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Patelco Credit Union is a solid choice if you want to keep all of your financial accounts under one roof — including banking, credit cards, loans, investments, and insurance. Members can earn competitive rates on certain CD terms with a low minimum deposit, and open a free checking account. However, the best credit unions offer much higher savings and money market rates.
Patelco Credit Union Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4.25 |
| Certificates | 4 |
| Money market account | 3.75 |
| Trustworthiness | 5 |
| Total | 4 |
Patelco Credit Union Pros and Cons
| Pros | Cons |
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Patelco Credit Union Regular Savings Account Rates
no monthly service fee
0.05%
$0
- No minimum opening deposit
- No monthly service fees
- ATM card is available
- Low interest rate
Patelco Credit Union members can earn competitive rates on certain CD terms, with a low $250 minimum deposit. However, the best credit unions offer much higher savings and money market account rates.
- 37 branches in Northern California
- 6,000 shared branches nationwide
- Anyone in the US can become a Patelco CU member by joining the Financial Fitness Association
- Other ways to become a member: Live, work, attend school, or worship in an eligible county or city in California; be enrolled or a graduate of the University of California Berkley, San Francisco State University, or California State University Easy Bay; be employed by one of 1,100+ Patelco sponsor companies; have a family member or roommate who is a current Patelco member; be the surviving spouse or child of a deceased employee-eligible member
- Dividends compound monthly
- Federally insured by the NCUA
The Patelco Credit Union Regular Savings Account pays 0.05% APY, which falls short of the national average savings account rate of 0.42% APY. In fact, some of the best high-yield savings accounts are paying up to 6.17% APY.
On the plus side, there is no monthly service fee and a $0 minimum deposit, and an ATM card is available.
Patelco offers two other savings accounts with the same interest rate and zero fees. The Kids Savings Account is a joint or custodial account for kids up to age 17. The Holiday Club Savings Account has a $20 minimum opening deposit, and you must deposit at least $20 per month to earn interest.
Patelco Credit Union Free Checking Account Overview
no monthly service fee
0.01%
$0
- No minimum opening deposit
- No monthly service fees
- No overdraft fees (Enroll in Instant BackUp for coverage on up to $500 in overdrafts)
- Early direct deposit
- $1.75 out-of-network ATM fee
- No refunds if an out-of-network ATM issuer charges you a fee
Patelco Credit Union members can earn competitive rates on certain CD terms, with a low $250 minimum deposit. However, the best credit unions offer much higher savings and money market account rates.
- 37 branches in Northern California
- 6,000 shared branches nationwide, plus shared ATM network
- Anyone in the US can become a Patelco CU member by joining the Financial Fitness Association
- Other ways to become a member: Live, work, attend school, or worship in an eligible county or city in California; be enrolled or a graduate of the University of California Berkley, San Francisco State University, or California State University Easy Bay; be employed by one of 1,100+ Patelco sponsor companies; have a family member or roommate who is a current Patelco member; be the surviving spouse or child of a deceased employee-eligible member
- Federally insured by the NCUA
The Patelco Credit Union Free Checking Account is a no-frills account with no monthly service fee and a $0 minimum deposit. With Patelco's early direct deposit, you can access your paycheck up to two days early.
Patelco offers three other checking accounts. The Plus Checking account has a $6.95 monthly fee, but you get perks like worldwide ATM rebates, automatic roundups, free credit monitoring, and roadside assistance. The Interest Checking account pays a low rate and charges a $5 monthly fee (unless you qualify to waive it).
The Student Checking account has no fees or minimums and a $200 limit on debit card transactions — plus a $100 daily ATM withdrawal limit — to help teens establish healthy banking habits.
Patelco Credit Union Share Certificate Rates
no monthly service fee
1.00% to 4.05%
$250
- High rates on certain terms
- Low minimum deposit
- Standard-to-low early withdrawal penalties
- Low rates on most terms
- Dividends compound monthly for terms longer than 12 months; compound at maturity for shorter terms
Patelco Credit Union members can earn competitive rates on certain CD terms, with a low $250 minimum deposit. However, the best credit unions offer much higher savings and money market account rates.
