Dedicated to Deposits: Deals, Data, and Discussion

5.64% 12 to 23 Month CDs at Patelco CU - 5.75% IRAs


Patelco Credit Union is offering a 5.64% APY certificate for terms of 12 to 23 months. The IRA certificates with these same terms have an APY of 5.75%. The minimum deposit is $1,000.

These are not as good as their previous CD specials, but it's still very competitive in today's rate environment.

Patelco is still offering the Treasury Income Account and Treasury IRA which has an APY of 5.64% with a $25K minimum. This is like a hybrid between a money market account and a CD. Please refer to this post for more info.

If you don't live, work or worship in any of the dozens of California cities that make up part of Patelco's field of membership, you can be eligible by joining the California Association for Older Americans. According to Patelco "Anyone can join this assocation, regardless of age or geographic location. Just indicate California Association for Older Americans on your application." I wasn't able to find the website of this association, so I called Patelco about how to join. They can mail or fax you the application. There is no fee to join this association.

Another nice feature of Patelco is that you can apply for membership and open accounts online. However, there's a $20 non-refundable new member fee. But this fee is currently being waived according to Patelco's website. A $5 deposit is also required to a savings account. According to the CSR, they do not do a hard credit pull, just a soft pull.

Please note that Patelco is not federally insured by the NCUA. It's privately insured by American Share Insurance (ASI) up to $250K per account. Patelco is a large credit union with over $3.8 billion in assets. So the chances of losing your money is very minimal in my opinion. It should be noted that Patelco doesn't have the best financial strength rating. It has just an average rating safe and sound rating at of 3 out of 5 stars (performing).

Thanks to svg who had mentioned these new CDs in the finding deals post.

[Edit 1/4/07: Updated to add the membership fee waiver and corrected the credits.]

Comment #1 by SVG (anonymous) posted on
Indeed. As I mentioned on January 2nd in your 'finding best bank rates and deals' page, Patelco came thru with the deal today.

I'm with Patelco for quite some time. I've never faced any problem with them.


Comment #2 by James (anonymous) posted on
Although other pages on their website mention the $20 membership fee, the Join Patelco page (follow the link at the top of their homepage) says:

Become a Patelco Member
It's free. And so is checking.

FREE Membership* + FREE Checking

FWIW, I opened checking + savings + CD at a Patelco branch last weekend and was not charged the $20 membership fee.r

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
svg, thanks for the info. I couldn't remember who had mentioned this. I've updated the credit info.

They do seem like a good credit union. I wish they were NCUA insured so it would be easier to convince others.

james, thanks for the note about the fee waiver. I've updated the post with this info.

Comment #4 by SVG (anonymous) posted on
>>They do seem like a good credit union.<<

Yes, they are. Very fast and very friendly.

>>I wish they were NCUA insured so it would be easier to convince others.<<

Yes, me too.

Years ago they had same NCUA insurance as lots of other CUs have. When they dropped NCUA to go with ASI they explained their decision to customers. I'm sure some customers must have left and some won't touch them for lack of NCUA coverage. This is personal decision each depositor must make for him/her-self.


Comment #5 by Anonymous posted on
I was very fortunate to "get into" Patelco's 8mo 5.75% CD before it expired. I had a CD that matured 12/30 at World Savings and I rushed over to Patelco to obtain a CD and to my surprise the teller said,
"this is the final day." I have used Patelco CU for many years for CD's and also IRA"s and have been very pleased with their survice.