Star One Credit Union Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
4.1

Bankrate Score

bank-logo

Free Checking

No monthly fees

Rewards Checking

Star One Credit Union could be a good fit for consumers hoping to earn interest through their checking accounts and avoid high fees.

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    4.4
  • Savings
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    0.0
  • Checking
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    4.6
  • MMAs
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    4.3
  • 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

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.1

    Bankrate Score

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

    What we like

    • The Money Market Savings account and certificates pay a strong APY.

    • Minimum deposit requirements are relatively low overall.

    • There are no monthly service fees.

    • Members have access to digital features like voice banking through Amazon Alexa.

    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

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Star One Credit Union offers three certificate terms: six months, 12 months and 24 months. Each certificate requires a manageable $2,500 minimum deposit and pay strong yields. Earned interest can be mailed or transferred to a Star One checking or savings account. These options are ideal for savers looking for a temporary place to keep their cash, but savers with long-term goals will want to search for alternatives.

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

    You’ll face a penalty, but withdrawals of at least $1,000 could be made without closing the entire account (as long as you meet minimum balance requirements). Early withdrawal penalties aren’t abnormal; however, they are higher than those at some online banks and credit unions.

    What we like

    • Partial withdrawals are allowed from the share certificate.

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

    What we don't

    • There are only three CD terms available.

    • Star One doesn't offer any specialty certificates

    Savings accounts

    0.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    What we like

    What we don't

    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

    Star One offers a few checking account options: a Rewards Checking account, a student checking account and a free checking account option. Rewards checking account holders earn a relatively high yield and receive ATM fee refunds of up to $20 per month. Student checking account holders can get up to $10 of ATM fees refunded per month. Free checking accounts are also automatically upgraded to Rewards Checking on the first day of the month based on transactions and qualifications of the prior month.

    For all checking account holders, the first box of 40 checks is free and free bill pay is available. Rewards checking account holders always have access to free checks.

    What we like

    • Minimum opening deposits are low.

    • There are no monthly service fees.

    • Members can earn interest on all three checking accounts.

    • $10-$20 in ATM rebates available to members of two out of three accounts.

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

    What we don't

    • Free checking members will have to pay a $15 out-of-network ATM fee.

    Money market accounts

    4.3

    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 (sub-savings accounts) and assign each one a nickname. The Money Market Savings Account pays a very competitive APY.

    What we like

    • Members can open an account with a low minimum deposit of $50.

    • No monthly service fees listed.

    • Members 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 certain counties in California and to employees of certain companies. See more details on how to become a member.

    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 on Saturdays. There are also more than 6,500 shared branches 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 on weekdays and between 9 a.m. and 5 p.m. on weekends and most holidays.

    For those who use digital wallets, it’s possible to use your Star One Visa debit and credit cards with Apple Pay, Google Pay and Samsung Pay. Other digital features include voice banking (a functionality available through the Amazon Alexa called “Skill”) and more standard 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 113,000 members worldwide.

    The California-based credit union was originally founded as the Lockheed Missile Employees Federal Credit Union in 1956. It offered financial services and support to employees in Sunnyvale, California who worked in the Lockheed Missiles and Space Division. Twenty-five years later, the credit union was renamed the LMSC Federal Credit Union. It wasn’t until 1995 that Star One Federal Credit Union became the new namesake.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a social producer at Bankrate who occasionally writes articles on-site. She was previously a writer at The Points Guy, where she covered all things travel ranging from the latest news to credit card reviews. Her writing has been featured on MSN, Business Insider and in various local publications. She graduated from the University of Missouri School of Journalism. Money has always been something that’s excited Liz, particularly when it comes to maximizing it. Growing up, her biggest money motivator was her desire to travel, which led her to become a point and miles enthusiast. Through lots of research and experience, Liz has been able to visit many beautiful destinations. Seeing how this knowledge benefited her, she became inspired to share her knowledge with others, which journalism and social media allowed her to do. Her goal is to get others as excited about maximizing their money as she is by creating digestible and engaging content on the otherwise intimidating and hard-to-understand topic of finance.