- 37 branches in Northern California
- 6,000 shared branches nationwide
- Anyone in the US can become a Patelco CU member by joining the Financial Fitness Association
- Other ways to become a member: Live, work, attend school, or worship in an eligible county or city in California; be enrolled or a graduate of the University of California Berkley, San Francisco State University, or California State University Easy Bay; be employed by one of 1,100+ Patelco sponsor companies; have a family member or roommate who is a current Patelco member; be the surviving spouse or child of a deceased employee-eligible member
- Terms range from 3 months to 5 years
- Early withdrawal penalties: 90 days of dividends for terms under 48 months; 180 days of dividends for terms of 48 months or longer
- Dividends compound monthly for terms longer than 12 months, and at maturity for shorter terms
- Federally insured by the NCUA
Patelco offers a selection of standard and IRA CDs with terms of three to 60 months. They're referred to as "share certificates," which are what credit unions call CDs.
There's a $250 minimum deposit to open an account. Dividends compound monthly for certificate terms longer than 12 months and at maturity for shorter terms. You'll pay an early withdrawal penalty equal to 90 days of interest for certificate terms up to 47 months, and 180 days for longer terms. These penalties are more forgiving than what you might pay elsewhere.
Patelco Credit Union Money Market Select Account Rates
no monthly service fee
0.15% to 2.00%
$1
- $1 minimum opening deposit
- No monthly service fees
- 3 free checks per month
- Relatively low interest rates
- $1.75 out-of-network ATM fee
- No refunds if an out-of-network ATM issuer charges you a fee
Patelco Credit Union members can earn competitive rates on certain CD terms, with a low $250 minimum deposit. However, the best credit unions offer much higher savings and money market account rates.
- 37 branches in Northern California
- 6,000 shared branches nationwide, plus shared ATM network
- Anyone in the US can become a Patelco CU member by joining the Financial Fitness Association
- Other ways to become a member: Live, work, attend school, or worship in an eligible county or city in California; be enrolled or a graduate of the University of California Berkley, San Francisco State University, or California State University Easy Bay; be employed by one of 1,100+ Patelco sponsor companies; have a family member or roommate who is a current Patelco member; be the surviving spouse or child of a deceased employee-eligible member
- Reverse-tiered interest rates: Earn a lower APY on higher balances
- Dividends compound monthly
- Federally insured by the NCUA
The Patelco Credit Union Money Market Select Account dividends are paid at tiered rates based on your balance. You'll earn the best rate on the first $2,000 and lower rates above that. You can write up to three checks per month and make unlimited deposits, but you're limited to six withdrawals or transfers per month.
Patelco's Money Market Plus Account pays a higher rate and has no account fees or opening deposit requirements. However, you must also have a Patelco checking account and make at least $500 in recurring monthly deposits to qualify for the rate.
About Patelco Credit Union
Patelco offers a broad range of financial products and services, including bank accounts, credit cards, loans, insurance, and investment accounts. It serves communities across Northern California and the employees of over 1,100 businesses.
You can join Patelco either by meeting the residency or work criteria. Anyone in the US can join by becoming a member of the Financial Fitness Association (and Patelco will pay for your first year of FFA membership).
Members can access 37 Patelco branches in Northern California (including the Bay Area, Sacramento, and San Jose) and over 6,000 shared-service branches nationwide for in-person banking and support. Members can also bank via Patelco's online and mobile app platforms.
Patelco's virtual branch (where you meet with a Patelco team member via Zoom) is open weekdays from 10 a.m. to 5 p.m. PT and Saturdays from 10 a.m. to 2 p.m. Physical branch hours vary by location, but you can reach a live person via phone or chat on weekdays from 9 a.m. to 5 p.m. PT.
The Patelco mobile banking app has received 4.8 out of 5 stars in the Apple store and 4.5 out of 5 stars in the Google Play store.
Patelco is an NCUA-member credit union, so your deposits are insured for up to $250,000, or $500,000 if you have a joint account.
