California

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You are viewing savings rates across California

California Credit Union Savings Rates 2019

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 - December 7, 2019

Savings Account National Average Rate: 0.19% ?

Advertiser Disclosure
Credit UnionS APY Vs.
Nat'l
Av.
MIN Miles?
Patelco
Restrictions
2.00% 10.70x $2,001 -
Chevron
Restrictions
1.75% 9.36x $2,500 -
Star One
Restrictions
1.75% 9.36x $5 -
American Airlines
Restrictions
1.46% 7.81x $1 -
Self-help
Restrictions
1.34% 7.17x $500 -
F & A
Restrictions
1.06% 5.67x $2,500 -
Premier America
Restrictions
1.05% 5.61x $25,000 -
Ukrainian
Restrictions
1.00% 5.35x $25,000 -
Keypoint
Restrictions
1.00% 5.35x $5,000 -
Premier America
Restrictions
0.95% 5.08x $2,500 -
0.90% 4.81x $25,000 -
Sierra Central
Restrictions
0.90% 4.81x $25,000 -
0.85% 4.55x $10,000 -
Sierra Central
Restrictions
0.85% 4.55x $25,000 -
0.80% 4.28x $2,500 -
Logix
Restrictions
0.80% 4.28x $25,000 -
0.80% 4.28x $20,000 -
0.80% 4.28x $2,500 -
Sce
Restrictions
0.75% 4.01x $25,000 -
Ukrainian
Restrictions
0.75% 4.01x $2,500 -
Stanford
Restrictions
0.75% 4.01x $2,500 -
Logix
Restrictions
0.70% 3.74x $10,000 -
0.70% 3.74x $25,000 -
0.70% 3.74x $2,000 -
Trugrocer
Restrictions
0.65% 3.48x $25,000 -
Travis
Restrictions
0.65% 3.48x $25,000 -
0.60% 3.21x $10,000 -
Sacramento
Restrictions
0.60% 3.21x $25,000 -
0.60% 3.21x $25,000 -
0.60% 3.21x $25,000 -
Schools Financial
Restrictions
0.60% 3.21x $25,000 -
Travis
Restrictions
0.60% 3.21x $25,000 -
0.60% 3.21x $25,000 -
Desert Valleys
Restrictions
0.55% 2.94x $25,000 -
Xceed Financial
Restrictions
0.55% 2.94x $10,000 -
Sierra Central
Restrictions
0.55% 2.94x $10,000 -
Schools Financial
Restrictions
0.55% 2.94x $25,000 -
Travis
Restrictions
0.55% 2.94x $7,500 -
F & A
Restrictions
0.50% 2.67x $5 -
Logix
Restrictions
0.50% 2.67x $2,500 -
Kinecta
Restrictions
0.50% 2.67x $10,000 -
Desert Valleys
Restrictions
0.50% 2.67x $10,000 -
Sce
Restrictions
0.50% 2.67x $1 -
Unify Financial
Restrictions
0.50% 2.67x $10,000 -
Schoolsfirst
Restrictions
0.50% 2.67x $25,000 -
Chevron
Restrictions
0.50% 2.67x $25 -
0.50% 2.67x $25 -
Redwood
Restrictions
0.50% 2.67x $2,500 -
Sacramento
Restrictions
0.50% 2.67x $10,000 -
0.50% 2.67x $10,000 -
0.50% 2.67x $10,000 -
Schools Financial
Restrictions
0.50% 2.67x $10,000 -
Orange County's
Restrictions
0.50% 2.67x $25,000 -
Premier One
Restrictions
0.50% 2.67x $10,000 -
Patelco
Restrictions
0.50% 2.67x $10,001 -
Tulare County
Restrictions
0.45% 2.41x $2,500 -
Desert Valleys
Restrictions
0.45% 2.41x $2,500 -
Geico
Restrictions
0.45% 2.41x $25,000 -
Bay
Restrictions
0.45% 2.41x $25,000 -
Unify Financial
Restrictions
0.45% 2.41x $2,500 -
0.45% 2.41x $10,000 -
Noble
Restrictions
0.45% 2.41x $10,000 -
0.45% 2.41x $10,000 -
Sierra Central
Restrictions
0.45% 2.41x $2,500 -
Schools Financial
Restrictions
0.45% 2.41x $10,000 -
0.45% 2.41x $2,500 -
Media City
Restrictions
0.45% 2.41x $10,000 -
Provident
