You are viewing savings rates across California

California Credit Union Savings Rates 2018

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.

CA - October 19, 2018

Savings Account National Average Rate: 0.17% ?

Credit UnionS APY Vs.
Nat'l
Av.
MIN MIN?
Patelco
Restrictions
2.00% 11.76x $2,001 -
Alliant
Restrictions
1.90% 11.18x $100 -
American Airlines
Restrictions
1.87% 11.00x $1 -
State Farm
Restrictions
1.76% 10.35x $5 -
Chevron
Restrictions
1.75% 10.29x $2,500 -
Star One
Restrictions
1.75% 10.29x $5 -
Self-help
Restrictions
1.71% 10.06x $500 -
F & A
Restrictions
1.21% 7.12x $2,500 -
Usc
Restrictions
1.10% 6.47x $10,000 -
Sierra Central
Restrictions
0.90% 5.29x $25,000 -
0.90% 5.29x $2,500 -
0.85% 5.00x $1 -
Sierra Central
Restrictions
0.85% 5.00x $25,000 -
0.80% 4.71x $25,000 -
Logix
Restrictions
0.80% 4.71x $25,000 -
0.80% 4.71x $20,000 -
0.75% 4.41x $10,000 -
0.75% 4.41x $25,000 -
Geico
Restrictions
0.75% 4.41x $25,000 -
Northrop Grumman
Restrictions
0.75% 4.41x $2,500 -
0.70% 4.12x $2,500 -
Logix
Restrictions
0.70% 4.12x $10,000 -
Geico
Restrictions
0.70% 4.12x $5,000 -
0.70% 4.12x $2,000 -
0.60% 3.53x $10,001 -
Sri
Restrictions
0.60% 3.53x $25,000 -
0.55% 3.24x $1 -
Sri
Restrictions
0.55% 3.24x $2,500 -
Schoolsfirst
Restrictions
0.55% 3.24x $25,000 -
Redwood
Restrictions
0.55% 3.24x $25,000 -
0.55% 3.24x $25,000 -
Sierra Central
Restrictions
0.55% 3.24x $10,000 -
Technology
Restrictions
0.55% 3.24x $25,000 -
Premier America
Restrictions
0.55% 3.24x $25,000 -
0.55% 3.24x $25,000 -
F & A
Restrictions
0.50% 2.94x $5 -
Logix
Restrictions
0.50% 2.94x $2,500 -
Desert Valleys
Restrictions
0.50% 2.94x $25,000 -
Unify Financial
Restrictions
0.50% 2.94x $10,000 -
Trugrocer
Restrictions
0.50% 2.94x $25,000 -
Partners
Restrictions
0.50% 2.94x $25,000 -
Chevron
Restrictions
0.50% 2.94x $25 -
0.50% 2.94x $25 -
Redwood
Restrictions
0.50% 2.94x $10,000 -
0.50% 2.94x $25,000 -
Travis
Restrictions
0.50% 2.94x $25,000 -
Patelco
Restrictions
0.50% 2.94x $10,001 -
0.50% 2.94x $2,500 -
Schools Financial
Restrictions
0.48% 2.82x $20,000 -
0.45% 2.65x $2,501 -
Ume
Restrictions
0.45% 2.65x $10,000 -
Desert Valleys
Restrictions
0.45% 2.65x $10,000 -
Sandia Laboratory
Restrictions
0.45% 2.65x $25,000 -
Unify Financial
Restrictions
0.45% 2.65x $2,500 -
0.45% 2.65x $10,000 -
Sierra Central
Restrictions
0.45% 2.65x $2,500 -
0.45% 2.65x $25,000 -
Premier America
Restrictions
0.45% 2.65x $2,500 -
Travis
Restrictions
0.45% 2.65x $25,000 -
0.45% 2.65x $25,000 -
Lassen County
Restrictions
0.40% 2.35x $25,000 -
Los Angeles
Restrictions
0.40% 2.35x $25,000 -
Burbank City
Restrictions
0.40% 2.35x $10,000 -
Desert Valleys
Restrictions
0.40% 2.35x $2,500 -
Sandia Laboratory
Restrictions
0.40% 2.35x $10,000 -
Sce
Restrictions
0.40% 2.35x $25,000 -
Ukrainian
Restrictions
0.40% 2.35x $25,000 -
Sri
Restrictions
0.40% 2.35x $1 -
Chabot
Restrictions
0.40% 2.35x $10,000 -
Partners
Restrictions
0.40% 2.35x $2,500 -
Schoolsfirst
Restrictions
0.40% 2.35x $10,000 -
Sacramento
Restrictions
0.40% 2.35x $25,000 -
0.40% 2.35x $10,000 -
Provident
Restrictions
0.40% 2.35x $10,000 -
