Best Credit Union Savings and Money Market Rates in Oakland, California, CA June 15, 2025

You are viewing savings rates from credit unions in Oakland, California

Credit Unions can offer savings and money market rates that are competitive not only with local banks, but also sometimes with the best rates at online savings banks. The table below lists the best rates at credit unions near you. If you click on the credit union’s name, you’ll be taken to more information about its locations and operations.

Oakland, CA - June 15, 2025

Savings Account National Average Rate: 0.45% ^?

Credit Unions	APY	MIN
Chevron Chevron Branch Restrictions	7.00%	$25	Learn More Add Review
Travis Richmond Branch Restrictions	4.00% 2.60% 2.45% 1.75% 0.75%	$0 $100,000 $25,000 $1,000 $3,000	Learn More Add Review
Spectrum Spectrum Branch	4.00% 3.90% 3.75%	$0 $50,000 $2,500	Learn More Add Review
Rate History: 0.75% → 4.00%
Chevron Chevron Branch Restrictions	3.60% 3.50% 3.40% 0.75%	$100,000 $25,000 $2,500 $0	Learn More Add Review
Rate History: 3.75% → 4.00% → 3.60%
Self-help Cpmc Davies Branch Restrictions	3.32%	$500	Learn More
northcape5 \| Sep 27, 2016 why have you not updated your rates Read More Reviews (1)
Safeamerica Genentech Branch Restrictions	3.10% 1.10% 0.60% 0.55% 0.50% 0.40% 0.30%	$0 $2,001 $5,001 $10,001 $100,000 $25,000 $2,500	Learn More Add Review
Blupeak Branch #6 Berkeley Restrictions	2.50%	$200	Learn More Add Review
Rate History: 5.33% → 5.00% → 3.75% → 2.75% → 2.50%
Navy Federal Credit Union Navy Federal Credit Branch Restrictions	2.25% 2.05% 1.85% 1.65% 1.50% 1.10% 1.06% 0.95%	$1,000,000 $500,000 $250,000 $100,000 $50,000 $25,000 $10,000 $2,500	Learn More
Amanda Frank \| Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... Read More Reviews (19)
American Airlines American Airlines Branch Restrictions	2.02%	$5	Learn More
jose \| Jun 12, 2017 five star......great location...fast service Read More Reviews (1)
Stanford Stanford Branch Restrictions	1.81%	$2,500	Learn More Add Review
Technology Palo Alto Financial Center Branch Restrictions	1.00% 0.85% 0.50%	$50,000 $25,000 $2,500	Learn More Add Review
The Golden 1 Ucsf Branch Restrictions	1.00%	$10,000	Learn More Add Review
Meriwest Meriwest Branch Restrictions	0.90%	$10,000	Learn More Add Review
Unify Financial San Bruno Branch Restrictions	0.75% 0.70% 0.65% 0.60%	$100,000 $50,000 $10,000 $2,500	Learn More
dapatton@pacbell.net \| May 12, 2016 19 what, years or months Read More Reviews (1)
Spectrum Spectrum Branch	0.75%	$25	Learn More Add Review
Meriwest Meriwest Branch Restrictions	0.65%	$10,000	Learn More Add Review
1st Northern California Richmond Branch Restrictions	0.55%	$25,000	Learn More Add Review
1st Northern California Richmond Branch Restrictions	0.50%	$2,500	Learn More Add Review
Farmers Insurance Group Farmers Insurance Gr Branch Restrictions	0.50% 0.45% 0.40% 0.35% 0.30%	$100,000 $50,000 $25,000 $10,000 $0	Learn More Add Review
Rate History: 0.60% → 0.50%
Sri Main Office Branch Restrictions	0.50%	$2,500	Learn More Add Review
Chabot Chabot Branch Restrictions	0.50%	$10,000	Learn More Add Review