Restrictions
0.41% 2.19x $10,000 -
Energy One
Restrictions
0.40% 2.14x $25,000 -
Lassen County
Restrictions
0.40% 2.14x $10,000 -
Gain
Restrictions
0.40% 2.14x $10,000 -
Ume
Restrictions
0.40% 2.14x $10,000 -
Sandia Laboratory
Restrictions
0.40% 2.14x $25,000 -
Geico
Restrictions
0.40% 2.14x $5,000 -
Partners 1st
Restrictions
0.40% 2.14x $25,000 -
0.40% 2.14x $1,000 -
Kings
Restrictions
0.40% 2.14x $10,000 -
Bay
Restrictions
0.40% 2.14x $10,000 -
Trugrocer
Restrictions
0.40% 2.14x $2,500 -
0.40% 2.14x $1,000 -
The Golden 1
Restrictions
0.40% 2.14x $10,000 -
Sacramento
Restrictions
0.40% 2.14x $2,500 -
0.40% 2.14x $2,500 -
0.40% 2.14x $2,500 -
0.40% 2.14x $25,000 -
Travis
Restrictions
0.40% 2.14x $1 -
Lbs Financial
Restrictions
0.40% 2.14x $25,000 -
0.40% 2.14x $10,000 -
Pasadena
Restrictions
0.35% 1.87x $10,000 -
Los Angeles
Restrictions
0.35% 1.87x $25,000 -
Gain
Restrictions
0.35% 1.87x $2,500 -
Sandia Laboratory
Restrictions
0.35% 1.87x $10,000 -
Schoolsfirst
Restrictions
0.35% 1.87x $10,000 -
Noble
Restrictions
0.35% 1.87x $2,500 -
0.35% 1.87x $2,500 -
Technology
Restrictions
0.35% 1.87x $25,000 -
0.35% 1.87x $10,000 -
Schools Financial
Restrictions
0.35% 1.87x $2,000 -
Southland
Restrictions
0.35% 1.87x $10,000 -
Ventura County
Restrictions
0.35% 1.87x $25,000 -
American First
Restrictions
0.35% 1.87x $10,000 -
Silverado
Restrictions
0.35% 1.87x $25,000 -
Wings Financial
Restrictions
0.35% 1.87x $5,000 -
Justice
Restrictions
0.30% 1.60x $25,000 -
Los Angeles
Restrictions
0.30% 1.60x $10,000 -
La Financial
Restrictions
0.30% 1.60x $10,000 -
Sandia Laboratory
Restrictions
0.30% 1.60x $2,500 -
Partners 1st
Restrictions
0.30% 1.60x $5,000 -
Thinkwise
Restrictions
0.30% 1.60x $10,000 -
Kings
Restrictions
0.30% 1.60x $2,500 -
0.30% 1.60x $2,500 -
Alta Vista
Restrictions
0.30% 1.60x $20,000 -
Merco
Restrictions
0.30% 1.60x $7,500 -
0.30% 1.60x $2,500 -
Keypoint
Restrictions
0.30% 1.60x $25,000 -
Eagle Community
Restrictions
0.30% 1.60x $25,000 -
First Imperial
Restrictions
0.30% 1.60x $25,001 -
Technology
Restrictions
0.30% 1.60x $2,500 -
0.30% 1.60x $1 -
Cabrillo
Restrictions
0.30% 1.60x $25,000 -
Premier America
Restrictions
0.30% 1.60x $5 -
0.30% 1.60x $1,000 -
Lbs Financial
Restrictions
0.30% 1.60x $2,500 -
0.30% 1.60x $2,500 -
American First
Restrictions
0.30% 1.60x $2,500 -
First City
Restrictions
0.30% 1.60x $25,000 -
South Bay
Restrictions
0.30% 1.60x $10,000 -
Energy One
Restrictions
0.25% 1.34x $2,500 -
0.25% 1.34x $1 -
Justice
Restrictions
0.25% 1.34x $2,500 -
Nuvision
Restrictions
0.25% 1.34x $25,000 -
Pasadena
Restrictions
0.25% 1.34x $2,500 -
Star Usa
Restrictions
0.25% 1.34x $50,000 -
Los Angeles
Restrictions
0.25% 1.34x $2,500 -
Logix
Restrictions
0.25% 1.34x $2,500 -
Ume
Restrictions
0.25% 1.34x $1,500 -
Kinecta
Restrictions
0.25% 1.34x $2,500 -
Camino
Restrictions
0.25% 1.34x $25,000 -
Alaska Usa
Restrictions
0.25% 1.34x $25,000 -
Thinkwise
Restrictions
0.25% 1.34x $2,500 -
Sun Community
Restrictions