0.40% 2.35x $2,500 -
0.40% 2.35x $25,000 -
Orange County's
Restrictions
0.40% 2.35x $25,000 -
Travis
Restrictions
0.40% 2.35x $7,500 -
Usc
Restrictions
0.40% 2.35x $10,000 -
Lbs Financial
Restrictions
0.40% 2.35x $25,000 -
Lassen County
Restrictions
0.35% 2.06x $10,000 -
Pasadena
Restrictions
0.35% 2.06x $10,000 -
Los Angeles
Restrictions
0.35% 2.06x $10,000 -
Burbank City
Restrictions
0.35% 2.06x $2,500 -
Sandia Laboratory
Restrictions
0.35% 2.06x $2,500 -
Trugrocer
Restrictions
0.35% 2.06x $2,500 -
Xceed Financial
Restrictions
0.35% 2.06x $10,000 -
0.35% 2.06x $10,000 -
San Mateo
Restrictions
0.35% 2.06x $20,000 -
0.35% 2.06x $25 -
0.35% 2.06x $10,000 -
0.35% 2.06x $25,000 -
Pacific Service
Restrictions
0.35% 2.06x $25,000 -
Wings Financial
Restrictions
0.35% 2.06x $5,000 -
0.35% 2.06x $25,000 -
Northrop Grumman
Restrictions
0.33% 1.94x $5 -
Energy One
Restrictions
0.30% 1.76x $25,000 -
Justice
Restrictions
0.30% 1.76x $25,000 -
0.30% 1.76x $5 -
Los Angeles
Restrictions
0.30% 1.76x $2,500 -
Partners 1st
Restrictions
0.30% 1.76x $25,000 -
Thinkwise
Restrictions
0.30% 1.76x $10,000 -
Ukrainian
Restrictions
0.30% 1.76x $2,500 -
Kings
Restrictions
0.30% 1.76x $10,000 -
0.30% 1.76x $25,000 -
Schoolsfirst
Restrictions
0.30% 1.76x $2,000 -
0.30% 1.76x $1,000 -
0.30% 1.76x $2,500 -
The Golden 1
Restrictions
0.30% 1.76x $10,000 -
Sacramento
Restrictions
0.30% 1.76x $10,000 -
San Mateo
Restrictions
0.30% 1.76x $10,000 -
Alta Vista
Restrictions
0.30% 1.76x $20,000 -
0.30% 1.76x $2,500 -
Keypoint
Restrictions
0.30% 1.76x $25,000 -
First Imperial
Restrictions
0.30% 1.76x $25,001 -
Technology
Restrictions
0.30% 1.76x $10,000 -
0.30% 1.76x $2,500 -
Usc
Restrictions
0.30% 1.76x $2,500 -
Lbs Financial
Restrictions
0.30% 1.76x $2,500 -
American First
Restrictions
0.30% 1.76x $10,000 -
0.30% 1.76x $10,000 -
Wings Financial
Restrictions
0.30% 1.76x $25,000 -
0.25% 1.47x $1 -
Justice
Restrictions
0.25% 1.47x $2,500 -
Pasadena
Restrictions
0.25% 1.47x $2,500 -
Star Usa
Restrictions
0.25% 1.47x $50,000 -
Logix
Restrictions
0.25% 1.47x $2,500 -
Ume
Restrictions
0.25% 1.47x $1,500 -
Alaska Usa
Restrictions
0.25% 1.47x $25,000 -
Thinkwise
Restrictions
0.25% 1.47x $2,500 -
Sce
Restrictions
0.25% 1.47x $1 -
Sun Community
Restrictions
0.25% 1.47x $25,000 -
Chabot
Restrictions
0.25% 1.47x $2,500 -
Xceed Financial
Restrictions
0.25% 1.47x $1,000 -
0.25% 1.47x $10,000 -
Noble
Restrictions
0.25% 1.47x $10,000 -
Arrowhead Central
Restrictions
0.25% 1.47x $25,000 -
Redwood
Restrictions
0.25% 1.47x $25,000 -
0.25% 1.47x $2,500 -
Sacramento
Restrictions
0.25% 1.47x $2,500 -
San Mateo
Restrictions
0.25% 1.47x $2,500 -
Keypoint
Restrictions
0.25% 1.47x $10,000 -
Self-help
Restrictions
0.25% 1.47x $100 -
0.25% 1.47x $2,500 -
Technology
Restrictions
0.25% 1.47x $2,500 -
0.25% 1.47x $1 -
Schools Financial
Restrictions
0.25% 1.47x $2,500 -
Pacific Service
Restrictions
0.25% 1.47x $2,500 -
Premier America
Restrictions
0.25% 1.47x $5 -
Travis
Restrictions
0.25% 1.47x $1 -
Alliance
Restrictions
0.25% 1.47x $2,500 -
0.25% 1.47x $25,000 -
Ventura County
Restrictions
0.25% 1.47x $25,000 -
