosed on the credit union’s website.
All of the savings accounts listed above limit you to just six withdrawals or transfers per month. If you exceed six withdrawals or transfers, the credit union reserves the right to close your account. See our primer on high-interest savings accounts for more information.
Financial Resources FCU savings rates compared to current top rates*
While FRFCU is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Certificates of deposit
FRFCU offers CDs with various term lengths. It currently provides special rates on four-month and 13-month CDs as high as 5.54% APY with relationship pricing. Standard CDs range from three months to 60 months, with rates ranging from 1.71% APY on a three-month CD to 4.39% APY on a 60-month CD. All CDs require a $500 minimum deposit. FRFCU does charge an early withdrawal penalty if you withdraw funds before maturity.
See our list of the best CD rates to see how FRFCU compares with other credit unions, banks, and fintechs.
Business banking products
In addition to the wide range of personal banking products, Financial Resources FCU offers a great selection of business products and services.
The bank offers two types of business checking: free checking with no monthly fees and Business Checking Plus with dividend earnings. To avoid the $6 monthly fee with Business Checking Plus, you must maintain a minimum daily balance of $5,000.
FRFCU also has a Business Purple Savings with tiered interest earnings. Rates were not disclosed on the credit union’s website. You can also open a business CD ranging from three to 60 months.
The credit union offers a wide range of business loans, including term loans, equipment financing, real estate loans, and lines of credit. FRFCU offers Small Business Administration (SBA) loans, including 7(a), 504, Express, and disaster loans.
Finally, FRFCU offers cannabis banking, including banking and cash management services.
Other services Financial Resources FCU offers
Financial Resources FCU offers a wide variety of banking products and services, including:
- Individual retirement accounts (IRAs): The credit union offers several retirement savings products, including term certificate IRAs, variable IRA savings, Roth IRAs, and traditional IRAs.
- Visa credit cards: FRFCU offers three personal and one business credit card. The Signature and Platinum cards include a 0.00% introductory APY for the first six months. It also offers a secured card to help build credit and a business card with rewards points.
- Auto loans: In addition to the standard auto loan, FRFCU offers what it calls the 12welve auto loan credit building program. You get a 1% rate reduction after 12 consecutive on-time monthly payments, an additional 1% rate reduction at 24 months, and one final 1% reduction at 36 months.
- Term loans: FRFCU offers various term loans for a range of purposes. These include home improvement, outdoor living, family event/crisis loans, home emergencies, health and beauty loans, and appliances and furniture loans. You can also get other personal loans and lines of credit.
- Home equity loans: You can get home equity fixed rates loans between seven and 20 years in length, a home equity line of credit (HELOC), or a 5/5 adjustable rate on a 10-year term.
- Mortgage loans: You can get fixed and adjustable-rate mortgages (ARMs), Veterans Affairs (VA) mortgages, and jumbo mortgages with FRFCU.
Online banking
Financial Resources FCU offers all customers access to online banking and bill pay. While there is no charge for either service, customers enrolled in Bill Payer who have no activities for a continuous six-month period will be charged a $6 monthly inactivity fee.
Online banking lets you view account information, current balances, and account history. You can transfer funds between accounts with online banking. You can also download the CardValet app, which allows you to turn cards on or off, set location-based controls, and restrict card usage.
The Financial Resources FCU platform and customer support
You can access information about your FRFCU accounts through desktop or mobile apps. The Financial Resources FCU mobile app is very highly rated. It has received 4.8 stars out of 5 based on more than 1,700 ratings on the Apple App Store, and 4.7 stars out of 5 based on around 175 reviews on the Google Play Store.
You can contact FRFCU toll-free on weekdays from 9 a.m. to 5 p.m. Eastern time and Saturday from 9 a.m. to 1 p.m. ET. You can also email the credit union at frfcu@finresc.org or you can send them correspondence through the mail. You can also send a message through the FRFCU website.
Is Financial Resources FCU secure?
With the FRFCU mobile app, you can set up either touch or face ID for extra security. The website does not collect cookies from its members or any website visitors to avoid gathering information in an unsecured environment.
Financial Resources FCU touts its website security on its homepage and offers education on identity theft and fraud. You can also download the CardValet app, which lets you turn cards on and off and set up alerts to help keep you safe.
The FRFCU is federally insured by the National Credit Union Administration (NCUA), which is the credit union version of the Federal Deposit Insurance Corp. (FDIC). Accounts are usually insured to $250,000.
Financial Resources FCU user reviews
The reviews for Financial Resources FCU online are mixed and limited in number. It has a score of 3.7 out of 5 stars on WalletHub out of more than 10 reviews and a rating of 2 stars out of 5 on Deposit Accounts out of less than 10 reviews.
Positive reviews raved about FRFCU's customer service, with some calling it the best credit union on the market. Some negative reviews mentioned holds on deposits being too long.
Compare Financial Resources FCU alternatives
 Financial Resources FCU |  Alliant Credit Union |  Bank of America |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 3.03% | 3.10% | 0.01% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.05% | 0.25% | 0.02% |
| Top CD APY | Top CD APY | Top CD APY |
| 5.54% | 5.15 | 4.00 |
| Other services | Other services | Other services |
| IRAs Visa credit cards Auto loans Term loans Home equity loans Mortgage loans | Credit cards Auto loans Custodial accounts | Credit cards Home loans Auto loans Investments Student loans Retirement planning |
| Learn more | Learn more | Learn more |
| Compare more online bank alternatives | View offer at Alliant | Read our review of Bank of America |
Is Financial Resources FCU right for you?
Financial Resources FCU is an excellent choice if you are looking for a credit union for your personal or business banking needs. With the ability to open an account nationwide, FRFCU could appeal to customers outside New Jersey. If you need a physical branch for your banking needs, you must be in the New Jersey area to consider FRFCU. However, if you just want online banking with solid rates of return on savings and CD accounts, along with great full-service banking products and services, you might consider FRFCU for your banking needs.
Frequently asked questions
How do you know if a credit union is legit?
The easiest way to determine if your credit union is legit is to see if it is an NCUA member. If it is, you can be assured your deposits are insured, and the credit union is legitimate.
Is FRFCU better than a bank?
Credit unions can offer higher interest rates for some deposit products. Some of FRFCU’s interest rates are better than those of traditional banks but not higher than those of online banks and fintechs. Always shop around before opening an interest-earning account.
How trustworthy are credit unions?
As long as the NCUA federally insures your credit union, it is as trustworthy as any bank backed by the FDIC.
About the contributors
Matt Sexton is a personal finance expert who specializes in business and banking coverage. Matt has more than 25 years of journalism experience, most recently as a writer and content producer for Fit Small Business. His expertise has been featured in articles on GOBankingRates, Credit Karma, IncFile, Yahoo! and MoneyGeek.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.