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Star One Credit Union Review 2022

Published May 2022 by Matthew Goldberg

AT A GLANCE
4.4

Bankrate Score

bank-logo

Free Checking

No monthly fees

Rewards Checking

Star One Credit Union could be a good fit for consumers looking for a feature-filled interest-bearing checking account and to avoid high fees.

  • CDs
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    4.4
  • Checking
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    5.0
  • MMAs
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    4.9
  • 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

    4.4

    Bankrate Score

    Star One Credit Union has been around for more than 60 years and is the largest credit union in Silicon Valley.

    What we like

    • The Money Market Savings account and certificates pay strong APYs.

    • Minimum deposit requirements overall are relatively low.

    • There are no monthly service fees.

    • Members have access to digital features like voice banking through Amazon's Alexa virtual assistant.

    What we don't

    • There’s a limited product selection available for savers.

    CD rates

    4.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Star One Credit Union offers three certificate terms: six months, one year and two years. Each certificate requires a $2,500 minimum deposit and pays a competitive yield. Earned interest can be transferred to a Star One checking or savings account, or a check can be mailed to the account holder. The limited term options are ideal for savers looking for a temporary place to keep their cash, but savers with longer-term goals may want to seek out alternatives.

    Star One doesn't offer any specialty certificates, such as a no-penalty or bump-up account.

    Withdrawals of at least $1,000 can be made without closing a CD account, as long as minimum balance requirements are met. Premature withdrawals are subject to an early withdrawal penalty, which is higher than some other online banks and credit unions. On six-month CD, the penalty is 90 days worth of dividends, and one- and two-year CDs are subject to a penalty of 180 days’ dividends.

    What we like

    • Partial principal withdrawals are permitted.

    • Earned interest can be mailed or transferred to a Star One checking or savings account.

    What we don't

    • Only three CD terms are available.

    • Star One doesn't offer any specialty certificates

    Checking accounts

    5.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Star One offers three checking accounts, including Free Checking, the account scored for this review. It has no monthly fee, pays interest on the balance and includes a Visa debit card.

    Star One also offers Rewards Checking, which earns a relatively high yield and is eligible for up to $20 a month in ATM fee refunds. To be eligible, account holders must make 10 debit/credit card purchases each month, enroll in e-statements, and have at least $300 in monthly direct deposits, or $5,000 in deposit or loan balances.

    Star One also offers a free student checking account to customers under age 25. It has no monthly fee, earns interest and refunds up to $10 each month in ATM fees.

    All checking accounts include a free first box of 40 checks and free bill pay is available. Rewards checking account holders also get free check reorders.

    What we like

    • Minimum opening deposits are low.

    • There are no monthly service fees on any checking account.

    • All three checking accounts earn interest.

    • ATM rebates of $10 and $20 are available to members with the student checking and Rewards checking accounts, respectively.

    • Members have access to Zelle, the peer-to-peer payment service.

    What we don't

    • The free checking account doesn’t refund out-of-network ATM surcharges.

    Money market accounts

    4.9

    Bankrate Score

    To join Star One Credit Union, applicants need to open a Money Market Savings account. The minimum deposit is just $50. With an active membership, account holders can open multiple savings accounts and assign each one a nickname. The Money Market Savings account pays a competitive APY, but monthly service fees, if any, aren't disclosed on the website.

    What we like

    • A money market savings account can be opened with a low minimum deposit of $50.

    • Account holders can create multiple savings accounts for different goals at no additional cost.

    What we don't

    • Members do not have check-writing privileges.

    Bank experience

    Star One Credit Union offers membership to residents of eight California counties, as well as employees of Lockheed Martin Corp. and dozens of other area employers.

    Star One Credit Union has six branches, all of which are located in California. Most locations have the same hours and a few are open Saturdays. More than 6,500 shared branches are available plus nearly 30,000 surcharge-free ATMs available through the CO-OP network. Some, but not all, accept deposits.

    Members who want to meet with a bank representative can schedule an appointment in advance online. Representatives are available over the phone from 7 a.m. to 7 p.m. Pacific time, weekdays, and 9 a.m. to 5 p.m., weekends and most holidays.

    Fans of digital wallets can use Star One Visa debit and credit cards with Apple Pay, Google Pay and Samsung Pay. Other digital features include voice banking (a skill available through Amazon’s Alexa digital assistant) and other features like, mobile check deposit and the ability to create balance alerts.

    About Star One Credit Union

    Star One Credit Union is one of Silicon Valley’s largest credit unions, providing service to more than 115,000 members worldwide.

    The Sunnyvale, California-based credit union was founded in 1956 as the Lockheed Missile Employees Federal Credit Union, offering financial services and support to employees of the Lockheed Missiles and Space Division. Twenty-five years later, the credit union was renamed the LMSC Federal Credit Union and again in 1995 as Star One Federal Credit Union.

    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