American First
Restrictions
0.25% 1.47x $2,500 -
Pacific Marine
Restrictions
0.25% 1.47x $25,000 -
Premier One
Restrictions
0.25% 1.47x $10,000 -
0.25% 1.47x $2,500 -
0.25% 1.47x $10,000 -
0.25% 1.47x $5 -
Fme
Restrictions
0.24% 1.41x $2,000 -
Energy One
Restrictions
0.20% 1.18x $2,500 -
Lassen County
Restrictions
0.20% 1.18x $500 -
Tulare County
Restrictions
0.20% 1.18x $2,500 -
Nuvision
Restrictions
0.20% 1.18x $25,000 -
Inova
Restrictions
0.20% 1.18x $25,001 -
Sandia Laboratory
Restrictions
0.20% 1.18x $100 -
Alaska Usa
Restrictions
0.20% 1.18x $10,000 -
Partners 1st
Restrictions
0.20% 1.18x $5,000 -
Kings
Restrictions
0.20% 1.18x $1,000 -
0.20% 1.18x $2,500 -
Stanford
Restrictions
0.20% 1.18x $2,500 -
Menlo Survey
Restrictions
0.20% 1.18x $3,000 -
Scient
Restrictions
0.20% 1.18x $25,000 -
0.20% 1.18x $25,000 -
California
Restrictions
0.20% 1.18x $10,000 -
Redwood
Restrictions
0.20% 1.18x $2,500 -
Safe 1
Restrictions
0.20% 1.18x $25,000 -
Alta Vista
Restrictions
0.20% 1.18x $20,000 -
Merco
Restrictions
0.20% 1.18x $7,500 -
Keypoint
Restrictions
0.20% 1.18x $1,000 -
California Coast
Restrictions
0.20% 1.18x $25,000 -
Eagle Community
Restrictions
0.20% 1.18x $25,000 -
Sierra Central
Restrictions
0.20% 1.18x $1 -
Baxter
Restrictions
0.20% 1.18x $25,000 -
First Imperial
Restrictions
0.20% 1.18x $10,001 -
Safe
Restrictions
0.20% 1.18x $25,000 -
Silverado
Restrictions
0.20% 1.18x $25,000 -
Pacific Marine
Restrictions
0.20% 1.18x $10,000 -
Wings Financial
Restrictions
0.20% 1.18x $5,000 -
0.20% 1.18x $2,500 -
0.20% 1.18x $2,500 -
Schools Financial
Restrictions
0.18% 1.06x $1 -
Fme
Restrictions
0.15% 0.88x $5 -
Energy One
Restrictions
0.15% 0.88x $100 -
Lassen County
Restrictions
0.15% 0.88x $25 -
Nuvision
Restrictions
0.15% 0.88x $10,000 -
Lafayette
Restrictions
0.15% 0.88x $25,000 -
Star Usa
Restrictions
0.15% 0.88x $2,500 -
Los Angeles
Restrictions
0.15% 0.88x $1,000 -
La Financial
Restrictions
0.15% 0.88x $10,000 -
Kern Schools
Restrictions
0.15% 0.88x $25,000 -
Altaone
Restrictions
0.15% 0.88x $25,000 -
Tucoemas
Restrictions
0.15% 0.88x $20,000 -
Alaska Usa
Restrictions
0.15% 0.88x $2,500 -
Kern
Restrictions
0.15% 0.88x $10,000 -
Partners 1st
Restrictions
0.15% 0.88x $2,500 -
Sun Community
Restrictions
0.15% 0.88x $1 -
Clearpath
Restrictions
0.15% 0.88x $2,500 -
0.15% 0.88x $25,000 -
Bay
Restrictions
0.15% 0.88x $10,000 -
Menlo Survey
Restrictions
0.15% 0.88x $5 -
Mission
Restrictions
0.15% 0.88x $2,500 -
Smw 104
Restrictions
0.15% 0.88x $25,000 -
Scient
Restrictions
0.15% 0.88x $2,500 -
0.15% 0.88x $25 -
Noble
Restrictions
0.15% 0.88x $2,500 -
0.15% 0.88x $10,000 -
United Local
Restrictions
0.15% 0.88x $10,000 -
Arrowhead Central
Restrictions
0.15% 0.88x $1 -
California
Restrictions
0.15% 0.88x $2,500 -
0.15% 0.88x $25,000 -
Safe 1
Restrictions
0.15% 0.88x $10,000 -
The Golden 1
Restrictions
0.15% 0.88x $1 -
0.15% 0.88x $25,000 -
Uncle
Restrictions
0.15% 0.88x $25,000 -
Premier Community
Restrictions
0.15% 0.88x $25,000 -
Alta Vista
Restrictions
0.15% 0.88x $2,000 -
Merco
Restrictions
0.15% 0.88x $2,500 -
0.15% 0.88x $100 -