Meriwest Meriwest Branch Restrictions	0.50%	$10,000	Learn More Add Review
Provident Provident Branch Restrictions	0.41% 0.31% 0.21% 0.08%	$125,000 $75,000 $25,000 $0	Learn More Add Review
Pacific Service Pacific Service Branch Restrictions	0.40%	$25,000	Learn More Add Review
Chabot Chabot Branch Restrictions	0.35%	$2,500	Learn More Add Review
Smw 104 Smw 104 Fcu Branch Restrictions	0.30%	$25,000	Learn More
Gdanalynn \| Dec 17, 2022 Let me start by saying, this is a garbage institution. They do not carry cash at all. You have to go to another bank to withdraw the cash from your own account. What is the point of having an account here?... Read More Reviews (1)
San Mateo San Mateo Branch Restrictions	0.30%	$2,500	Learn More
Evelyn Navarro \| Aug 21, 2020 What is San Mateo's SWIFT code? Read More Reviews (1)
Menlo Survey Menlo Survey Fcu Branch Restrictions	0.30%	$10,000	Learn More Add Review
Self-help Cpmc Davies Branch Restrictions	0.30% 0.10%	$100 $25	Learn More
northcape5 \| Sep 27, 2016 why have you not updated your rates Read More Reviews (1)
Pacific Service Pacific Service Branch Restrictions	0.30%	$2,500	Learn More Add Review
Operating Engineers Local Union #3 Burlingame Branch Restrictions	0.30%	$10,000	Learn More Add Review
Smw 104 Smw 104 Fcu Branch Restrictions	0.28%	$10,000	Learn More
Gdanalynn \| Dec 17, 2022 Let me start by saying, this is a garbage institution. They do not carry cash at all. You have to go to another bank to withdraw the cash from your own account. What is the point of having an account here?... Read More Reviews (1)
Provident Provident Branch Restrictions	0.26% 0.16% 0.11%	$100,000 $50,000 $10,000	Learn More Add Review
Smw 104 Smw 104 Fcu Branch Restrictions	0.25%	$2,500	Learn More
Gdanalynn \| Dec 17, 2022 Let me start by saying, this is a garbage institution. They do not carry cash at all. You have to go to another bank to withdraw the cash from your own account. What is the point of having an account here?... Read More Reviews (1)
Pasadena Evault Branch Restrictions	0.25%	$10,000	Learn More Add Review
Keypoint Keypoint Branch Restrictions	0.25%	$10,000	Learn More
mjohnellis \| Nov 4, 2018 HSA account only earns .25% on any balance. Read More Reviews (1)
Sri Main Office Branch Restrictions	0.25%	$25,000	Learn More Add Review
Star Usa Restrictions	0.25%	$50,000	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Travis Richmond Branch Restrictions	0.25% 0.15% 0.10% 0.05%	$100 $10,000 $5,000 $200	Learn More Add Review
Operating Engineers Local Union #3 Burlingame Branch Restrictions	0.25%	$2,500	Learn More Add Review
Navy Federal Credit Union Navy Federal Credit Branch Restrictions	0.25%	$5	Learn More
Amanda Frank \| Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... Read More Reviews (19)
Technology Palo Alto Financial Center Branch Restrictions	0.20%	$25	Learn More Add Review
Meriwest Meriwest Branch Restrictions	0.20%	$2,500	Learn More Add Review
Edu Restrictions	0.20%	$0	Learn More Add Review
The Golden 1 Ucsf Branch Restrictions	0.20% 0.10% 0.05%	$100,000 $10,000 $1	Learn More Add Review
