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The bottom line: Puerto Rico residents will find solid account options at Caribe Credit Union. Its strongest account is the Caribe Credit Union Regular Share Account which comes with an ATM card and pays solid interest rates. The best high-yield savings accounts pay up to Columbia Bank High Yield Savings Account – APY APY — see how Caribe CU compares.
Caribe Credit Union Review: Overall Rating
FeatureInsider rating (out of 5)Savings4Checking3.5Share certificate3.25Trustworthiness4Total3.75
Caribe Credit Union: Pros and Cons
ProsCons
Credit union that serves a Hispanic American community
Solid interest rates on savings accounts and CDs
$1 overdraft protection
ATM card included with the savings account
Only available in Puerto RicoYou must qualify for membership (workers/family members of specific companies in Puerto Rico)High minimum deposit for CDInterest compounded monthly or quarterly, not daily
Caribe Credit Union Regular Share Account – Product Name Only Review
The Caribe Credit Union Regular Share Account is a good free savings account overall. It comes with an ATM card and pays a solid interest rate as long as you keep a minimum of $5 in your account. It also automatically comes with up to $5,000 in free life insurance.
Caribe Credit Union Checking Account – Product Name Only Review
The first year of using the Caribe Credit Union Checking Account is free. After that, you’ll need to maintain at least $500 in your account daily or pay a Caribe Credit Union Checking Account – Fees Display.
If it doesn’t seem manageable for you to keep at least $500, you may want to consider other banking options.
Caribe Credit Union Share Certificate – Product Name Only Review
A Caribe Credit Union Share Certificate is a good choice if you can deposit at least Caribe Credit Union Share Certificate. It offers solid interest rates that are better than most brick-and-mortar banks. You might find even higher CD rates at online banks included in our best CD rates guide, though.
About Caribe Credit Union
Caribe is a Hispanic American-led credit union in Puerto Rico. It has four branches in San Juan, Guaynabo, and Ponce.
The credit union is part of the COOP24 ATM Network, which provides access to over 200 ATMs throughout Puerto Rico. It also has access to 80 local free ATMs through the ShareNet Network.
Customer service is available over the phone Monday through Friday from 7:15 a.m. to 3:45 p.m. AST, and Saturday from 7:15 a.m. to 3:30 p.m. AST.
Caribe’s mobile app has 4.8 out of 5 stars in the Google Play and Apple stores.
Caribe is federally insured by the NCUA. Deposits are protected up to $250,000 for individual accounts and $500,000 for joint bank accounts.
How to Join Caribe Credit Union
You can join Caribe Credit Union if you meet any of the following criteria:
Work (or previously worked) for the US government in Puerto RicoWork for one of the companies listed in the credit union’s Select Employee Groups (90 local organizations included, view the full list here)Are a member of the San Juan Art Students League or the San Juan Community LibraryAre a family member of someone who is a current or retired federal employee
To obtain membership, you’ll need to open a savings account and pay a one-time $5 membership service fee.
The Role of Hispanic American-led Institutions
Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.
At Caribe Credit Union, both its website and customer support provide information in English and Spanish. It also has services for anyone who wants to learn more about money management and financial stability.
Is Caribe Credit Union Trustworthy?
Caribe Credit Union does not have any public controversies.
The Better Business Bureau rates a business by how it resolves customer complaints and whether it has transparent business practices. Caribe received an A+ rating from the BBB.
To see whether Caribe might be a good fit, read online customer reviews or reach out to friends and family on their perspectives.
Caribe Credit Union FAQs
Where is Caribe Credit Union located?
Caribe Credit Union has four branches in Puerto Rico (San Juan, Guaynabo, and Ponce).
What are the current rates for Caribe Credit Union Share Certificates?
Caribe Credit Union Share Certificates pay Caribe Credit Union Share Certificate – APY APY.
Is Caribe Credit Union NCUA-insured?
Yes, Caribe Credit Union is federally insured by the NCUA. You will have up to $250,000 secure per depositor, per ownership category in an account.
Methodology: How We Reviewed Caribe Credit Union
For our Caribe Credit Union review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we use a scale of zero to five stars to rate bank accounts. We also 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 Caribe Credit Union Compares
Caribe Credit Union vs. Oriental Bank
Oriental Bank is a financial institution based in Puerto Rico. You might like Oriental Bank more than Caribe Credit Union if you prioritize a bank with a larger branch presence. Oriental Bank has 46 branches in Puerto Rico, while Caribe Credit Union only has four branches.
But if you’re searching for competitive interest rates, Caribe Credit Union has stronger accounts. The Caribe Credit Union Regular Share Account pays a higher interest rate than the Oriental Bank ¡Ahorra! Account – Product Name Only. The credit union’s share certificates also have competitive interest rates, but you’ll need to deposit at least $3,000.
Caribe Credit Union vs. FirstBank Puerto Rico
If your priority is finding a bank close to where you live, you may find more options through FirstBank Puerto Rico. This bank has 64 branches in Puerto. Meanwhile, Caribe Credit Union has four branches.
FirstBank Puerto Rico has more account options. You can get accounts tailored to kids, teenagers, and Christmas savings. CD terms also range from seven days to five years.
If you’re looking for a high interest rate on a savings account, Caribe Credit Union pay be more appealing. The Caribe Credit Union Regular Share Account – Product Name Only pays Caribe Credit Union Regular Share Account – APY APY, which is more than the average savings account. FirstBank Puerto Rico savings accounts pay less than the average savings account.