0.25% 1.34x $25,000 -
Kings
Restrictions
0.25% 1.34x $1,000 -
0.25% 1.34x $25,000 -
Bay
Restrictions
0.25% 1.34x $2,500 -
Xceed Financial
Restrictions
0.25% 1.34x $1,000 -
First California
Restrictions
0.25% 1.34x $250 -
Scient
Restrictions
0.25% 1.34x $25,000 -
Schoolsfirst
Restrictions
0.25% 1.34x $2,000 -
Self-help
Restrictions
0.25% 1.34x $100 -
Arrowhead Central
Restrictions
0.25% 1.34x $25,000 -
The Golden 1
Restrictions
0.25% 1.34x $1 -
Uncle
Restrictions
0.25% 1.34x $25,000 -
Premier Community
Restrictions
0.25% 1.34x $25,000 -
Merco
Restrictions
0.25% 1.34x $2,500 -
Keypoint
Restrictions
0.25% 1.34x $10,000 -
Wescom Central
Restrictions
0.25% 1.34x $25,000 -
Eagle Community
Restrictions
0.25% 1.34x $10,000 -
Technology
Restrictions
0.25% 1.34x $2,500 -
Schools Financial
Restrictions
0.25% 1.34x $2,000 -
Cabrillo
Restrictions
0.25% 1.34x $10,000 -
Southland
Restrictions
0.25% 1.34x $2,500 -
Excite
Restrictions
0.25% 1.34x $2,500 -
0.25% 1.34x $25,000 -
Silverado
Restrictions
0.25% 1.34x $1,000 -
First City
Restrictions
0.25% 1.34x $10,000 -
Media City
Restrictions
0.25% 1.34x $2,500 -
South Bay
Restrictions
0.25% 1.34x $250 -
0.25% 1.34x $25,000 -
0.25% 1.34x $5 -
Point Loma
Restrictions
0.21% 1.12x $25,000 -
Nuvision
Restrictions
0.20% 1.07x $10,000 -
Pacific Crest
Restrictions
0.20% 1.07x $25,000 -
Camino
Restrictions
0.20% 1.07x $2,500 -
Inova
Restrictions
0.20% 1.07x $25,001 -
Sesloc
Restrictions
0.20% 1.07x $2,500 -
Tucoemas
Restrictions
0.20% 1.07x $2,500 -
Sandia Laboratory
Restrictions
0.20% 1.07x $100 -
Alaska Usa
Restrictions
0.20% 1.07x $10,000 -
Partners 1st
Restrictions
0.20% 1.07x $2,500 -
0.20% 1.07x $10,000 -
Stanford
Restrictions
0.20% 1.07x $2,500 -
Central State
Restrictions
0.20% 1.07x $25,000 -
California
Restrictions
0.20% 1.07x $10,000 -
Safe 1
Restrictions
0.20% 1.07x $25,000 -
The Golden 1
Restrictions
0.20% 1.07x $100 -
Uncle
Restrictions
0.20% 1.07x $10,000 -
Alta Vista
Restrictions
0.20% 1.07x $20,000 -
Keypoint
Restrictions
0.20% 1.07x $1,000 -
California Coast
Restrictions
0.20% 1.07x $25,000 -
Wescom Central
Restrictions
0.20% 1.07x $10,000 -
Eagle Community
Restrictions
0.20% 1.07x $2,500 -
Sierra Central
Restrictions
0.20% 1.07x $1 -
Baxter
Restrictions
0.20% 1.07x $25,000 -
First Imperial
Restrictions
0.20% 1.07x $10,001 -
Safe
Restrictions
0.20% 1.07x $25,000 -
Cabrillo
Restrictions
0.20% 1.07x $2,500 -
Ventura County
Restrictions
0.20% 1.07x $10,000 -
First City
Restrictions
0.20% 1.07x $1,000 -
0.20% 1.07x $10,000 -
Provident
Restrictions
0.16% 0.86x $2,500 -
Energy One
Restrictions
0.15% 0.80x $100 -
Lassen County
Restrictions
0.15% 0.80x $25 -
Star Usa
Restrictions
0.15% 0.80x $2,500 -
Pacific Crest
Restrictions
0.15% 0.80x $10,000 -
Los Angeles
Restrictions
0.15% 0.80x $1,000 -
La Financial
Restrictions
0.15% 0.80x $1 -
Kern Schools
Restrictions
0.15% 0.80x $10,000 -
Altaone
Restrictions
0.15% 0.80x $25,000 -
Tucoemas
Restrictions
0.15% 0.80x $250 -
Alaska Usa
Restrictions
0.15% 0.80x $2,500 -