Pasadena Evault Branch Restrictions	0.15%	$2,500	Learn More Add Review
1st United Services 1st United Services Branch Restrictions	0.15%	$25,000	Learn More Add Review
Sri Main Office Branch Restrictions	0.15%	$2,500	Learn More Add Review
Star Usa Restrictions	0.15%	$2,500	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
1st Northern California Richmond Branch Restrictions	0.15%	$2,500	Learn More Add Review
Smw 104 Smw 104 Fcu Branch Restrictions	0.13%	$2,500	Learn More
Gdanalynn \| Dec 17, 2022 Let me start by saying, this is a garbage institution. They do not carry cash at all. You have to go to another bank to withdraw the cash from your own account. What is the point of having an account here?... Read More Reviews (1)
Cooperative Center Main Branch Restrictions	0.11%	$10,000	Learn More Add Review
1st United Services 1st United Services Branch Restrictions	0.10%	$2,500	Learn More Add Review
Excite Alliance Branch Restrictions	0.10%	$2,500	Learn More Add Review
Menlo Survey Menlo Survey Fcu Branch Restrictions	0.10%	$2,500	Learn More Add Review
Keypoint Keypoint Branch Restrictions	0.10%	$2,500	Learn More
mjohnellis \| Nov 4, 2018 HSA account only earns .25% on any balance. Read More Reviews (1)
Star Usa Restrictions	0.10%	$10	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Stanford Stanford Branch Restrictions	0.10%	$0	Learn More Add Review
Unify Financial San Bruno Branch Restrictions	0.10%	$5	Learn More
dapatton@pacbell.net \| May 12, 2016 19 what, years or months Read More Reviews (1)
Uncle Pleasanton Branch Restrictions	0.09%	$25,000	Learn More Add Review
Uncle Pleasanton Branch Restrictions	0.08%	$10,000	Learn More Add Review
Uncle Pleasanton Branch Restrictions	0.07%	$2,500	Learn More Add Review
Utility District Branch Office Restrictions	0.05%	$2,500	Learn More Add Review
San Mateo San Mateo Branch Restrictions	0.05%	$2,500	Learn More
Evelyn Navarro \| Aug 21, 2020 What is San Mateo's SWIFT code? Read More Reviews (1)
Pasadena Evault Branch Restrictions	0.05%	$2,500	Learn More Add Review
Cooperative Center Main Branch Restrictions	0.05%	$2,500	Learn More Add Review
1st United Services 1st United Services Branch Restrictions	0.05%	$2,500	Learn More Add Review
Excite Alliance Branch Restrictions	0.05%	$2,500	Learn More Add Review
Star Usa Restrictions	0.05%	$5	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Pacific Service Pacific Service Branch Restrictions	0.05%	$2,500	Learn More Add Review
Operating Engineers Local Union #3 Burlingame Branch Restrictions	0.05%	$2,500	Learn More Add Review
Safeamerica Genentech Branch Restrictions	0.05%	$200	Learn More Add Review
Farmers Insurance Group Farmers Insurance Gr Branch Restrictions	0.05%	$0	Learn More Add Review
Rate History: 0.20% → 0.10% → 0.05%
Uncle Pleasanton Branch Restrictions	0.04%	$2,500	Learn More Add Review
Provident Provident Branch Restrictions	0.03%	$5	Learn More Add Review
San Francisco Fire Pacifica Branch Restrictions	0.02%	$2,500	Learn More Add Review
Edu Restrictions	0.01%	$1	Learn More Add Review
Blupeak Branch #6 Berkeley Restrictions	0.00%	$0	Learn More Add Review

