Patelco Credit Union is the 22nd largest credit union in the country by asset size and it serves individuals throughout North America.

Founded in 1936, Patelco is headquartered in Dublin, California. A small town east of the San Francisco Bay.

This not-for-profit financial institution was originally created by a handful of Pacific Telephone and Telegraph Company (AT&T) employees in 1936 with just $50.

Today, it has 400,000 members across the country and over $9 billion in assets.

Just about anyone can join as membership is not limited to California residents and/or students as some blogs mention. If you don’t reside in California, Patelco will still grant you membership by first joining the Financial Fitness Association ($8 yearly membership). We discuss this in more detail further down the article.

Patelco Credit Union CD Rates + Details

Patelco Credit Union account balances of up to $250,00 are NCUA/NCUSIF insured (FDIC equivalent for credit unions). This credit union offers a standard range of share certificate products with pretty average rates.

CD Rates

To put the above offers in perspective, the current national average for 12 and 60 month CDs hovers around 1.07% and 1.09% APY, respectively, according to FDIC data.

That said, some of the top FDIC-insured online banks in the country are now offering over 4.50% and 4.75% APY for the same respective terms.

Compounding and Crediting Interest

Interest rates are compounded monthly. Dividends are paid monthly for terms of 12 months or more and paid at maturity for terms of less than 12 months.

A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest.

Grace Period and Early Withdrawal Fees

As is the case for most CDs, early withdrawal fees apply. If you remove money from a share certificate within six days of issuance, you will be charged 7 days interest. There is a 10 calendar day grace period in which you can make changes or add to a newly opened or renewed CD account.

Early Withdrawal Fees

• Early withdrawals on terms of 47 months or less will incur a fee equal to whichever is less: the total dividends earned on the CD since issuance or 90 days interest.
• Early withdrawals on terms of 48 months or longer will incur a fee equal to the total dividends earned since issuance or 180 days interest.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers variable-rate money market accounts as well. These are tiered accounts that earn a blended APY based on balance.

So, if you deposit $10k, you’ll earn:

• 2.00% APY on the first $2k,
• 1.50% APY on the next $3k,
• 1.00% APY on the remaining $5k.

This would give you an overall blended APY of: 1.35% on your $10,000 balance. You can use this calculator to find out what your blended APY will be on any given balance.

See table below for breakdown:

To put these yields into perspective, the current national average sits at 0.39% APY according to the FDIC, however, there are some banks paying over 4.00% APY following the most recent rate hike by the FED on December 14th of last year.

You may use three money market checks per month, and these are provided free to all members. Up to six transactions are permitted per month. Unlike accounts of this type offered by most credit unions, there is no minimum balance required to earn interest. Dividends are both compounded and paid monthly.

Other Savings Accounts Offered by Patelco Credit Union

A deposit of $1 is all it takes to open a regular savings account, the tiered savings account that you get when you become a Patelco member. Dividends on such accounts are compounded and paid monthly. The APY rate for a savings account of any balance—whether $0 or $100,000—is 0.05%. This low rate is not abnormal for savings accounts, but it is below average. The average APY today is 0.10%.

Patelco Health Savings Account Rates:

You’ll be able to maximize your money more effectively with a health savings account rather than a standard Patelco savings account, but these funds can, of course, only be used for healthcare expenses.

Avoid a $5 monthly account maintenance fee by keeping a $150 balance across all of your accounts. Withdrawals from a regular savings account are limited to six per month. If you violate this limit, Patelco reserves the right to close your account and transfer your funds to another account or charge you $28 per excessive transaction. 

Patelco offers a youth savings account option to teens between the ages of 13 and 17. This account is essentially the same as the regular tiered savings account and has a 0.05% APY across all balance tiers, except that the required $1 deposit is covered by Patelco and all transactions must be done in person at a Patelco branch.

You’ll also want to hear about the Patelco Holiday Club, a savings account that helps you save for the holidays. This account requires an opening deposit and balance of $20 and an automatic deposit of $20 every month from another account. A Holiday Club savings account matures on November 15th and dividends are credited at maturity to your checking or savings account of choice. Because the APY for this is still only 0.05%, it won’t save you any more money.

About Patelco Credit Union + Eligibility

There are only 37 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

To join Patelco, fill out an application or give the membership team a call at (888) 386-1031. You can become a member if: 

1. You live in certain counties (see below)
2. You live, work, attend school, or worship in certain cities (see below)
3. You work for or are retired from one of over 1,100 Patelco Select Employer Groups (search these here)
4. You are a student at University of California Berkeley, San Francisco State University, or California State University East Bay or
5. An immediate family member qualifies

Eligible California counties include:

• Alameda
• Contra Costa
• El Dorado
• Marin
• Merced
• Napa
• Placer
• Sacramento
• San Francisco
• San Joaquin
• San Mateo
• Santa Clara
• Solano
• Sonoma
• Stanislaus and
• Yolo

Eligible California cities include:

• Bakersfield
• Eureka
• McKinleyville and
• Santa Cruz

If you don’t meet any of the above qualifications, all you have to do to join is become a member of the Financial Fitness Association, a mutual-benefit nonprofit that grows its members’ financial literacy by teaching various strategies and skills related to personal finance. If you do this, you will receive one year of membership for free (otherwise $8) and do not have to renew it to maintain your Patelco membership.

Right now, Patelco is offering special support to members that demonstrate financial need. Give them a call if you have experienced an income reduction or need a loan or credit line increase, or if you just have questions about how the economy is changing.