Strata
Restrictions
0.15% 0.80x $10,000 -
Sun Community
Restrictions
0.15% 0.80x $1 -
Clearpath
Restrictions
0.15% 0.80x $2,500 -
0.15% 0.80x $10,000 -
Mission
Restrictions
0.15% 0.80x $2,500 -
Scient
Restrictions
0.15% 0.80x $2,500 -
Central State
Restrictions
0.15% 0.80x $10,000 -
United Local
Restrictions
0.15% 0.80x $10,000 -
Arrowhead Central
Restrictions
0.15% 0.80x $1 -
California
Restrictions
0.15% 0.80x $2,500 -
0.15% 0.80x $25,000 -
Safe 1
Restrictions
0.15% 0.80x $10,000 -
0.15% 0.80x $25,000 -
Premier Community
Restrictions
0.15% 0.80x $10,000 -
Alta Vista
Restrictions
0.15% 0.80x $2,000 -
0.15% 0.80x $100 -
California Coast
Restrictions
0.15% 0.80x $25,000 -
Wescom Central
Restrictions
0.15% 0.80x $2,500 -
0.15% 0.80x $25 -
Safe
Restrictions
0.15% 0.80x $10,000 -
Point Loma
Restrictions
0.15% 0.80x $10,000 -
Orange County's
Restrictions
0.15% 0.80x $2,500 -
0.15% 0.80x $2,500 -
Lbs Financial
Restrictions
0.15% 0.80x $100 -
American First
Restrictions
0.15% 0.80x $500 -
Frontwave
Restrictions
0.15% 0.80x $2,500 -
Premier One
Restrictions
0.15% 0.80x $1,500 -
Wings Financial
Restrictions
0.15% 0.80x $5 -
0.15% 0.80x $2,500 -
Uncle
Restrictions
0.13% 0.70x $2,500 -
Sce
Restrictions
0.12% 0.64x $250 -
0.11% 0.59x $10,000 -
Tulare County
Restrictions
0.10% 0.53x $25 -
Justice
Restrictions
0.10% 0.53x $2,500 -
Pentagon
Restrictions
0.10% 0.53x $10,000 -
Nuvision
Restrictions
0.10% 0.53x $5 -
Star Usa
Restrictions
0.10% 0.53x $10 -
Pacific Crest
Restrictions
0.10% 0.53x $1,000 -
Gain
Restrictions
0.10% 0.53x $100 -
Ume
Restrictions
0.10% 0.53x $100 -
Inova
Restrictions
0.10% 0.53x $10,001 -
Desert Valleys
Restrictions
0.10% 0.53x $5 -
Altaone
Restrictions
0.10% 0.53x $1,000 -
Alaska Usa
Restrictions
0.10% 0.53x $50 -
Strata
Restrictions
0.10% 0.53x $2,500 -
Geico
Restrictions
0.10% 0.53x $300 -
Thinkwise
Restrictions
0.10% 0.53x $2,501 -
American United
Restrictions
0.10% 0.53x $50 -
Ukrainian
Restrictions
0.10% 0.53x $50 -
Yolo
Restrictions
0.10% 0.53x $10,000 -
0.10% 0.53x $5 -
Bay
Restrictions
0.10% 0.53x $2,500 -
Mokelumne
Restrictions
0.10% 0.53x $100 -
Mission
Restrictions
0.10% 0.53x $1 -
Central Coast
Restrictions
0.10% 0.53x $25,000 -
Edwards
Restrictions
0.10% 0.53x $2,500 -
Unify Financial
Restrictions
0.10% 0.53x $5 -
Trugrocer
Restrictions
0.10% 0.53x $1 -
Schoolsfirst
Restrictions
0.10% 0.53x $5 -
0.10% 0.53x $100 -
Noble
Restrictions
0.10% 0.53x $250 -
Central State
Restrictions
0.10% 0.53x $500 -
United Local
Restrictions
0.10% 0.53x $2,500 -
Arrowhead Central
Restrictions
0.10% 0.53x $2,000 -
Redwood
Restrictions
0.10% 0.53x $2,500 -
0.10% 0.53x $1 -
San Diego County
Restrictions
0.10% 0.53x $10,000 -
Safe 1
Restrictions
0.10% 0.53x $50 -
Sacramento
Restrictions
0.10% 0.53x $1,000 -
Altura
Restrictions
0.10% 0.53x $1 -
0.10% 0.53x $10,000 -
Premier Community
Restrictions
0.10% 0.53x $1,000 -
Alta Vista
Restrictions
0.10% 0.53x $25 -
Merco
Restrictions
0.10% 0.53x $1 -
0.10% 0.53x $25,000 -
