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Patelco Credit Union Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

bank-logo

Free Checking

High APYs

Patelco Credit Union is a full-service credit union offering a range of competitive deposit products, making it a worthwhile option for savers who meet the credit union’s requirements.

  • Checking
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    4.7
  • Savings
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    2.8
  • CDs
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    3.9
  • MMAs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    4.3

    Bankrate Score

    Patelco Credit Union is a full-service credit union serving members in Northern California.

    What we like

    • Patelco’s money market account pays a very competitive APY on certain balance tiers.

    • It offers a free checking account without a minimum deposit requirement.

    • All of the credit union’s share certificates pay a competitive yield.

    What we don't

    • The savings account pays a below-average yield.

    • Patelco doesn’t offer any specialty certificates.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Patelco offers a few checking accounts to meet the individual needs of its members. The Free Checking account gives customers a fee-free option and doesn’t have a minimum deposit requirement. Additionally, the account offers free overdraft transfers from a linked account. Additional features include a free debit Mastercard card and free Mastercard ID theft protection.

    Patelco has some owned-and-operated ATMs, but it is also part of the CO-OP ATM network, giving its members free access to thousands of ATMs nationwide. The credit union charges $1.75 to use out-of-network ATMs and doesn’t offer ATM rebates. Customers can use Zelle to send and receive money.

    What we like

    • The Free Checking account has no monthly fee or deposit requirement.

    • It offers free overdraft transfers from a linked account

    • Patelco members get free access to thousands of CO-OP ATMs.

    What we don't

    • Patelco charges $1.75 to use out-of-network ATMs and doesn’t offer rebates.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Patelco Credit Union offers its Regular Savings account, which is fee free and requires only a 1 cent deposit to earn interest. The account’s APY, however, is low, even below the national average. Savers looking for a competitive yield should consider the credit union’s money market account or compare savings accounts at other institutions.

    What we like

    • The savings account doesn’t charge a monthly service fee.

    • The deposit needed to open and earn interest is just a penny.

    What we don't

    • The APY is low, even below the national average.

    CD rates

    3.9

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Patelco offers a range of share certificate terms, from three months to five years. All require a minimum deposit of only $250 and pay competitive APYs, particularly the shorter-term certificates. Members have the opportunity to open a certificate at a specific monthly term; for example, Patelco offers one APY for three- to five-month certificates, another APY for six- to 11-month terms, and so on all the way up to five years. The credit union doesn’t offer any specialty certificates, such as a no-penalty or bump-up certificate.

    What we like

    • The range of share certificate terms lets members easily build a ladder.

    • The minimum deposit is only $250.

    • All share certificates pay a competitive yield.

    What we don't

    • Patelco doesn’t offer any specialty certificates.

    Money market accounts

    5.0

    Bankrate Score

    Patelco showcases an eye-popping APY on its money market account, but dig a little deeper and you’ll find it offers a tiered APY structure. Balances of $1-$2,000 earn a very high APY, and then the yield decreases as the deposit amount increases. The blended APY with a $25,000 deposit, however, is still a very strong APY that’s well above the national average. The credit union’s website offers a calculator to show what your blended APY would be with different deposit amounts. In addition, the account doesn’t charge a monthly fee, and members need just a $1 deposit to open and earn interest.

    What we like

    • Even with a tiered APY, the yield is very competitive.

    • Savers only need a $1 deposit to open and earn interest.

    • The account doesn’t charge a monthly fee.

    What we don't

    • Some online banks offer the same high APY for all balances, which could help you earn a higher yield on balances of $10,000 and more. You have to calculate the blended APY to see if Patelco Credit Union is the best option for you.

    Bank experience

    Patelco Credit Union customer service representatives are available by phone from 7:30 a.m. to 7 p.m. Pacific time, weekdays, and 9 a.m. to 2 p.m., Saturdays. Customers can also send email via the credit union’s website, meet with an agent virtually, or schedule an appointment with a Patelco representative, in person, virtually or over the phone. Patelco also offers a highly rated app for both iOS and Android devices.

    Members can deposit checks and pay bills through their mobile devices, and also have access to Patelco’s budgeting features. Patelco also hosts regular webinars to help members learn more about managing their finances.

    About Patelco Credit Union

    Patelco Credit Union is a full-service credit union serving members in Northern California. Membership is limited to people who meet at least one of the institution’s requirements. For example, residents who live, work or attend school or worship in an eligible location qualify for membership. The credit union offers a range of competitive deposit products, making it a viable option for savers who meet its requirements.

    Patelco was founded in 1936, when some employees at Pacific Telephone and Telegraph Co., which is now AT&T, created the credit union, according to the institution’s website.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth