Rave Financial offers a range of financial services, including high-yield checking accounts, savings accounts, loans, and credit cards. They emphasize convenience with mobile and digital banking features, fraud prevention, and personalized member support. Rave Financial also provides financial health resources and actively engages in community support.

Rave Financial was chartered July 30, 1935 as Magnolia Employees Beaumont Texas Federal Credit Union. It was one of the first federal credit unions in Jefferson County. By year-end 1935, the new credit union had 700 members, assets of $10,000 and the potential for over 5,000 members from its sponsor group, Magnolia Beaumont Refinery.

In 1959, the credit union changed its name to Mobiloil Federal Credit Union and again to Rave Financial in 2023. Rave Financial is now a community charter and currently has more than 75,000 members and assets exceeding $1 Billion.