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 - May 27, 2018

Savings Account National Average Rate: 0.16% ?

BANKS APY Vs.
Nat'l
Av.
MIN MIN?
Patelco
Restrictions
2.00% 12.74x $2,001 -
American Airlines
Restrictions
1.51% 9.62x $1 -
State Farm
Restrictions
1.51% 9.62x $5 -
Alliant
Restrictions
1.50% 9.55x $100 -
Self-help
Restrictions
1.44% 9.17x $500 -
Star One
Restrictions
1.40% 8.92x $5 -
Chevron
Restrictions
1.40% 8.92x $2,500 -
F & A
Restrictions
1.01% 6.43x $2,500 -
0.75% 4.78x $25,000 -
0.70% 4.46x $25,000 -
0.65% 4.14x $10,000 -
0.65% 4.14x $1 -
0.60% 3.82x $2,500 -
0.60% 3.82x $10,001 -
Logix
Restrictions
0.60% 3.82x $25,000 -
Sierra Central
Restrictions
0.55% 3.50x $25,000 -
0.55% 3.50x $2,500 -
Logix
Restrictions
0.55% 3.50x $10,000 -
0.55% 3.50x $1 -
Usc
Restrictions
0.50% 3.18x $10,000 -
Sierra Central
Restrictions
0.50% 3.18x $25,000 -
F & A
Restrictions
0.50% 3.18x $5 -
0.50% 3.18x $25 -
0.45% 2.87x $20,000 -
Sri
Restrictions
0.45% 2.87x $25,000 -
0.45% 2.87x $2,500 -
Redwood
Restrictions
0.45% 2.87x $25,000 -
Sandia Laboratory
Restrictions
0.45% 2.87x $25,000 -
Logix
Restrictions
0.45% 2.87x $2,500 -
Partners
Restrictions
0.40% 2.55x $25,000 -
Chevron
Restrictions
0.40% 2.55x $25 -
Sierra Central
Restrictions
0.40% 2.55x $10,000 -
Sri
Restrictions
0.40% 2.55x $1 -
Sandia Laboratory
Restrictions
0.40% 2.55x $10,000 -
Ukrainian
Restrictions
0.40% 2.55x $25,000 -
Schoolsfirst
Restrictions
0.40% 2.55x $25,000 -
Redwood
Restrictions
0.40% 2.55x $10,000 -
Desert Valleys
Restrictions
0.40% 2.55x $25,000 -
Desert Valleys
Restrictions
0.35% 2.23x $10,000 -
0.35% 2.23x $25,000 -
Wings Financial
Restrictions
0.35% 2.23x $5,000 -
0.35% 2.23x $2,000 -
Travis
Restrictions
0.35% 2.23x $25,000 -
Premier America
Restrictions
0.35% 2.23x $25,000 -
Sandia Laboratory
Restrictions
0.35% 2.23x $2,500 -
0.35% 2.23x $25,000 -
Usc
Restrictions
0.30% 1.91x $10,000 -
Ume
Restrictions
0.30% 1.91x $10,000 -
Sierra Central
Restrictions
0.30% 1.91x $2,500 -
0.30% 1.91x $25,000 -
Desert Valleys
Restrictions
0.30% 1.91x $2,500 -
Energy One
Restrictions
0.30% 1.91x $25,000 -
Ukrainian
Restrictions
0.30% 1.91x $2,500 -
Wings Financial
Restrictions
0.30% 1.91x $25,000 -
0.30% 1.91x $10,000 -
0.30% 1.91x $10,000 -
0.30% 1.91x $25,000 -
Alta Vista
Restrictions
0.30% 1.91x $20,000 -
0.30% 1.91x $25,000 -
0.30% 1.91x $2,501 -
Thinkwise
Restrictions
0.30% 1.91x $10,000 -
Patelco
Restrictions
0.30% 1.91x $10,001 -
Travis
Restrictions
0.30% 1.91x $25,000 -
Technology
Restrictions
0.30% 1.91x $25,000 -
Partners
Restrictions
0.30% 1.91x $25,000 -
0.30% 1.91x $2,500 -
Lassen County
Restrictions
0.30% 1.91x $25,000 -
0.30% 1.91x $5 -
Sce
Restrictions
0.30% 1.91x $25,000 -
First Imperial
Restrictions
