- Overall Rating
- Pros and Cons
- Savings
- CD
- Money Market Account
- About Southwest Heritage CU
- FAQs
- Why You Should Trust Us
- How Southwest Heritage CU Compares
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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.
Compare Southwest Heritage Credit Union accountsSouthwest Heritage Credit Union Share Savings Account
Southwest Heritage Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4 |
| Money market account | 3.75 |
| Share certificate | 3.75 |
| Trustworthiness | 4 |
| Total | 4 |
Southwest Heritage Credit Union Pros and Cons
| Pros | Cons |
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Southwest Heritage Credit Union Share Savings Rates
Southwest Heritage Credit Union Share Savings Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.15%
Minimum Deposit Amount$25
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- con icon Two crossed lines that form an 'X'. Low interest rate, no interest paid when your balance is under $100
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Hispanic American-led credit union with 5 branches in Texas (Odessa and Wink)
- Become a member if you live, work, or worship in one of the following counties: Andrews, Crane, Ector, Midland, Ward or Winkler; or qualify if you have an immediate family member who is already a member
- Interest is compounded monthly, paid quarterly
- Federally insured by the NCUA
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
Southwest Heritage Credit Union Checking Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)None
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $30 overdraft fee
- con icon Two crossed lines that form an 'X'. Doesn't reimburse any fees charged by out-of-network providers
- Hispanic American-led credit union with 5 branches in Texas (Odessa and Wink)
- 30,000 free ATMs nationwide in the CO-OP Shared Branch network
- Become a member if you live, work, or worship in one of the following counties: Andrews, Crane, Ector, Midland, Ward or Winkler; or qualify if you have an immediate family member who is already a member
- Federally insured by the NCUA
The Southwest Heritage Credit Union Checking Account is a strong checking account with free overdraft protection and no monthly service fee.
Southwest Heritage Credit Union CD Rates
Southwest Heritage Credit Union CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)3.81% to 5.38%
Minimum Deposit Amount$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low-to-standard early withdrawal penalties
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Increase your rate by 0.05% by doing any of the following: being a member for 3+ years, having an active loan with the credit union, or enrolling in e-statements
- con icon Two crossed lines that form an 'X'. $1,000 minimum deposit
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Hispanic American-led credit union with 5 branches in Texas (Odessa and Wink)
- Become a member if you live, work, or worship in one of the following counties: Andrews, Crane, Ector, Midland, Ward or Winkler; or qualify if you have an immediate family member who is already a member
- Terms range from 6 months to 5 years
- Early withdrawal penalties: 90 days interest for terms of 12 months or less, 180 days interest for terms over 12 months
- Interest compounds monthly
- Federally insured by the NCUA
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
Southwest Heritage Credit Union Money Market Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.50% to 1.76%
Minimum Deposit Amount1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes paper checks
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. No interest earned on balances under $1,500
- con icon Two crossed lines that form an 'X'. No debit card
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Hispanic American-led credit union with 5 branches in Texas (Odessa and Wink)
- Become a member if you live, work, or worship in one of the following counties: Andrews, Crane, Ector, Midland, Ward or Winkler; or qualify if you have an immediate family member who is already a member
- Tiered interest rates: Earn a higher rate with a $50k+ balance
- COMPOUNDING
- Federally insured by the NCUA
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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Southwest Heritage Credit Union has branches in Odessa Texas and Wink, Texas.
What are the CD rates at Southwest Heritage Credit Union? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Southwest Heritage Credit Union CDs pay 3.81% to 5.38% 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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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, 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 Fargos 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.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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