Bridgeway Credit Union Review: Southern Institution, Free Checking

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Overall credit union rating

Pros and cons

To become a member of Bridgeway Credit Union, you must open the Bridgeway Credit Union Bridgeway Savings Account with at least $5. The savings account has a low interest rate, though, so you might want to consider other institutions if you prioritize earning a high rate.

The Bridgeway Credit Union Bridgeway Checking Account is one of the bank’s strongest products. It has free overdraft protection and charges zero monthly service fees.

This account also stands out because you’ll be able to earn 0.25% APY as long as you have at least $100 in your account daily.

The Bridgeway Credit Union Bridgeway Money Market Account has a tiered interest rate, which means the rate you’ll earn will depend on how much money you have in your account. You’ll need at least $2,500 to open a money market account at Bridgeway Credit Union, which is a bit steep compared to other brick-and-mortar financial institutions. 

You should also be mindful of the account’s $25 monthly service fee. A minimum of $2,500 needs to be kept in your account to avoid this fee.

You might like Bridgeway Credit Union savings certificates if you’re specifically searching for a 6-month, 12-month, or 24-month term. Bridgeway Credit Union lets you open a CD with an initial deposit of $500 — most brick-and-mortar financial institutions generally require at least $1,000 to open a CD.

How Bridgeway Credit Union works

Bridgeway Credit Union is recognized as a minority depository institution (MDI) by the NCUA. The institution is led by Black Americans and serves a Black American community.

It has one branch in Alabama and three in Georgia. Customers have access to over 30,000 in-network ATMs.

You may join Bridgeway Credit Union if you or a family member work with a Select Employee Group on this list, or if you live in Russell County, Alabama; Dougherty County, Georgia; or Muscogee County, Georgia. To become a member, you’ll need to open a savings account with at least $5. You’ll also have to pay a $5 initial membership fee.

To contact customer support, call your nearest branch. Banking hours vary, but generally, all branches are open Monday through Thursday from 9 a.m. to 5 p.m. ET, and Friday from 9 a.m. to 5:30 p.m. ET.

The credit union’s mobile app is rated 4.5 out of 5 stars in the Apple store and 3.7 out of 5 stars in the Google Play store.

Bridgeway Credit Union is federally insured by the NCUA.  This means the money in your bank account will be safe even in the rare circumstance that a bank shuts down.

The role of Black-owned financial institutions 

Financial institutions owned or led by Black Americans often address banking gaps in underserved communities. These institutions are vital for Black communities that have been historically affected by discriminatory banking practices like redlining.

If you’ve struggled to open a bank account due to a negative banking history, Bridgeway Credit Union has a second chance checking account called Another Chance Checking. 

Bridgeway Credit Union trustworthiness and BBB rating

We usually include ratings from the Better Business Bureau, which rates businesses on transparent business practices and customer service issues. However, Bridgeway Credit Union hasn’t been rated yet by the BBB. 

A high BBB rating won’t necessarily guarantee a smooth relationship with a particular company. If you like to see if Bridgeway Credit Union is a good match, talk to current customers or read online customer reviews. 

On the bright side, Bridgeway Credit Union hasn’t been involved in any recent public controversies.

Bridgeway Credit Union vs. Credit Union of Atlanta

Bridgeway Credit Union and the Credit Union of Atlanta are both recognized as MDIs by the NCUA.

Deciding between these two institutions may ultimately depend on where you live. Bridgeway Credit Union has one branch in Phenix City, Alabama, and three branches in select counties in Georgia. The Credit Union of Atlanta has two branches in Atlanta, Georgia, and it’s part of the CO-OP Shared Network, which provides access to over 5,000 shared branches throughout the US. 

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

Credit Union of Atlanta will likely be a better option for CDs. It offers competitive interest rates on long-term CDs and has more term options to choose from.

Meanwhile, Bridgeway Credit Union makes it easier to avoid typical bank fees on a checking account.

Bridgeway Credit Union vs. Synovus Bank

If you’re looking to open a savings account or money market account, you might lean more toward Bridgeway Credit Union. Bridgeway Credit Union offers more competitive interest rates on these accounts than Synovus Bank. 

Synovus Bank is a regional bank with locations in Alabama, Georgia, Florida, South Carolina, and Tennessee. If you don’t qualify for membership with Bridgeway Credit Union, Synovus Bank could be a good choice.

Synovus Bank’s strongest bank product is its Synovus Free Checking Account. With the account, you could get Synovus Plus features — like higher interest rates on savings accounts or an automatic out-of-network fee refund each month. To be eligible for Synovus Plus, you’ll need to have a minimum monthly deposit of $5,000 in your checking account or a balance of at least $25,000 across all your Synovus accounts.

Frequently asked questions

Sophia Acevedo, CEPF

Junior Banking Reporter