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Patelco Credit Union Review 2024

Updated January 30, 2024
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 3.9 stars out of 5

About Bankrate Score

Overview

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

Highlights

  • Free Checking
  • High APY
Sponsored offers
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Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/23/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.10
%
APY
APY
Info
As of 5/23/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.00
%
APY
APY
Info
As of 5/23/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:

Overall

Patelco Credit Union is a full-service credit union serving members in Northern California. From investing and insurance to credit cards and savings, Patelco offers all the products you’d want to consolidate your banking in one place. Patelco offers stellar APYs on most of its share certificates and provides fee-free checking and money market accounts. But the yields for its savings account are extremely low, dimming the appeal of bringing all of your banking under Patelco’s roof.

Pros

  • Checkmark

    Patelco’s money market account pays a solid APY on certain balance tiers.

  • Checkmark

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

Cons

  • The savings account pays a below-average yield.

  • Patelco doesn’t offer out-of-network ATM fee rebates.

Patelco Credit Union logo

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Patelco Credit Union banking products

3.0
Rating: 3 stars out of 5
Bankrate Score

Patelco Credit Union savings overview

Patelco Credit Union’s base savings account, called Regular Savings, is fee free and doesn’t require a minimum balance 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.

This account comes with a debit card and overdraft protection in case you overdraw your checking account. You can freely access your money at one of Patelco’s branches in California or at one of Patelco’s more than 30,000 in-network ATMs.

Pros

  • Checkmark

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

  • Checkmark

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

Cons

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

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Patelco Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/23/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $15
Non-sufficient funds fee $28
Monthly maintenance fees None
Out-of-network ATM fee $1.75
Excessive transaction fee None

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., now AT&T, created the credit union, according to the institution’s website.

Customer experience

Customer service. Patelco Credit Union customer service representatives are available by phone. 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. 

Digital experience. Patelco offers a highly rated app for both iOS and Android devices. Members can deposit checks and pay bills through their mobile devices. Patelco also hosts regular webinars to help members learn more about managing their finances.

Customers can make person-to-person payments using Zelle and can also add their debit card to Apple Pay and Google Pay.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.