How to Join Patelco Credit Union
When you join Patelco, you become a member and a shareholder. Membership in Patelco is open to anyone meeting at least one of the following criteria:
- Live, work, attend school, or worship in an eligible county or city in California
- Be enrolled or a graduate of the University of California Berkley, San Francisco State University, or California State University Easy Bay
- Be employed by one of 1,100+ Patelco sponsor companies
- Have a family member or roommate who is a current Patelco member
- Be the surviving spouse or child of a deceased employee-eligible member
- Become a member of the Financial Fitness Association (Anyone in the US can join the FFA and become a member of Patelco; the credit union will cover the cost of your first year of FFA membership)
Is Patelco Credit Union Trustworthy?
The Better Business Bureau gives Patelco Credit Union an A rating. BBB grades range from F to A+ — Patelco has an A due to over 50 customer complaints on the BBB website. A strong BBB rating indicates a company responds to customer complaints, has transparent business practices, and makes truthful advertising claims.
According to the Identity Theft Resource Center, Patelco had two data breaches within the last five years. The breaches were reported in 2023 and involved ATMs that were tampered with to expose customer details. Meanwhile, the Consumer Financial Protection Bureau hasn't received any complaints about Patelco in the past 10 years.
Patelco Credit Union FAQs
Patelco Credit Union was founded in 1936 by several Pacific Telephone and Telegraph Company employees; its name stems from that company's name.
Yes, you can receive, request, and send money through Zelle with a Patelco online account or the Patelco mobile app.
Deposits at Patelco are insured in accordance with NCUA guidelines. In terms of financial health, the credit union's deposits continue to grow despite the uncertainty elsewhere, according to a message from Patelco president and CEO Erin Mendez. Additionally, Patelco's liquidity position and capital position remain strong at over 10%, and it remains well-capitalized.
Yes, Patelco is a legitimate credit union. It was established in 1936 and is one of the nation's oldest and largest credit unions. Deposits held at Patelco are federally insured by the National Credit Union Administration (NCUA) for $250,000 per share owner, per account ownership category.
How Patelco Credit Union Compares
Patelco Credit Union vs. Chase Bank
Patelco and Chase Bank both offer a broad range of financial services, including personal banking, credit cards, loans, and investment accounts, making each a good option for one-stop banking. Patelco pays a slightly higher savings rate, but you won't earn much on your savings either way.
Patelco generally has lower (and fewer) fees than Chase, which charges monthly service fees for checking and savings accounts unless you qualify to waive them. Patelco also comes ahead with better CD rates on most terms. Chase CD rates range from 0.01% to 4.75% (vary by location) APY, but you need a linked Chase checking account and a minimum $100,000 deposit to get the highest rate.
Chase has a bigger footprint than Patelco, with more than 4,700 branches and 15,000+ fee-free ATMs, making it easier to get in-person help or make free ATM withdrawals. Chase also has exceptional mobile app ratings from millions of users.
Overall, you may prefer Patelco if you want fewer fees and lower minimum deposits. Chase might be a better option if you want a more extensive network of physical branches and ATMs or a more robust mobile app.
Patelco Credit Union vs. Bank of America
Bank of America savings rates are 0.01% to 0.04% APY versus Patelco's 0.05% APY. Both rates are so low that they likely won't be a deciding factor.
Patelco comes out ahead with lower fees (you have to meet specific requirements to waive monthly service fees at Bank of America). Bank of America offers slightly higher CD rates, but the minimum deposit is $1,000 — it's only $250 at Patelco.
Bank of America has a larger presence than Patelco, with about 4,000 branches and 15,000 fee-free ATMs. It also has a highly rated mobile app, with positive ratings from millions of users.
Ultimately, you might prefer Patelco to lock in lower fees (without jumping through hoops) and lower minimum deposits. Bank of America might be a better fit if you want access to in-person banking across the US.
Why You Should Trust Us: How We Reviewed Patelco Credit Union
At Personal Finance Insider, we rate bank accounts on a scale from one to five stars, with five being the most favorable. For our Patelco Credit Union review, we used Personal Finance Insider's rating methodology for savings accounts and rating methodology for certificates of deposits.
We generally look at customer support, mobile app ratings, and the company's ethics, including recent public scandals and Better Business Bureau (BBB) ratings. Other factors we examine depend on the type of account we're reviewing. For example, we consider overdraft and ATM fees for checking accounts, and early withdrawal penalties for CDs.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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