Dedicated to Deposits: Deals, Data, and Discussion

5.75% 14-Month CD Continues at Patelco Credit Union (Available to All)


Patelco Credit Union
Patelco Credit Union's 5.75% APY 14-month certificate that seemed to have ended in April has just started showing up again in Patelco's rate table. I called Patelco and the service rep said this promotional certificate was never ended. It may not have shown in the rate table due to a technical glitch. They usually get a few days warning in advance when a promo is about to end, and she hasn't received this yet. However, she expected this promo will likely end soon.

It has the same terms as before: $1,000 minimum deposit and 50% of the funds must be new to the credit union. It's also available as an IRA certificate with a $500 minimum deposit. I first reported on this 5.75% CD in February

Patelco is one of the few credit unions in which anyone can be eligible to join. See this Patelco page for the full eligibility list. Note at the bottom it states that anyone can join the California Association for Older Americans regardless of age or geographic location. You can apply for Patelco membership online here. However, you can't seem to enter the association into the eligibility field of the application. When I called in January I was told that you can mail or fax the association application, and there is no fee to join. So if you're interested in joining, I would recommend contacting Patelco first.

I was told today that there is no fee for Patelco membership. The minimum initial deposit for the savings account is $5. Note, you'll be charged a $3/month fee if your savings account balance is under $150. This fee will also be waived if you have direct deposit or if you have Patelco's Free Checking Account.

An important issue about Patelco is that it is NOT federally insured by the NCUA. It's privately insured by American Share Insurance (ASI) for up to $250K per account. For more discussion on this issue, please see this post.

Thanks to the reader who mentioned the return of this 5.75% certificate.

  Tags: Patelco Credit Union, California, CD rates

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Comment #1 by Bozo (anonymous) posted on
As I mentioned, I have a World Savings CD coming up for renewal this week, so I'll make sure the Patelco rate is still valid.

FYI, both the World
Savings and Patelco branches have free parking.

World Savings has free coffee, but it's kinda putrid.

Don't try to go out the back door
at Patelco's Walnut Creek branch;
it's alarmed. Doncha love trivia?



Comment #2 by Bozo (anonymous) posted on
Has anyone had a good experience with World Savings coffee? In Lafayette, they are right across the corner from Starbucks. Now, one might think if they REALLY wanted your money, they would just go get Starbucks coffee and put it in their urn in the World Savings lobby. Then, they could post a sign out front saying "GREAT RATES AND STARBUCKS COFFEE".

Comment #3 by PaulH (anonymous) posted on
Please let us know how things go with that Patelco CD with the 5.75% APY.
I have a CD maturing next week.

Comment #4 by PaulH (anonymous) posted on
I tried to get that 5.75% APY 14-month CD at Patelco... but they just discontinued it as of today (June 1st).

Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info.