California Coast
Restrictions
0.15% 0.88x $25,000 -
Wescom Central
Restrictions
0.15% 0.88x $25,000 -
Eagle Community
Restrictions
0.15% 0.88x $10,000 -
Safe
Restrictions
0.15% 0.88x $10,000 -
Cabrillo
Restrictions
0.15% 0.88x $25,000 -
Orange County's
Restrictions
0.15% 0.88x $2,500 -
0.15% 0.88x $1,000 -
0.15% 0.88x $2,500 -
Usc
Restrictions
0.15% 0.88x $100 -
Lbs Financial
Restrictions
0.15% 0.88x $100 -
American First
Restrictions
0.15% 0.88x $500 -
Silverado
Restrictions
0.15% 0.88x $1,000 -
Pacific Marine
Restrictions
0.15% 0.88x $5 -
Wings Financial
Restrictions
0.15% 0.88x $1 -
Premier Community
Restrictions
0.13% 0.74x $25,000 -
Sce
Restrictions
0.12% 0.71x $250 -
Smw 104
Restrictions
0.12% 0.71x $10,000 -
Rancho
Restrictions
0.11% 0.65x $2,500 -
Point Loma
Restrictions
0.11% 0.65x $25,000 -
Yolo
Restrictions
0.10% 0.59x $10,000 -
Tulare County
Restrictions
0.10% 0.59x $25 -
Justice
Restrictions
0.10% 0.59x $2,500 -
Pentagon
Restrictions
0.10% 0.59x $10,000 -
Nuvision
Restrictions
0.10% 0.59x $5 -
Lafayette
Restrictions
0.10% 0.59x $50 -
Star Usa
Restrictions
0.10% 0.59x $10 -
Pacific Crest
Restrictions
0.10% 0.59x $10,000 -
Kern Schools
Restrictions
0.10% 0.59x $10,000 -
Burbank City
Restrictions
0.10% 0.59x $100 -
Ume
Restrictions
0.10% 0.59x $100 -
Inova
Restrictions
0.10% 0.59x $10,001 -
Sesloc
Restrictions
0.10% 0.59x $2,500 -
Desert Valleys
Restrictions
0.10% 0.59x $5 -
Altaone
Restrictions
0.10% 0.59x $1,000 -
Tucoemas
Restrictions
0.10% 0.59x $5,000 -
Alaska Usa
Restrictions
0.10% 0.59x $50 -
Kern
Restrictions
0.10% 0.59x $2,500 -
Geico
Restrictions
0.10% 0.59x $300 -
Thinkwise
Restrictions
0.10% 0.59x $2,501 -
Ukrainian
Restrictions
0.10% 0.59x $50 -
0.10% 0.59x $5 -
Bay
Restrictions
0.10% 0.59x $2,500 -
Mokelumne
Restrictions
0.10% 0.59x $100 -
Mission
Restrictions
0.10% 0.59x $1 -
Central Coast
Restrictions
0.10% 0.59x $25,000 -
Edwards
Restrictions
0.10% 0.59x $2,500 -
Smw 104
Restrictions
0.10% 0.59x $2,500 -
Unify Financial
Restrictions
0.10% 0.59x $5 -
Trugrocer
Restrictions
0.10% 0.59x $1 -
Partners
Restrictions
0.10% 0.59x $1 -
First California
Restrictions
0.10% 0.59x $250 -
Schoolsfirst
Restrictions
0.10% 0.59x $5 -
0.10% 0.59x $100 -
Noble
Restrictions
0.10% 0.59x $250 -
0.10% 0.59x $500 -
United Local
Restrictions
0.10% 0.59x $2,500 -
Arrowhead Central
Restrictions
0.10% 0.59x $2,000 -
Redwood
Restrictions
0.10% 0.59x $2,500 -
0.10% 0.59x $1 -
San Diego County
Restrictions
0.10% 0.59x $10,000 -
Safe 1
Restrictions
0.10% 0.59x $50 -
Sacramento
Restrictions
0.10% 0.59x $1,000 -
Altura
Restrictions
0.10% 0.59x $1 -
0.10% 0.59x $10,000 -
Uncle
Restrictions
0.10% 0.59x $10,000 -
Premier Community
Restrictions
0.10% 0.59x $1,000 -
Alta Vista
Restrictions
0.10% 0.59x $25 -
Merco
Restrictions
0.10% 0.59x $1 -
California Coast
Restrictions
0.10% 0.59x $2,500 -
Wescom Central
Restrictions
0.10% 0.59x $1 -
Eagle Community
Restrictions
0.10% 0.59x $2,500 -
0.10% 0.59x $25 -
Baxter
Restrictions
0.10% 0.59x $1 -
First Imperial
Restrictions
0.10% 0.59x $1,000 -
Safe
Restrictions
0.10% 0.59x $5 -
0.10% 0.59x $5 -
0.10% 0.59x $200 -