All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.

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Branches Info around Oakland, CA - June 15, 2025

Branch	Street	City	State
CHEVRON Chevron Chevron Branch	50 Fremont St, Suite 130	San Francisco	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
SPECTRUM Spectrum Spectrum Branch	50 Beale Street	San Francisco	CA
SPECTRUM Spectrum Spectrum Branch	50 Beale Street	San Francisco	CA
SPECTRUM Spectrum Spectrum Branch	50 Beale Street	San Francisco	CA
CHEVRON Chevron Chevron Branch	50 Fremont St, Suite 130	San Francisco	CA
CHEVRON Chevron Chevron Branch	50 Fremont St, Suite 130	San Francisco	CA
CHEVRON Chevron Chevron Branch	50 Fremont St, Suite 130	San Francisco	CA
SELF-HELP Cpmc Davies Cpmc Davies Branch	45 Castro St Fl B	San Francisco	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
BLUPEAK Branch #6 Berkeley Branch #6 Berkeley	2350 Shattuck Ave	Berkeley	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
AMERICAN AIRLINES American Airlines American Airlines Branch	1 SF Intn’l Airport	San Francisco	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
STANFORD Stanford Stanford Branch	300 Pasteur Drive, Stanford, Room HH013	Stanford	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
TECHNOLOGY Palo Alto Financial Center Palo Alto Financial Center Branch	490 S California Ave	Palo Alto	CA
THE GOLDEN 1 Ucsf Ucsf Branch	500 Parnassus Ave	San Francisco	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
MERIWEST Meriwest Meriwest Branch	1100 Park Place, Suite 60	San Mateo	CA
TECHNOLOGY Palo Alto Financial Center Palo Alto Financial Center Branch	490 S California Ave	Palo Alto	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
UNIFY FINANCIAL San Bruno San Bruno Branch	851 Cherry Ave	San Bruno	CA
SPECTRUM Spectrum Spectrum Branch	50 Beale Street	San Francisco	CA
CHEVRON Chevron Chevron Branch	50 Fremont St, Suite 130	San Francisco	CA
UNIFY FINANCIAL San Bruno San Bruno Branch	851 Cherry Ave	San Bruno	CA
MERIWEST Meriwest Meriwest Branch	1100 Park Place, Suite 60	San Mateo	CA
UNIFY FINANCIAL San Bruno San Bruno Branch	851 Cherry Ave	San Bruno	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
UNIFY FINANCIAL San Bruno San Bruno Branch	851 Cherry Ave	San Bruno	CA
1ST NORTHERN CALIFORNIA Richmond Richmond Branch	2500 Nevin Ave	Richmond	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
1ST NORTHERN CALIFORNIA Richmond Richmond Branch	2500 Nevin Ave	Richmond	CA
FARMERS INSURANCE Farmers Insurance Gr Farmers Insurance Gr Branch	4460 Rosewood Dr. #6	Pleasanton	CA
TECHNOLOGY Palo Alto Financial Center Palo Alto Financial Center Branch	490 S California Ave	Palo Alto	CA
SRI Main Office Main Office Branch	333 RAVENSWOOD AVE	MENLO PARK	CA
CHABOT Chabot Chabot Branch	7080 Donlon Way, Ste 100	Dublin	CA
MERIWEST Meriwest Meriwest Branch	1100 Park Place, Suite 60	San Mateo	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
FARMERS INSURANCE Farmers Insurance Gr Farmers Insurance Gr Branch	4460 Rosewood Dr. #6	Pleasanton	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
FARMERS INSURANCE Farmers Insurance Gr Farmers Insurance Gr Branch	4460 Rosewood Dr. #6	Pleasanton	CA
PACIFIC SERVICE Pacific Service Pacific Service Branch	25 Beale St	San Francisco	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
FARMERS INSURANCE Farmers Insurance Gr Farmers Insurance Gr Branch	4460 Rosewood Dr. #6	Pleasanton	CA
CHABOT Chabot Chabot Branch	7080 Donlon Way, Ste 100	Dublin	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
SMW 104 Smw 104 Fcu Smw 104 Fcu Branch	1750 Abram Ct	San Leandro	CA
MONTERRA San Mateo San Mateo Branch	415 Westlake Center	Daly City	CA
MENLO SURVEY Menlo Survey Fcu Menlo Survey Fcu Branch	345 Middlefield Rd	Menlo Park	CA
SELF-HELP Cpmc Davies Cpmc Davies Branch	45 Castro St Fl B	San Francisco	CA
FARMERS INSURANCE Farmers Insurance Gr Farmers Insurance Gr Branch	4460 Rosewood Dr. #6	Pleasanton	CA