0.30% 1.91x $25,001 -
Orange County's
Restrictions
0.30% 1.91x $25,000 -
Schoolsfirst
Restrictions
0.30% 1.91x $10,000 -
Justice
Restrictions
0.30% 1.91x $25,000 -
0.30% 1.91x $5 -
Partners
Restrictions
0.25% 1.59x $5,000 -
0.25% 1.59x $1 -
Keypoint
Restrictions
0.25% 1.59x $25,000 -
Geico
Restrictions
0.25% 1.59x $25,000 -
Ume
Restrictions
0.25% 1.59x $1,500 -
Technology
Restrictions
0.25% 1.59x $2,500 -
Self-help
Restrictions
0.25% 1.59x $100 -
American First
Restrictions
0.25% 1.59x $10,000 -
Arrowhead Central
Restrictions
0.25% 1.59x $25,000 -
Justice
Restrictions
0.25% 1.59x $2,500 -
0.25% 1.59x $2,500 -
Premier One
Restrictions
0.25% 1.59x $10,000 -
Los Angeles
Restrictions
0.25% 1.59x $25,000 -
0.25% 1.59x $10,000 -
0.25% 1.59x $25,000 -
Alliance
Restrictions
0.25% 1.59x $2,500 -
0.25% 1.59x $2,500 -
Thinkwise
Restrictions
0.25% 1.59x $2,500 -
0.25% 1.59x $10,000 -
Pacific Marine
Restrictions
0.25% 1.59x $25,000 -
Xceed Financial
Restrictions
0.25% 1.59x $10,000 -
0.25% 1.59x $10,000 -
0.25% 1.59x $5 -
Noble
Restrictions
0.25% 1.59x $10,000 -
0.25% 1.59x $10,000 -
0.25% 1.59x $25,000 -
Lbs Financial
Restrictions
0.25% 1.59x $25,000 -
Sun Community
Restrictions
0.25% 1.59x $25,000 -
Premier America
Restrictions
0.25% 1.59x $5 -
San Mateo
Restrictions
0.25% 1.59x $20,000 -
Alaska Usa
Restrictions
0.25% 1.59x $25,000 -
Logix
Restrictions
0.25% 1.59x $2,500 -
Travis
Restrictions
0.25% 1.59x $7,500 -
0.25% 1.59x $25,000 -
0.25% 1.59x $1,000 -
Fme
Restrictions
0.24% 1.53x $2,000 -
Lassen County
Restrictions
0.23% 1.46x $10,000 -
Wings Financial
Restrictions
0.20% 1.27x $5,000 -
Usc
Restrictions
0.20% 1.27x $2,500 -
California Coast
Restrictions
0.20% 1.27x $25,000 -
Keypoint
Restrictions
0.20% 1.27x $10,000 -
Pacific Marine
Restrictions
0.20% 1.27x $10,000 -
Sierra Central
Restrictions
0.20% 1.27x $1 -
0.20% 1.27x $25,000 -
0.20% 1.27x $2,500 -
American First
Restrictions
0.20% 1.27x $2,500 -
Energy One
Restrictions
0.20% 1.27x $2,500 -
California
Restrictions
0.20% 1.27x $10,000 -
Unify Financial
Restrictions
0.20% 1.27x $10,000 -
Kings
Restrictions
0.20% 1.27x $10,000 -
Menlo Survey
Restrictions
0.20% 1.27x $3,000 -
0.20% 1.27x $10,000 -
Alaska Usa
Restrictions
0.20% 1.27x $10,000 -
Partners 1st
Restrictions
0.20% 1.27x $25,000 -
Eagle Community
Restrictions
0.20% 1.27x $25,000 -
Baxter
Restrictions
0.20% 1.27x $25,000 -
Safe 1
Restrictions
0.20% 1.27x $25,000 -
San Mateo
Restrictions
0.20% 1.27x $10,000 -
Sce
Restrictions
0.20% 1.27x $1 -
Xceed Financial
Restrictions
0.20% 1.27x $1,000 -
The Golden 1
Restrictions
0.20% 1.27x $10,000 -
0.20% 1.27x $2,500 -
Partners
Restrictions
0.20% 1.27x $2,500 -
0.20% 1.27x $2,500 -
Lbs Financial
Restrictions
0.20% 1.27x $2,500 -
Stanford
Restrictions