Pacific Service
Restrictions
0.10% 0.59x $2,500 -
Orange County's
Restrictions
0.10% 0.59x $100 -
Travis
Restrictions
0.10% 0.59x $100 -
Alliance
Restrictions
0.10% 0.59x $100 -
0.10% 0.59x $500 -
Ventura County
Restrictions
0.10% 0.59x $10,000 -
Premier One
Restrictions
0.10% 0.59x $50 -
0.10% 0.59x $1 -
Coasthills
Restrictions
0.10% 0.59x $5,000 -
Rancho
Restrictions
0.08% 0.47x $1,000 -
Provident
Restrictions
0.08% 0.47x $2,500 -
Valley First
Restrictions
0.08% 0.47x $2,500 -
0.07% 0.41x $25 -
Cabrillo
Restrictions
0.07% 0.41x $2,500 -
Mocse
Restrictions
0.06% 0.35x $25,000 -
Valley First
Restrictions
0.06% 0.35x $1,000 -
Pentagon
Restrictions
0.05% 0.29x $1 -
Pasadena
Restrictions
0.05% 0.29x $1 -
Lafayette
Restrictions
0.05% 0.29x $2,500 -
Star Usa
Restrictions
0.05% 0.29x $5 -
Pacific Crest
Restrictions
0.05% 0.29x $1,000 -
La Financial
Restrictions
0.05% 0.29x $1 -
Kern Schools
Restrictions
0.05% 0.29x $1,000 -
Kinecta
Restrictions
0.05% 0.29x $5 -
Tucoemas
Restrictions
0.05% 0.29x $250 -
Kern
Restrictions
0.05% 0.29x $2,500 -
Partners 1st
Restrictions
0.05% 0.29x $500 -
Sun Community
Restrictions
0.05% 0.29x $50 -
Bay
Restrictions
0.05% 0.29x $2,500 -
Mokelumne
Restrictions
0.05% 0.29x $500 -
Central Coast
Restrictions
0.05% 0.29x $10,000 -
Edwards
Restrictions
0.05% 0.29x $25 -
Smw 104
Restrictions
0.05% 0.29x $250 -
First Technology
Restrictions
0.05% 0.29x $5 -
Xceed Financial
Restrictions
0.05% 0.29x $100 -
Scient
Restrictions
0.05% 0.29x $5 -
0.05% 0.29x $25 -
United Local
Restrictions
0.05% 0.29x $2,000 -
California
Restrictions
0.05% 0.29x $100 -
San Diego County
Restrictions
0.05% 0.29x $100 -
0.05% 0.29x $10 -
San Mateo
Restrictions
0.05% 0.29x $50 -
0.05% 0.29x $100 -
Uncle
Restrictions
0.05% 0.29x $100 -
Keypoint
Restrictions
0.05% 0.29x $1 -
California Coast
Restrictions
0.05% 0.29x $50 -
Wescom Central
Restrictions
0.05% 0.29x $2,500 -
Eagle Community
Restrictions
0.05% 0.29x $100 -
Baxter
Restrictions
0.05% 0.29x $5 -
0.05% 0.29x $5 -
First Imperial
Restrictions
0.05% 0.29x $5 -
Point Loma
Restrictions
0.05% 0.29x $10,000 -
Meriwest
Restrictions
0.05% 0.29x $2,500 -
Cabrillo
Restrictions
0.05% 0.29x $1 -
Travis
Restrictions
0.05% 0.29x $1 -
Ventura County
Restrictions
0.05% 0.29x $25 -
0.05% 0.29x $100 -
Silverado
Restrictions
0.05% 0.29x $1,000 -
0.05% 0.29x $500 -
Patelco
Restrictions
0.05% 0.29x $1 -
Coasthills
Restrictions
0.05% 0.29x $5 -
Clearpath
Restrictions
0.04% 0.24x $1 -
Point Loma
Restrictions
0.04% 0.24x $1,000 -
0.04% 0.24x $5,000 -
Mocse
Restrictions
0.04% 0.21x $10,000 -
Yolo
Restrictions
0.03% 0.18x $100 -
0.03% 0.18x $500 -
Central Coast
Restrictions
0.03% 0.18x $2,500 -
Provident
Restrictions
0.03% 0.18x $5 -
Point Loma
Restrictions
0.03% 0.18x $2,500 -
Meriwest
Restrictions
0.03% 0.18x $100 -
Mocse
Restrictions
0.03% 0.15x $2,500 -
0.03% 0.15x $100 -
Pacific Crest
Restrictions
0.02% 0.12x $100 -
0.02% 0.12x $1 -
Central Coast
Restrictions
0.02% 0.12x $100 -
Inova
Restrictions
0.01% 0.06x $1 -
Monterey
Restrictions
0.01% 0.06x $250 -
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.