PACIFIC SERVICE Pacific Service Pacific Service Branch	25 Beale St	San Francisco	CA
OPERATING ENGINEERS LOCAL UNION #3 Burlingame Branch Burlingame Branch	828 Mahler Rd Ste A	Burlingame	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
SMW 104 Smw 104 Fcu Smw 104 Fcu Branch	1750 Abram Ct	San Leandro	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
SMW 104 Smw 104 Fcu Smw 104 Fcu Branch	1750 Abram Ct	San Leandro	CA
PASADENA Evault Evault Branch	201 3rd St	San Francisco	CA
KEYPOINT Keypoint Keypoint Branch	6130 Stoneridge Mall Road, Suite 190	Pleasanton	CA
SRI Main Office Main Office Branch	333 RAVENSWOOD AVE	MENLO PARK	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
OPERATING ENGINEERS LOCAL UNION #3 Burlingame Branch Burlingame Branch	828 Mahler Rd Ste A	Burlingame	CA
NAVY FEDERAL CREDIT UNION Navy Federal Credit Navy Federal Credit Branch	1650 Lake Del Monte Drive	Monterey	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
TECHNOLOGY Palo Alto Financial Center Palo Alto Financial Center Branch	490 S California Ave	Palo Alto	CA
MERIWEST Meriwest Meriwest Branch	1100 Park Place, Suite 60	San Mateo	CA
THE GOLDEN 1 Ucsf Ucsf Branch	500 Parnassus Ave	San Francisco	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
PASADENA Evault Evault Branch	201 3rd St	San Francisco	CA
1ST UNITED 1st United Services 1st United Services Branch	468 3rd Street	Oakland	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
SRI Main Office Main Office Branch	333 RAVENSWOOD AVE	MENLO PARK	CA
1ST NORTHERN CALIFORNIA Richmond Richmond Branch	2500 Nevin Ave	Richmond	CA
SMW 104 Smw 104 Fcu Smw 104 Fcu Branch	1750 Abram Ct	San Leandro	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
COOPERATIVE CENTER Main Branch Main Branch	2001 Ashby Ave	Berkeley	CA
1ST UNITED 1st United Services 1st United Services Branch	468 3rd Street	Oakland	CA
EXCITE Alliance Alliance Branch	39174 Argonaut Way	Fremont	CA
MENLO SURVEY Menlo Survey Fcu Menlo Survey Fcu Branch	345 Middlefield Rd	Menlo Park	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
KEYPOINT Keypoint Keypoint Branch	6130 Stoneridge Mall Road, Suite 190	Pleasanton	CA
STANFORD Stanford Stanford Branch	300 Pasteur Drive, Stanford, Room HH013	Stanford	CA
THE GOLDEN 1 Ucsf Ucsf Branch	500 Parnassus Ave	San Francisco	CA
UNIFY FINANCIAL San Bruno San Bruno Branch	851 Cherry Ave	San Bruno	CA
SELF-HELP Cpmc Davies Cpmc Davies Branch	45 Castro St Fl B	San Francisco	CA
UNCLE Pleasanton Branch Pleasanton Branch	1987 Santa Rita Rd Ste A	PLEASANTON	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
UNCLE Pleasanton Branch Pleasanton Branch	1987 Santa Rita Rd Ste A	PLEASANTON	CA
UNCLE Pleasanton Branch Pleasanton Branch	1987 Santa Rita Rd Ste A	PLEASANTON	CA
UTILITY DISTRICT Branch Office Branch Office	2130 ADELINE ST	OAKLAND	CA
MONTERRA San Mateo San Mateo Branch	415 Westlake Center	Daly City	CA
PASADENA Evault Evault Branch	201 3rd St	San Francisco	CA
COOPERATIVE CENTER Main Branch Main Branch	2001 Ashby Ave	Berkeley	CA
1ST UNITED 1st United Services 1st United Services Branch	468 3rd Street	Oakland	CA
EXCITE Alliance Alliance Branch	39174 Argonaut Way	Fremont	CA
PACIFIC SERVICE Pacific Service Pacific Service Branch	25 Beale St	San Francisco	CA
TRAVIS Richmond Richmond Branch	3300 Klose Way Ste A	Richmond	CA
THE GOLDEN 1 Ucsf Ucsf Branch	500 Parnassus Ave	San Francisco	CA
OPERATING ENGINEERS LOCAL UNION #3 Burlingame Branch Burlingame Branch	828 Mahler Rd Ste A	Burlingame	CA
SAFEAMERICA Genentech Branch Genentech Branch	1511 Grandview Dr Bldg 34	South San Francisco	CA
FARMERS INSURANCE Farmers Insurance Gr Farmers Insurance Gr Branch	4460 Rosewood Dr. #6	Pleasanton	CA
UNCLE Pleasanton Branch Pleasanton Branch	1987 Santa Rita Rd Ste A	PLEASANTON	CA
PROVIDENT Provident Provident Branch	2171 Junipero Serra Blvd., Ste. 150	Daly City	CA
SAN FRANCISCO FIRE Pacifica Pacifica Branch	1220 Linda Mar Blvd	Pacifica	CA
BLUPEAK Branch #6 Berkeley Branch #6 Berkeley	2350 Shattuck Ave	Berkeley	CA

BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

FREQUENTLY ASKED QUESTIONS ABOUT CREDIT UNIONS

Why are credit union rates sometimes better than those from local and online banks?

The core difference between banks and credit unions is true regardless of size: Credit unions are nonprofits owned by the members, while banks are for-profit organizations. Credit unions can therefore sometimes pass along their profits in the form of lower rates (or better loan terms). Banks have some flexibility when competition forces it, but have to deliver an expected return on capital to their owners.

Is customer service better at credit unions that local banks or online banks?

Credit unions have long surpassed commercial banks for customer satisfaction. But as membership grows, their lead is shrinking, at least when compared with smaller banks. It’s also worth noting that in recent years, several online-only banks have earned high marks for their customer-friendly service options and their transparent discussions of fees and rates. You may enjoy the local interaction with a credit union, but unless you are also getting a competitive rate, you may find that you best bet is to also have an online bank where you keep most of you money.

Is there any difference between a share certificate offered by a credit union and a savings or money market account offered by a bank?

The difference is mainly one of terminology, as increasingly is the difference between savings and money market accounts. Be sure to understand how to access you account. Look for no fees so long as certain balances are maintained, easy liquidity and ability to transfer your money to your accounts at other institutions, including ACH transfers to online banks.

Do Credit Unions lack technology that banks have?

As technology becomes a larger part of our everyday lives, customers rely on the ability to bank online or through a mobile device, such as an iPhone. Although credit unions are making the effort to keep pace with new financial technologies, they are still trailing banks (especially the leading online banks) on this front. Several third party platforms for online banking and mobile banking are increasingly being adopted throughout the banking industry, and credit unions will likely begin to adopt these as well, which should narrow or remove the gap between them and banks.

Is my money any less safe?

As long as your credit union is NCUA insured and you stay within the NCUA limits, As long as your credit union is NCUA insured and you stay within the NCUA limits, your money is no less safe than it would be in an FDIC-insured bank.

Should I consider time deposits?

Time deposits are the credit union’s term for certificates of deposit, but, aside from slightly different terminology, are virtually the same product. Time deposits have less liquidity, but if you are unlikely to require access to your cash for some time, you may be able to significantly augment your rate of return and the growth of your capital. Since unforeseen circumstances do arise, it is important to understand the early withdrawal fees that may even eat into your principal, and early withdrawal is often entirely at the credit union’s discretion. BestCashCow compiles all rates of all credit unions near you. Access this information here. You should also familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

5 POINT CHECKLIST OF THINGS THAT MAKE CREDIT UNIONS GREAT

Rates are often better than savings and CD rates at local banks. Borrowing rates are sometimes lower too.
Members are Owners of a nonprofit. When you open an account at a credit union, your account is actually a share and provides you voting rights. Since credit unions are run as non-profits, you aren’t going to get appreciation or dividends from your ownership. Instead, these institutions have the ultimate goal of providing their members better rates on loans and financial products. When a credit union makes a profit, it is used to provide better opportunities to the community that it serves.
Clerks work with you. Since credit unions are small and serve their owners, they try hard to keep them happy. Many credit unions have fans for life after a clerk stays late to complete loan documents, and giving pointers about avoiding fees.
Credit unions provide low-income and financially distressed individuals the chance to qualify for financing.
Credit unions often run special programs that enable people to save for the holidays (such as Christmas Clubs) or to help finance the cost of higher education and university.