Overall rating of the bank
Advantages and disadvantages
Savings
Annual percentage return (APY)
0% to 0.05% APY
Advantages
- Minimum opening deposit of $ 25
- No monthly service fees
The inconvenients
- Low interest rate; no interest earned on balances less than $ 25,000
- Monthly and non-daily compound interest
- Spanish-American Caisse populaire with 4 branches in Puerto Rico (San Juan, Rio Piedras, Hato Rey, Guayama)
- How to become a member: live, work, study or worship in Guayama, Puerto Rico; work for one of the participating companies
- Interest compounded monthly, paid monthly
- Federal Insurance by NCUA
The VAPR Federal Credit Union stock account is good if you are looking for a free savings account. But it does not pay interest on balances less than $ 25,000, and the rate on balances over $ 25,000 is very low. You may prefer to open a high yield savings account online instead.
Verification
Annual percentage return (APY)
Nothing
Advantages
- Possibility to waive the monthly service charge of $ 4
- 11 free withdrawals from off-network ATMs per month
- Free overdraft protection when you switch money from savings to checks
The inconvenients
- Minimum opening deposit of $ 100
- $ 4 monthly service charge
- Off-network ATM fee of $ 1.50 after the first 11 monthly withdrawals
- $ 20 overdraft fee
- Spanish-American led credit union with 4 branches in Puerto Rico (San Juan, Rio Piedras, Hato Rey, Guayama)
- How to become a member: live, work, study or worship in Guayama, Puerto Rico; work for one of the participating companies
- Free ATMs at branches and 11 free withdrawals at off-network ATMs each month
- To waive the monthly service charge of $ 4, maintain a minimum balance of $ 500
- Federal Insurance by NCUA
You might like the VAPR Federal Credit Union checking account if you can keep $ 500 in your account because then you won’t pay the $ 4 monthly service fee. VAPR offers free ATMs at branches and you can make up to 11 free transactions at other ATMs each month.
Share certificate
Annual percentage return (APY)
0.05% to 0.65% APY
Advantages
- Longer-term competitive interest rates
- Low early withdrawal penalties
The inconvenients
- Minimum deposit of $ 1,000
- Low interest rate on shorter terms
- Spanish-American Caisse populaire with 4 branches in Puerto Rico (San Juan, Rio Piedras, Hato Rey, Guayama)
- How to become a member: live, work, study or worship in Guayama, Puerto Rico; work for one of the participating companies
- The terms range from 3 months to 5 years
- The early withdrawal penalty is 3 months interest under all conditions
- Interest compounded monthly; paid monthly, quarterly or at maturity
- Federal Insurance by NCUA
VAPR pays competitive interest rates on longer term share certificates, but its shorter term rates are low. VAPR might be a good choice if you want a term of two years or more and have $ 1,000 to open an account.
How the Federal Credit Union VAPR Works
VAPR Federal Credit Union is a Spanish American-led credit union in Puerto Rico. It has four branches, one in Guayama, Hato Rey, Rio Piedras and San Juan. There are free ATMs in each branch. VAPR doesn’t charge you for the first 11 off-grid ATM transactions every month, but the ATM provider can.
You are eligible to become a member of VAPR if you live, work, study or pray in Guayama, Puerto Rico. You can also work for one of the partner companies of the credit union.
Visit a branch or contact customer service on weekdays from 7:30 a.m. to 3 p.m. or Saturday from 8 a.m. to noon. Branches are closed on Sundays.
The VAPR Federal Credit Union mobile app has 4.7 out of 5 stars in the Apple Store and 4.5 out of 5 stars in the Google Play Store.
Your deposits are federally insured by the NCUA up to $ 250,000, or up to $ 500,000 for joint accounts.
Is VAPR Federal Credit Union Trustworthy?
VAPR Federal Credit Union has no public controversy.
At Insider, we typically review Better Business Bureau ratings to gauge business reliability. However, the BBB has not yet assessed the VAPR. You might want to ask your family and friends about their experiences with VAPR, or read customer reviews online.
The role of Hispanic-American-led institutions
Many Spanish-American banks and credit unions offer services in 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 prejudices.
Some of these institutions allow you to open accounts if you are an immigrant or non-US citizen. VAPR requires a U.S. ID to open an account, but you can see a full list of banks that accept applications from immigrants and non-citizens without an SSN here.
How VAPR Federal Credit Union Stacks Up
We compared the VAPR Federal Credit Union to two other Hispanic-American institutions in Puerto Rico: FirstBank Puerto Rico and Banco Popular.
FirstBank and Banco Popular might be more convenient options, as they have more locations, especially Banco Popular, which is Puerto Rico’s largest Spanish-American bank. FirstBank also has several types of savings and
verify accounts
, so that you can find the one that best suits your needs.
But you might prefer VAPR if you’re worried about an overdraft. All three institutions have overdraft protection, but VAPR is the only one with a free option.
