Patelco Credit Union Review 2021

Published January 2021 by Lance Davis

AT A GLANCE
4.4

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 great option for savers who meet the credit union’s requirements.

  • CDs
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    4.5
  • Savings
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    2.8
  • Checking
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    4.6
  • MMAs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    4.4

    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.

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

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

    What we don't

    • The savings account pays a below-average yield.

    • Patelco doesn’t offer any specialty certificates.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Patelco offers a range of certificate terms, from three months to five years. All require a minimum deposit of only $250, and they 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 a certificate at one APY for certificates between three and five months, another APY at six to 11 months, continuing all the way to 60 months. The credit union doesn’t offer any specialty certificates, such as a no-penalty or bump-up certificate.

    What we like

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

    • The minimum deposit is only $250.

    • All certificates pay a competitive yield.

    What we don't

    • Patelco doesn’t offer any specialty certificates.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % 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 start earning interest. However, the account’s APY 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.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    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, this 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 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 Popmoney to send and receive money.

    What we like

    • The Free Checking account doesn’t have a 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.

    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 between $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

    Bank experience

    Patelco Credit Union customer service representatives are available by phone from 7:30 a.m. to 7 p.m. Pacific on weekdays and 9 a.m. to 2 p.m. on Saturdays. Customers also have access to a highly rated app on both iOS and Android devices.

    Members can deposit checks and pay bills through their mobile device, 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 great option for savers who meet its requirements.

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

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing and loans. Lance leads a team of more than a dozen editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.