Tuesday, 24 November 2020

Patelco Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Patelco Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts
06 Oct
10:31

Patelco Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Patelco Credit Union Tiered Savings

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

1.20%

CD Rates

Patelco Credit Union 12 – 17 Month CD

2.50%

American Express National Bank 18 Month CD

on American Express National Bank’s secure website

3.00%

CD Rates

Patelco Credit Union 36 – 47 Month CD

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Patelco Credit Union’s checking account options

magnifying glass

How Patelco Credit Union’s checking accounts compare

If you’re looking for a basic, no-frills checking account, Patelco Credit Union might work for you. The credit union’s Youth Checking and Free Checking accounts come with few strings, although it’d be even nicer if they nixed the ATM fees.

But if you’re looking for an interest-bearing checking account, it’s a bit of another story. Not only do its interest-bearing accounts come with monthly fees (and the hassle of meeting requirements to avoid them each month), but they also pay very low interest rates. If you’re in the market for a high-yielding checking account, we recommend one of these top online checking accounts instead.

Patelco Credit Union’s savings account options

magnifying glass

How Patelco Credit Union’s savings accounts compare

Patelco Credit Union touts its savings accounts as offering “above-market interest.” We don’t see how that’s true, considering that most of its savings accounts offer next-to-nothing interest rates, even when compared to the average savings account. If your priority is in earning the highest rates possible, you’d be better to skip these savings accounts for a high-yield online savings account.

We do like the fact that Patelco Credit Union offers a savings account for teens, and a Holiday Club Savings account. But, again, each has problems. The Holiday Club Savings account is plagued with early withdrawal fees, and there are no options for a kids’ savings account — only teens. You can find many other better accounts for your family and for holiday savings at other credit unions.

Patelco Credit Union’s CD rates

magnifying glass

How Patelco Credit Union’s CD rates compare

Patelco Credit Union offers rates that are slightly above the average rates being offered at other banking institutions. The credit union as of Sept. 17, 2018, was offering a higher promotional interest rate on 36- to 47-month CDs, and this is indeed a good rate.

If 36- to 47-month CDs are all you’ll ever need, and assuming that this interest rate stays the same, Patelco Credit Union might be a good choice. Otherwise, we suggest one of these other top-yielding CDs to maximize the amount of interest you get for your deposit.

Patelco Credit Union’s money market account option

magnifying glass

How Patelco Credit Union’s money market account compares

For smaller balances (less than $5,000), money market accounts don’t get much better than this. We adore the fact that this account offers the highest interest rates on the smallest balances. It’s not often that banks and credit unions seem interested in helping the little guy out, but this is one account that does. In fact, this account beats out many of our top picks for highest-yielding money market accounts.

What to do after you reach the $5,000 mark, when interest rates start falling in higher tiers, is your decision. You can certainly leave more than $5,000 in the account for the sake of simplicity. But if you want to earn the most return on your dollar, you may want to consider opening a money market account at another bank or credit union offering a higher interest rate at that point.

Patelco Credit Union’s IRA options

magnifying glass

How Patelco Credit Union’s IRA CD rates compare

Patelco Credit Union offers so-so rates on these IRA CD accounts. Often, banks and credit unions will offer higher rates on their IRA CDs as compared to their regular CDs, but that’s not the case at Patelco Credit Union. Thus, you can easily find better interest rates on other IRA CDs — an important thing, considering that it’s best to earn the most money possible on your deposit. That’s doubly true for retirement savings, of which most Americans have woefully little saved already.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Lindsay VanSomeren

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/patelco-credit-union/

« »

Szemere

Related Articles