0.20% 1.27x $2,500 -
Scient
Restrictions
0.20% 1.27x $25,000 -
Burbank City
Restrictions
0.20% 1.27x $10,000 -
Safe
Restrictions
0.20% 1.27x $25,000 -
Inova
Restrictions
0.20% 1.27x $25,001 -
Silverado
Restrictions
0.20% 1.27x $25,000 -
First Imperial
Restrictions
0.20% 1.27x $10,001 -
Sandia Laboratory
Restrictions
0.20% 1.27x $100 -
Geico
Restrictions
0.20% 1.27x $5,000 -
Alta Vista
Restrictions
0.20% 1.27x $20,000 -
Sacramento
Restrictions
0.20% 1.27x $10,000 -
Redwood
Restrictions
0.20% 1.27x $25,000 -
Schoolsfirst
Restrictions
0.20% 1.27x $2,000 -
Los Angeles
Restrictions
0.20% 1.27x $10,000 -
0.20% 1.27x $2,500 -
Provident
Restrictions
0.18% 1.15x $10,000 -
Altaone
Restrictions
0.15% 0.96x $25,000 -
Usc
Restrictions
0.15% 0.96x $100 -
California Coast
Restrictions
0.15% 0.96x $25,000 -
Keypoint
Restrictions
0.15% 0.96x $1,000 -
Kern
Restrictions
0.15% 0.96x $10,000 -
Safe
Restrictions
0.15% 0.96x $10,000 -
United Local
Restrictions
0.15% 0.96x $10,000 -
0.15% 0.96x $10,000 -
Fme
Restrictions
0.15% 0.96x $5 -
Uncle
Restrictions
0.15% 0.96x $25,000 -
Energy One
Restrictions
0.15% 0.96x $100 -
Pasadena
Restrictions
0.15% 0.96x $2,500 -
0.15% 0.96x $25 -
California
Restrictions
0.15% 0.96x $2,500 -
Unify Financial
Restrictions
0.15% 0.96x $2,500 -
Wings Financial
Restrictions
0.15% 0.96x $1 -
Smw 104
Restrictions
0.15% 0.96x $25,000 -
Alaska Usa
Restrictions
0.15% 0.96x $2,500 -
Los Angeles
Restrictions
0.15% 0.96x $1,000 -
0.15% 0.96x $1,000 -
Partners 1st
Restrictions
0.15% 0.96x $2,500 -
Menlo Survey
Restrictions
0.15% 0.96x $5 -
Safe 1
Restrictions
0.15% 0.96x $10,000 -
San Mateo
Restrictions
0.15% 0.96x $2,500 -
Pacific Marine
Restrictions
0.15% 0.96x $5 -
The Golden 1
Restrictions
0.15% 0.96x $1 -
Ventura County
Restrictions
0.15% 0.96x $25,000 -
Noble
Restrictions
0.15% 0.96x $2,500 -
Mission
Restrictions
0.15% 0.96x $2,500 -
Redwood
Restrictions
0.15% 0.96x $2,500 -
Orange County's
Restrictions
0.15% 0.96x $2,500 -
Merco
Restrictions
0.15% 0.96x $7,500 -
0.15% 0.96x $2,500 -
0.15% 0.96x $25,000 -
0.15% 0.96x $100 -
Scient
Restrictions
0.15% 0.96x $2,500 -
Burbank City
Restrictions
0.15% 0.96x $2,500 -
Alta Vista
Restrictions
0.15% 0.96x $2,000 -
Silverado
Restrictions
0.15% 0.96x $1,000 -
0.15% 0.96x $2,500 -
Travis
Restrictions
0.15% 0.96x $1 -
Sun Community
Restrictions
0.15% 0.96x $1 -
Lafayette
Restrictions
0.15% 0.96x $25,000 -
Eagle Community
Restrictions
0.15% 0.96x $10,000 -
Arrowhead Central
Restrictions
0.15% 0.96x $1 -
Kern Schools
Restrictions
0.15% 0.96x $25,000 -
Kings
Restrictions
0.15% 0.96x $1,000 -
Tucoemas
Restrictions
0.15% 0.96x $20,000 -
Lassen County
Restrictions
0.15% 0.96x $25 -
Central State
Restrictions
0.15% 0.96x $25,000 -
Clearpath
Restrictions
