Monterra Credit Union

Monterra Credit Union


Overview / Commentary
650-363-1725
575 Middlefield Road
Redwood City, CA 94063

Monterra Credit Union is headquartered in Redwood City and is the 40th largest credit union in the state of California. It is also the 280th largest credit union in the nation. It was established in 1952 and as of March of 2024, it had grown to 206 employees and 95,365 members at 10 locations. Monterra Credit Union's savings rates are 8X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Monterra Credit Union is open to those who live, work or attend school in San Mateo County, the City of Palo Alto or select areas of San Francisco. Membership is open to employees of companies that belongs to the Golden Gate Better Business Bureau or one of the 15 Chambers of Commerce within San Mateo County.
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Reviews (1)

Predatory Lending

Posted by: |

Took out a HELOC under a bait-and-switch 1.99% introductory rate. I made sure to borrow only while that rate was still in effect. It was verbally explained to me that if I borrowed MORE, then the rate then would be adjusted to 3.25%. But I did not plan to borrow more, and didn't- so I thought I'd be re-paying at 1.99%. I never would have agreed to an adjustable rate where they can continually jack it up- I would have taken out a fixed. I've never had an adjustable rate loan, the car loans & mortgage all have been fixed. Thus I relied on the bank to explain the terms, and they did an incredibly poor job of that- in a way that feels deceptive rather than just poor communication. I've called and spoken to senior people multiple times and everyone gives a different explanation. The last time I spoke to them a few months ago, I was assured that they cannot raise it more than 2% in a year. Now I see my monthly payments zoom. I call and am told they have it at 5.25% because they aren't using the 1.99% rate I actually borrowed at as their base interest rate from which adjustments are made- they are starting at 3.25 and now have added on another 2% so they have already increased it 3.25% in a year. The "promo rate" was a total FRAUD. Unless you can repay your entire HELOC back with the one year, you are just paying prime rate on an adjustable mortgage, and you will be gouged. The promo rate meant absolutely nothing other than an enticement to take out the loan from them, rather than my long term credit union elsewhere. Unfair & predatory lending practices surprising in a credit union.



Health

Health Grade Components

Overall
NCUA #62736
Year Chartered1952
Employees206
Primary Regulator
Profit Margin
Return on Assets - YTD1.04%
Return on Equity - YTD8.62%
Annual Interest Income$18.4MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$1.72B$1.69B
LoansQ1 2024vs Q1 2023$1.37B$1.33B
DepositsQ1 2024vs Q1 2023$1.48B$1.49B
Equity CapitalQ1 2024vs Q1 2023$205.4MM$181.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$7MM$6.9MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$5.4MM$3MM
Real Estate OwnedQ1 2024vs Q1 2023$0$298K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Monterra Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Monterra Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%*$0$5kDigital Savings
OTHER TIERS: 0.50% $20k+ | 1.50% $10k - $20k | 3.00% $5k - $10k
0.25%$100-Health Savings Account
0.10%$100-IRA Savings
0.05%$0-Regular Savings
0.05%$0-Business Savings
0.05%$5-Youth Savers
0.05%$25-Holiday Savings

Monterra Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*$150k*-Money Market Plus
OTHER TIERS: 0.50% $0 - $50k | 1.00% $50k - $100k | 1.50% $100k - $150k
2.00%*$150k*-Business Money Market Plus
OTHER TIERS: 0.50% $0 - $50k | 1.00% $50k - $100k | 1.50% $100k - $150k

Monterra Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.50%$0-Premium Checking - Qualifying