California Coast
Restrictions
0.10% 0.53x $2,500 -
Wescom Central
Restrictions
0.10% 0.53x $1 -
Eagle Community
Restrictions
0.10% 0.53x $100 -
Baxter
Restrictions
0.10% 0.53x $1 -
First Imperial
Restrictions
0.10% 0.53x $1,000 -
Safe
Restrictions
0.10% 0.53x $5 -
0.10% 0.53x $5 -
Valley First
Restrictions
0.10% 0.53x $2,500 -
Southland
Restrictions
0.10% 0.53x $25 -
Orange County's
Restrictions
0.10% 0.53x $100 -
Travis
Restrictions
0.10% 0.53x $100 -
Excite
Restrictions
0.10% 0.53x $100 -
0.10% 0.53x $500 -
Silverado
Restrictions
0.10% 0.53x $1,000 -
Frontwave
Restrictions
0.10% 0.53x $5 -
First City
Restrictions
0.10% 0.53x $100 -
Premier One
Restrictions
0.10% 0.53x $50 -
Coasthills
Restrictions
0.10% 0.53x $5,000 -
Point Loma
Restrictions
0.08% 0.43x $1,000 -
0.08% 0.43x $200 -
0.07% 0.37x $25 -
Valley First
Restrictions
0.07% 0.37x $1,000 -
0.07% 0.37x $100 -
Pentagon
Restrictions
0.05% 0.27x $1 -
Pasadena
Restrictions
0.05% 0.27x $1 -
Star Usa
Restrictions
0.05% 0.27x $5 -
La Financial
Restrictions
0.05% 0.27x $500 -
Kern Schools
Restrictions
0.05% 0.27x $1,000 -
Kinecta
Restrictions
0.05% 0.27x $5 -
Camino
Restrictions
0.05% 0.27x $15 -
0.05% 0.27x $100 -
Strata
Restrictions
0.05% 0.27x $2,500 -
Partners 1st
Restrictions
0.05% 0.27x $500 -
Sun Community
Restrictions
0.05% 0.27x $50 -
Mokelumne
Restrictions
0.05% 0.27x $500 -
Central Coast
Restrictions
0.05% 0.27x $10,000 -
Edwards
Restrictions
0.05% 0.27x $25 -
First Technology
Restrictions
0.05% 0.27x $5 -
Xceed Financial
Restrictions
0.05% 0.27x $100 -
Scient
Restrictions
0.05% 0.27x $5 -
0.05% 0.27x $25 -
United Local
Restrictions
0.05% 0.27x $2,000 -
California
Restrictions
0.05% 0.27x $100 -
San Diego County
Restrictions
0.05% 0.27x $100 -
0.05% 0.27x $10 -
0.05% 0.27x $2,500 -
0.05% 0.27x $100 -
Keypoint
Restrictions
0.05% 0.27x $1 -
California Coast
Restrictions
0.05% 0.27x $50 -
Baxter
Restrictions
0.05% 0.27x $5 -
0.05% 0.27x $5 -
First Imperial
Restrictions
0.05% 0.27x $5 -
Meriwest
Restrictions
0.05% 0.27x $2,500 -
Cabrillo
Restrictions
0.05% 0.27x $1 -
Travis
Restrictions
0.05% 0.27x $1 -
Ventura County
Restrictions
0.05% 0.27x $25 -
Media City
Restrictions
0.05% 0.27x $500 -
Patelco
Restrictions
0.05% 0.27x $1 -
South Bay
Restrictions
0.05% 0.27x $2,500 -
Coasthills
Restrictions
0.05% 0.27x $5 -
Clearpath
Restrictions
0.04% 0.21x $1 -
0.04% 0.21x $100 -
Uncle
Restrictions
0.04% 0.21x $100 -
0.03% 0.16x $500 -
Yolo
Restrictions
0.03% 0.16x $100 -
Central Coast
Restrictions
0.03% 0.16x $2,500 -
Provident
Restrictions
0.03% 0.16x $5 -
Point Loma
Restrictions
0.03% 0.16x $2,500 -
Meriwest
Restrictions
0.03% 0.16x $100 -
Monterey
Restrictions
0.03% 0.16x $250 -
0.03% 0.13x $100 -
Pacific Crest
Restrictions
0.02% 0.11x $5 -
Central Coast
Restrictions
0.02% 0.11x $100 -
Inova
Restrictions
0.01% 0.05x $1 -
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 2019

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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