0.15% 0.96x $2,500 -
Lbs Financial
Restrictions
0.15% 0.96x $100 -
Premier Community
Restrictions
0.13% 0.80x $25,000 -
Smw 104
Restrictions
0.12% 0.76x $10,000 -
Sce
Restrictions
0.12% 0.76x $250 -
0.11% 0.70x $1 -
Rancho
Restrictions
0.11% 0.70x $2,500 -
Schools Financial
Restrictions
0.11% 0.70x $2,500 -
California Coast
Restrictions
0.10% 0.64x $2,500 -
Alta Vista
Restrictions
0.10% 0.64x $25 -
Altura
Restrictions
0.10% 0.64x $1 -
Kern
Restrictions
0.10% 0.64x $2,500 -
Ume
Restrictions
0.10% 0.64x $100 -
Bay
Restrictions
0.10% 0.64x $10,000 -
0.10% 0.64x $25 -
United Local
Restrictions
0.10% 0.64x $2,500 -
Desert Valleys
Restrictions
0.10% 0.64x $5 -
0.10% 0.64x $2,500 -
0.10% 0.64x $5 -
Uncle
Restrictions
0.10% 0.64x $10,000 -
Central Coast
Restrictions
0.10% 0.64x $25,000 -
Safe
Restrictions
0.10% 0.64x $5 -
Alaska Usa
Restrictions
0.10% 0.64x $50 -
Arrowhead Central
Restrictions
0.10% 0.64x $2,000 -
Ukrainian
Restrictions
0.10% 0.64x $50 -
Premier One
Restrictions
0.10% 0.64x $50 -
Schoolsfirst
Restrictions
0.10% 0.64x $5 -
Central State
Restrictions
0.10% 0.64x $10,000 -
Alliance
Restrictions
0.10% 0.64x $100 -
Smw 104
Restrictions
0.10% 0.64x $2,500 -
Baxter
Restrictions
0.10% 0.64x $1 -
Thinkwise
Restrictions
0.10% 0.64x $2,501 -
Safe 1
Restrictions
0.10% 0.64x $50 -
San Diego County
Restrictions
0.10% 0.64x $10,000 -
0.10% 0.64x $1 -
Kern Schools
Restrictions
0.10% 0.64x $10,000 -
Wescom Central
Restrictions
0.10% 0.64x $1 -
Premier Community
Restrictions
0.10% 0.64x $1,000 -
Partners
Restrictions
0.10% 0.64x $1 -
Noble
Restrictions
0.10% 0.64x $250 -
Inova
Restrictions
0.10% 0.64x $10,001 -
Mission
Restrictions
0.10% 0.64x $1 -
0.10% 0.64x $100 -
0.10% 0.64x $25 -
Sacramento
Restrictions
0.10% 0.64x $1,000 -
Mokelumne
Restrictions
0.10% 0.64x $100 -
Edwards
Restrictions
0.10% 0.64x $2,500 -
Eagle Community
Restrictions
0.10% 0.64x $2,500 -
Coasthills
Restrictions
0.10% 0.64x $5,000 -
0.10% 0.64x $5 -
Travis
Restrictions
0.10% 0.64x $100 -
Altaone
Restrictions
0.10% 0.64x $2,500 -
First Imperial
Restrictions
0.10% 0.64x $1,000 -
Lafayette
Restrictions
0.10% 0.64x $50 -
Pentagon
Restrictions
0.10% 0.64x $10,000 -
Orange County's
Restrictions
0.10% 0.64x $100 -
Ventura County
Restrictions
0.10% 0.64x $10,000 -
First California
Restrictions
0.10% 0.64x $250 -
Tucoemas
Restrictions
0.10% 0.64x $5,000 -
Merco
Restrictions
0.10% 0.64x $1 -
Redwood
Restrictions
0.10% 0.64x $2,500 -
Geico
Restrictions
0.10% 0.64x $300 -
0.10% 0.64x $500 -
Unify Financial
Restrictions
0.10% 0.64x $5 -
Justice
Restrictions
0.10% 0.64x $2,500 -
La Financial
Restrictions
0.10% 0.64x $10,000 -
American First
Restrictions
0.09% 0.57x $500 -
0.08% 0.51x $200 -
Rancho
Restrictions
0.08% 0.51x $1,000 -