Monterra Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$1k-11 Month CD Special w/ Active Checking
4.75%$1k-11 Month CD Special
4.75%$1k-20 Month CD Special w/ Active Checking
4.75%$1k-Business 11 Month CD
4.50%$1k-20 Month CD Special
4.50%$1k-Business 20 Month CD
4.00%$1k-30 Month CD Special w/ Active Checking
4.00%$1k-12 Month Flex CD
4.00%$1k-Business 12 Month Flex CD
3.75%$1k-30 Month CD Special
3.75%$1k-Business 30 Month CD
3.25%$1k-36 Month CD w/ Active Checking
3.25%$1k-48 Month CD w/ Active Checking
3.25%$1k-60 Month CD w/ Active Checking
3.00%$1k-60 Month CD
3.00%$1k-48 Month CD
3.00%$1k-36 Month CD
3.00%$1k-Business 36 Month CD
3.00%$1k-Business 48 Month CD
3.00%$1k-Business 60 Month CD
2.75%$1k-24 Month CD w/ Active Checking
2.50%$1k-24 Month CD
2.50%$1k-18 Month CD w/ Active Checking
2.50%$1k-Business 24 Month CD
2.25%$1k-18 Month CD
2.25%$1k-12 Month CD w/ Active Checking
2.25%$250-12 Month Youth CD w/ Active Checking
2.25%$1k-Business 18 Month CD
2.00%$1k-12 Month CD
2.00%$250-12 Month Youth CD
2.00%$1k-Business 12 Month CD
1.25%$1k-6 Month CD w/ Active Checking
1.00%$1k-6 Month CD
1.00%$1k-Business 6 Month CD
0.75%$1k-3 Month CD w/ Active Checking
0.50%$1k-3 Month CD
0.50%$1k-Business 3 Month CD
0.45%$100-15 Month Registry CD w/ Active Checking
0.20%$100-15 Month Registry CD

Monterra Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%$1k-11 Month IRA Special w/ Active Checking
4.75%$1k-11 Month IRA Special
4.75%$1k-20 Month IRA Special w/ Active Checking
4.50%$1k-20 Month IRA Special
4.00%$1k-30 Month IRA Special w/ Active Checking
3.75%$1k-30 Month IRA Special
2.95%$500-36 Month CESA w/ Active Checking
2.95%$1k-36 Month IRA w/ Active Checking
2.75%$500$100k24 Month Add-On CESA w/ Active Checking
2.75%$2k$100k24 Month Add-On IRA w/ Active Checking
2.75%$500-24 Month CESA w/ Active Checking
2.75%$1k-24 Month IRA w/ Active Checking
2.75%$500-60 Month CESA w/ Active Checking
2.75%$1k-60 Month IRA w/ Active Checking
2.70%$1k-36 Month IRA
2.70%$500-36 Month CESA
2.65%$500-48 Month CESA w/ Active Checking
2.65%$1k-48 Month IRA w/ Active Checking
2.50%$1k-24 Month IRA
2.50%$1k-60 Month IRA
2.50%$2k$100k24 Month Add-On IRA
2.50%$500$100k24 Month Add-On CESA
2.50%$500-24 Month CESA
2.50%$500-60 Month CESA
2.50%$500-18 Month CESA w/ Active Checking
2.50%$1k-18 Month IRA w/ Active Checking
2.40%$1k-48 Month IRA
2.40%$500-48 Month CESA
2.25%$1k-18 Month IRA
2.25%$500-18 Month CESA
2.25%$500-12 Month CESA w/ Active Checking
2.25%$1k-12 Month IRA w/ Active Checking
2.00%$1k-12 Month IRA
2.00%$500-12 Month CESA
Locations


Cities: Daly City, East Palo Alto, Half Moon Bay, Redwood City, San Mateo, South San Francisco

Daly City Branches
Branch Office415 Westlake CtrDaly City, CA 94015-1432

East Palo Alto Branches
Branch Office1735 E Bayshore RdEast Palo Alto, CA 94303

Half Moon Bay Branches
Branch Office40 Cabrillo Hwy NHalf Moon Bay, CA 94019

Redwood City Branches
Branch Office3117 Middlefield RdRedwood City, CA 94063
Branch Office350 Convention WayRedwood City, CA 94063
Branch Office575 Middlefield RdRedwood City, CA 94063
Corporate Office350 Convention WayRedwood City, CA 94063
Branch Office575 Middlefield RdRedwood City, CA 94063

San Mateo Branches
Branch Office1515 S El Camino RealSan Mateo, CA 94402-3098

South San Francisco Branches
Branch Office150 El Camino RealSouth San Francisco, CA 94080

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