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State Employees’ Credit Union Review 2024

Updated January 31, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.9 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 3.3 stars out of 5

MMA

Rating: 3 stars out of 5

About Bankrate Score

Overview

With a full suite of deposit accounts, State Employees’ Credit Union is a good option for workers in North Carolina looking for affordable banking products with a local provider.

Highlights

  • Low Fees
  • 24/7 Customer Service
  • Highly Rated App
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

State Employees’ Credit Union offers all of the standard deposit accounts, including share certificates, savings, checking and money market accounts. APYs on these products are not very competitive, but they charge minimal fees and have low minimum opening deposit requirements.

Though members don’t necessarily have to live in North Carolina, they do need to have a connection to the state through their employment. Plus, branches and fee-free ATMs are limited to North Carolina.

Pros

  • Checkmark

    Accounts charge minimal fees.

  • Checkmark

    There are low barriers to entry — most accounts have no or a low minimum opening deposit requirement.

  • Checkmark

    APYs on share certificates are fairly competitive.

Cons

  • Higher rates for savings and money market accounts can be found elsewhere.

  • Checks and ACH transfers aren’t available for savings and money market accounts.

  • You need to have some connection to North Carolina through employment to be eligible for membership.

  • ATMs and branches are limited to North Carolina.

State Employees’ Credit Union banking products

3.3
Rating: 3.3 stars out of 5
Bankrate Score

State Employees’ Credit Union savings overview

Opening a share savings account is a requirement to maintain membership with State Employees’ Credit Union. Luckily, the minimum balance requirement is low — $25. There’s also no monthly maintenance fee as long as you have a $25 balance at the end of the statement; otherwise only a $1 fee is assessed.

The APY, however, is low. You also can’t write checks or make ACH transfers from the account, though transactions can be made against the account from an ATM, online or at a branch. Unlike other types of accounts offered, funds in the share savings account can be used as collateral for loans from the credit union.

Pros

  • Checkmark

    The $25 minimum balance requirement is low.

  • Checkmark

    There’s no monthly fee, other than a $1 fee if your balance is under $25 at the end of a statement cycle.

  • Checkmark

    Funds can be used as collateral for loans.

Cons

  • Much higher rates on savings can be found elsewhere.

  • Members cannot write checks against or make ACH transfers from the account.

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

    State Employees’ Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/22/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $12 (after first two per year)
Non-sufficient funds fee $12 (after first two per year)
Account maintenance fees $1 for checking
Out-of-network ATM fee $0.75
Excessive transaction fee $0.20 per item after first 50 in a month

Customer experience

Customer service. State Employees’ Credit Union branches are open Monday through Friday, 8:30 a.m. to 5:30 p.m. There’s also a Member Services phone line that’s available 24/7. Other ways to get in touch with the credit union are by sending an email, sending a secure message online or accessing self-services on the mobile app.

Highly rated mobile app. The credit union’s mobile app is highly rated on both the Apple store and Google Play. With the app, members can transfer money, make payments toward loans, deposit checks, set up recurring bill payments and more.

Financial education. The credit union has several community outreach programs, including financial education programs that provide free financial management workshops for children and adults.

About State Employees' Credit Union

State Employees’ Credit Union was founded in 1937 with just 17 members and has since grown to become the second largest credit union in the United States with over 2.7 million members. It’s headquartered in Raleigh, North Carolina, and all of its nearly 300 branches are spread across the state. Membership is open to anyone who works in North Carolina or for an agency or department based in North Carolina.

How does State Employees' Credit Union compare to other banks?

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.