Valley First
Restrictions
0.08% 0.51x $2,500 -
Provident
Restrictions
0.08% 0.51x $2,500 -
Pacific Crest
Restrictions
0.07% 0.45x $25,000 -
Mocse
Restrictions
0.06% 0.38x $25,000 -
0.06% 0.38x $10,000 -
0.05% 0.32x $10 -
California Coast
Restrictions
0.05% 0.32x $50 -
Keypoint
Restrictions
0.05% 0.32x $1 -
Kern
Restrictions
0.05% 0.32x $2,500 -
Uncle
Restrictions
0.05% 0.32x $100 -
San Diego County
Restrictions
0.05% 0.32x $100 -
Central State
Restrictions
0.05% 0.32x $500 -
Pasadena
Restrictions
0.05% 0.32x $1 -
Pacific Crest
Restrictions
0.05% 0.32x $10,000 -
Smw 104
Restrictions
0.05% 0.32x $250 -
La Financial
Restrictions
0.05% 0.32x $1 -
Schools Financial
Restrictions
0.05% 0.32x $1 -
Eagle Community
Restrictions
0.05% 0.32x $100 -
San Mateo
Restrictions
0.05% 0.32x $50 -
Meriwest
Restrictions
0.05% 0.32x $2,500 -
Travis
Restrictions
0.05% 0.32x $1 -
California
Restrictions
0.05% 0.32x $100 -
Ventura County
Restrictions
0.05% 0.32x $25 -
Pentagon
Restrictions
0.05% 0.32x $1 -
Kern Schools
Restrictions
0.05% 0.32x $1,000 -
Wescom Central
Restrictions
0.05% 0.32x $2,500 -
0.05% 0.32x $25 -
0.05% 0.32x $5 -
0.05% 0.32x $25 -
Edwards
Restrictions
0.05% 0.32x $25 -
Coasthills
Restrictions
0.05% 0.32x $5 -
Bay
Restrictions
0.05% 0.32x $2,500 -
Scient
Restrictions
0.05% 0.32x $5 -
Burbank City
Restrictions
0.05% 0.32x $100 -
Patelco
Restrictions
0.05% 0.32x $1 -
Sun Community
Restrictions
0.05% 0.32x $50 -
0.05% 0.32x $500 -
Lafayette
Restrictions
0.05% 0.32x $2,500 -
First Imperial
Restrictions
0.05% 0.32x $5 -
Merco
Restrictions
0.05% 0.32x $100 -
Altaone
Restrictions
0.05% 0.32x $1,000 -
Tucoemas
Restrictions
0.05% 0.32x $250 -
United Local
Restrictions
0.05% 0.32x $2,000 -
Central Coast
Restrictions
0.05% 0.32x $10,000 -
Partners 1st
Restrictions
0.05% 0.32x $500 -
Mokelumne
Restrictions
0.05% 0.32x $500 -
Silverado
Restrictions
0.05% 0.32x $1,000 -
First Technology
Restrictions
0.05% 0.32x $5 -
Xceed Financial
Restrictions
0.05% 0.32x $100 -
Kinecta
Restrictions
0.05% 0.32x $5 -
Baxter
Restrictions
0.05% 0.32x $5 -
0.04% 0.25x $100 -
Clearpath
Restrictions
0.04% 0.25x $1 -
Valley First
Restrictions
0.04% 0.25x $1,000 -
Mocse
Restrictions
0.04% 0.22x $10,000 -
0.03% 0.19x $5,000 -
Meriwest
Restrictions
0.03% 0.19x $100 -
0.03% 0.19x $500 -
Central Coast
Restrictions
0.03% 0.19x $2,500 -
Provident
Restrictions
0.03% 0.19x $5 -
Mocse
Restrictions
0.03% 0.16x $2,500 -
0.03% 0.16x $100 -
Pacific Crest
Restrictions
0.02% 0.13x $100 -
0.02% 0.13x $1 -
Central Coast
Restrictions
0.02% 0.13x $100 -
Point Loma
Restrictions
0.02% 0.13x $2,500 -
Point Loma
Restrictions
0.01% 0.06x $1,000 -
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.

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