Evolve Federal Credit Union Review 2023

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evolve Federal Credit Union Review: Overall Rating

evolve Federal Credit Union Pros and Cons

The evolve Federal Credit Union Savings Account is a decent choice if you don’t want to pay monthly fees, but you won’t earn any interest. 

To become a member, you’ll need to open a savings account with at least $15. If earning interest on a savings account is a big priority for you, you may prefer one of the best savings accounts at an online bank instead.

The evolve Federal Credit Union ePriority Checking Account pays a high interest rate if you can make at least 30 debit card transactions each month and keep a balance under $10,000.

The checking account also works well for someone who can make at least 15 monthly debit card transactions. You won’t earn any interest, but at least you won’t have to pay a monthly service fee.

You may like evolve Federal Credit Union’s share certificates if you want to open a long-term CD. You can deposit as little as $500 and earn a good interest rate compared to brick-and-mortar banks.

Be mindful of early withdrawal penalties, though, which can be high depending on which term you choose.

The evolve Federal Credit Union Money Market Account offers a fair interest rate if you can open and maintain a $2,500 account balance. With a high account balance, you’ll also be able to waive the $10 monthly service fee. 

About evolve Federal Credit Union 

evolve Federal Credit Union is a Hispanic American-led financial institution with four branches and three micro-branches in El Paso, Texas. It has 215 free ATMs in El Paso and Las Cruces, Texas, and members also have access to over 85,000 surcharge-free ATMs through the Allpoint, Co-Op, and CU Anytime Shared Networks.

The credit union’s Service Support Center is available Monday through Friday, from 8:30 a.m. to 5:30 p.m. CT. You can call or fill out a form to talk to a service support team member. 

If mobile banking is a significant part of your banking experience, you may want to consider other financial institutions. evolve Federal Credit Union only has 2.9 out of 5 stars in the Google Play store and 2.5 out of 5 stars in the Apple Store. 

evolve is federally insured by the NCUA. Up to $250,000 is safe in an individual account.

How to Join evolve Federal Credit Union 

You are eligible to join evolve Federal Credit Union if you live, work, or go to school in El Paso County, Texas and Dona Ana County, New Mexico. To become a member, you’ll need to open a savings account with at least $15.

The credit union has four membership tiers: Basic, Plus, Platinum, and Diamond Elite. Basic members are members whose household has $5,000 or less in loans and shares.

Each tier adds more benefits and rewards. However, to move up a membership tier, you’ll need to meet additional requirements. 

Is evolve Federal Credit Union Trustworthy?

evolve Federal Credit Union has an A+ rating from the Better Business Bureau. A good BBB rating doesn’t necessarily mean that your relationship with the credit union will be the same, though. 

You’ll want to read online customer reviews or talk to family or friends that are members to help shape your opinion. 

evolve Federal Credit Union hasn’t been involved in any recent public scandals. 

The Role of Hispanic American Financial Institutions

Hispanic American financial institutions serve an integral role in providing services and products to underserved communities in the US. Many are located in Texas and are founded in areas with predominantly Hispanic American communities.

The evolve Federal Credit Union website lets you change languages if you prefer reading in Spanish. 

evolve Federal Credit Union also initiated the “evolving Kids of El Paso” project. The credit union partners with local children’s organizations to host events and donation drives. 

evolve Federal Credit Union FAQs

Why You Should Trust Us: How We Reviewed evolve Federal Credit Union

For our evolve Federal Credit Union review, we use our bank account methodology to review bank accounts and services.

At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options.

We’ll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.

How evolve Federal Credit Union Compares

evolve Federal Credit Union vs. GECU

GECU is another Hispanic American-led credit union with branches in El Paso, Texas. Choosing between GECU and evolve may depend on whether you meet the membership eligibility requirements for a particular institution.

At evolve, you are eligible to join if you live, work, or go to school in El Paso County, Texas. All members have to open a savings account with at least $15. Meanwhile, GECU lets you join if you live in an eligible county in Texas or New Mexico, are a relative of a current member, are a member of the American Consumer Council, or work at a select employee group. You’ll also need to open a savings account with at least $10.

You’ll want to consider which bank accounts you’d like to open.

evolve Federal Credit Union may be an appealing option if you’re looking for a high-yield checking account. You can earn a high APY on balances up to $10,000 if you meet certain requirements each month. However, be mindful of a $9 monthly service fee.

Meanwhile, GECU has a second chance checking account that could be a good option if you’ve struggled to open a bank account due to your bank account history.

Read our GECU review.

evolve Federal Credit Union vs. First National Bank Texas

Anyone can use First National Bank Texas, but membership is limited to certain people at evolve. evolve Federal Credit Union lets you join if you live, work, or go to school in El Paso County. You’ll also have to open a savings account with at least $15. 

First National Bank Texas will likely be your default option if you don’t qualify for membership at evolve. You also might prefer First National Bank Texas if you prioritize a bank with a large branch and ATM network. It has over 340 branches in Texas, Arizona, Arkansas, and New Mexico.

If you’re eligible to join all three financial institutions, your decision may rest on which bank accounts fit your needs best. 

GECU offers the best account options if you don’t want to pay monthly service fees on savings or checking accounts. At First National Bank Texas, you’ll have to meet certain requirements to waive fees on them.