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

PRODUCT INFORMATION


Credit Union Savings Accounts 2018

Credit union savings accounts (also sometimes called share certificates or money market accounts) are savings vehicles that are offered by credit unions. Many Americans enjoy performing their banking transactions with credit unions as they are technically member-owned and may have branches close by. You will find a map with all credit unions that are close to you here. It is important to note that some credit unions do have limited fields of membership – you must be a resident of a certain area or have a family member who was employed by a certain company. Other credit unions will have fields of membership that are virtually open ended (eg. must love life, etc.). If you find a credit union that interests you because of a rate or a service or a location, but are unsure if you qualify for membership, it is often worth reaching out to the credit union to discuss the parameters of the field of membership and whether there may be other ways in which you may qualify for membership.

Unlike online banks and even many local banks, all but the largest credit unions often lack robust online banking features. If you are interested in online banking, be sure to ask your credit unions about the online and mobile services they offer.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.

NCUA Insurance

Most, but not all, credit unions listed on BestCashCow are insured by the National Credit Union Administration (NCUA). You should confirm that the credit union that you are working with is NCUA insured by visiting that institution’s BestCashCow page (NCUA coverage is detailed on the overview tab). The NCUA insures each named individual's deposits to $250,000 for all accounts at the credit union within ownership class. The rules are very similar, but not identical, to those for FDIC insurance. You should always stay within NCUA insurance limits.

BestCashCow strongly recommends that you deposit money only in NCUA insured credit unions and that you stay within insured limits. If you are considering depositing over $250,000 at a single NCUA-insured credit union across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.) you should use the NCUA’s Share Insurance Toolkit in order to be sure that you are not exceeding coverage limits.

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.

SAVINGS & CD CALCULATOR

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