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The bottom line: Southwest Heritage Credit Union is a good option if you live in Odessa or Wink, Texas, and want to bank with a Hispanic American-led institution. You may like Southwest Heritage if you want to use a company with no monthly fees. However, you will earn better rates with one of the best high-yield savings accounts at an online bank.
Southwest Heritage Credit Union Review: Overall Rating
FeatureInsider rating (out of 5)Savings4Checking4Money market account3.75Share certificate3.75Trustworthiness4Total4
Southwest Heritage Credit Union Pros and Cons
ProsCons
Hispanic American-led credit union
No monthly service fees
Free overdraft protection
Higher interest rates than many brick-and-mortar institutions
Only available in Odessa and Wink, TexasCompounds interest monthly, not dailyYou still may earn higher rates with online banks
Southwest Heritage Credit Union Share Savings Rates
The Southwest Heritage Credit Union Share Savings Account is a good option if you’re looking for a free savings account. However, this account pays less than the average savings account.
Southwest Heritage Credit Union Checking Account Rates
The Southwest Heritage Credit Union Checking Account is a strong checking account with free overdraft protection and Southwest Heritage Credit Union Checking Account – Fees Display.
Southwest Heritage Credit Union CD Rates
Southwest Heritage Credit Union pays higher interest rates on CDs than many in-person banks. You’ll also get a rate boost on most CDs if you have a loan with Southwest Heritage, enroll in e-statements, or have been a member for at least three years.
Southwest Heritage Credit Union Money Market Rates
You may like the Southwest Heritage Credit Union Money Market Account if you can maintain a $1,500 balance, because then you’ll earn interest.
About Southwest Heritage Credit Union
Southwest Heritage Credit Union is a Hispanic American-led institution with five branches in Odessa and Wink, Texas. You have free access to over 30,000 ATMs around the US in the CO-OP network.
Become a member of the credit union if you live, work, or worship in Andrews, Crane, Ector, Midland, Ward, or Winkler Counties. You can also join if an immediate family member is already a Southwest Heritage member.
Call or visit a branch on Monday, Tuesday, Thursday, and Friday from 8:30 a.m. to 5:30 p.m., or Wednesday from 10:00 a.m. to 5:30 p.m.
The Southwest Heritage mobile app has 4.8 out of 5 stars in the Apple store, and 4.7 out of 5 stars in the Google Play store.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.
Is Southwest Heritage Credit Union Trustworthy?
Southwest Heritage Credit Union does not have any public controversies.
The Better Business Bureau gives Southwest Heritage an A+ rating. Strong BBB ratings do not guarantee a smooth relationship with a financial institution, though. You may want to ask friends or family about their experiences with Southwest Heritage, or read online customer reviews.
The Role of Hispanic American-Led Institutions
Many Hispanic American banks and credit unions provide services in both English and Spanish. There is a history of racial prejudice in banking and lending, specifically among Hispanic Americans, so working with a Hispanic American institution can help eliminate unfair bias.
Southwest Heritage Credit Union also serves predominantly Hispanic American communities according to data from the US Census.
Southwest Heritage Credit Union FAQs
Where are Southwest Heritage Credit Union locations?
Southwest Heritage Credit Union has branches in Odessa Texas and Wink, Texas.
What are the CD rates at Southwest Heritage Credit Union?
Southwest Heritage Credit Union CDs pay Southwest Heritage Credit Union CD – APY APY. The credit union notably has a 15-month special paying 5.38% APY if you have a minimum of $50,000.
Is Southwest Heritage Credit Union legit?
Yes, Southwest Heritage Credit Union is a legitimate credit union monitored by the NCUA. Its bank accounts are also insured for up to $250,000 for individual bank accounts, or $500,000 for joint bank accounts. If a credit union fails, the NCUA protects insured deposits.
Why You Should Trust Us: How we Reviewed Southwest Heritage Credit Union
For our Southwest Heritage Credit Union review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we review different features for distinct types of bank accounts. For example, we’ll look at early withdrawal penalties and CD term 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 Southwest Heritage Credit Union Compares
Southwest Heritage Credit Union vs. Chase
Southwest Heritage Credit Union is the only Hispanic-American-led financial institution in Odessa or Wink, so it may be a more appealing option if you would rather bank locally. If you favor a financial institution with a national presence, Chase may be a better choice.
There are a variety of Chase checking accounts, so you could find one that best meets your needs. However, at Chase Total Checking® – Brand Name, you’ll need to be mindful of monthly service fees. If you would rather open a checking account that doesn’t charge any monthly service fees, Southwest Heritage Credit Union will be more suitable.
Southwest Heritage Credit Union vs. Wells Fargo
You may prefer Wells Fargo if you want a bank with a national presence, but Southwest Heritage if you want a Hispanic American-led company.
You also might like Wells Fargo Savings Account – Brand Names savings tool that automatically transfers $1 from checking to savings each time you use your debit card. But if you aren’t eligible to waive monthly fees at Wells Fargo, you may prefer Southwest Heritage, which doesn’t charge monthly fees.