Patelco CU (CA) Offers Tiered Money Market Select Account


Availability: Residents of 10 Northern California counties and 12 named Northern California cities; employees/retirees of 1,100+ SEGs

In early 2015, Patelco Credit Union (Patelco) added a Money Market Select Account, (MMSA), with a tiered APY structure that favors smaller balances. While the initial APYs have remained in effect for the past 19 months, the MMSA's tagline - You don’t have to be in the 1% to earn 3% - is a bit optimistic.

3.00*%-$2kPatelco Credit UnionMoney Market Select Account
3.00*%-$2kPatelco Credit UnionMoney Market Select IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of February 23, 2017.

The MMSA is also offered as an IRA (Traditional and Roth), utilizing the same APY tiers and funding requirements. There is a limit of one MMSA and one MMSA IRA per account number.

The APY tiers are structured as follows:

    3.00% APY - Up to $2,000.00

    2.00% APY - $2,000.01 - $5,000.00

    1.00% APY - $5,000.01 - $10,000.00

    0.50% APY - $10,000.01- $50,000.00

    0.25% APY - $50,000.01 - $100,000.00

    0.20% APY - $100,000.01 - $9,999,999.00

Using Patelco CU’s Earnings Calculator,

    $5k balance will earn a blended rate of 2.40% APY

    $10k balance will earn a blended rate of 1.70% APY

    $15k balance will earn a blended rate of 1.30% APY

    $20k balance will earn a blended rate of 1.10% APY

    $25k balance will earn a blended rate of 1.05% APY

While individual preferences and situations may vary, any balance above $20k seems to have passed the competitive cut-off point.

A Member Handbook Addendum (dated March 2, 2015) in part states,

You can make unlimited deposits to your regular Money Market Select Account. Contributions to and withdrawals from the Money Market Select IRA Account are subject to IRS limitations. Withdrawals from your Money Market Select Account are limited to six per month … If you violate these withdrawal or transfer limits, we can close the account and deposit the funds in a transaction account you are eligible to maintain (convert) or take away the transfer capabilities of this account.

The Money Market Select Account (non IRA) has an optional checking feature. The maximum number of checks that may clear an account is three (3) in any calendar month period. The number of checks you write will count against the six-per-month withdrawal limit established on this account.


In the past, membership in Patelco Credit Union was open to virtually anyone, but that changed more than a year ago. The field of membership is now structured as primarily residency and employment based.

Community: Individuals who live or regularly work in the northern California counties of Alameda, Contra Costa, Marin, Napa, Sacramento, San Francisco, San Mateo, Santa Clara, Solano, or Sonoma are eligible to join.

Residency: Individuals who live, work, worship, or worship in the California cities of Atwater, Auburn, Bakersfield, Eureka, Laguna, Los Banos, McKinleyville, Merced, Rocklin, Roseville, Santa Cruz, or Tracy also qualify.

Employment: Employees and pensioner of any of 1,100+ associations, trade groups, chambers of commerce, or federal government agencies (including AT&T and Walgreens) also qualifying for membership.

Education: Students attending University of California Berkeley, San Francisco State University, and California State University East Bay are eligible to join. Members of the San Francisco State University Association or the California State University East Bay Alumni Association also qualify.

Relationship: Family members or roommates of current Patelco members are eligible to join, as are minor children or surviving spouses of a deceased employee/pensioner eligible for membership.

Joining Patelco and/or opening a Money Market Select Account can be done online, or by visiting any of 37 California branches located in Berkeley, Brentwood, Campbell, Castro Valley, Citrus Heights, Concord, Daly City, Danville, Dublin, Elk Grove, Fairfield, Folsom, Fremont, Hayward, Lafayette, Livermore, Milpitas, Novato, Oakland (2), Pleasanton (2), Redwood City, Rohnert Park, Roseville, Sacramento, San Bruno, San Francisco (2), San Jose, San Leandro, San Mateo, San Ramon (2), Santa Clara, Santa Rosa, and Walnut Creek.

Credit Union Overview

Patelco Credit Union (NCUA Certificate # 68579) has an overall health grade of "A+" at, with a Texas ratio of 4.07% (excellent) based on June 30, 2016 data. In the past year, Patelco has increased its total deposits by $700.16 million, an excellent annual growth rate of 18.39%. Please refer to our financial overview of Patelco Credit Union for more details.

Patelco Credit Union was established in 1936 with very modest assets of $500 for the benefit of the employees of Pacific Telephone and Telegraph Company (now part of AT&T). Patelco Credit Union has grown to more than 294,700 member and has assets in excess of $5.2 billion.

These rates are accurate as of 10/12/2016.

To search for nationwide Money Market rates and Money Market rates in your state, please refer to the Money Market rates section of or our Rates Map page.

Anonymous   |     |   Comment #1
Patelco is the first credit union to have kicked me out.  No, I did nothing wrong, nothing horrible anyway, and . . no, I'm not angry or resentful or calling them names.  But you do not forget, either, having gotten the boot.  
Anonymous   |     |   Comment #3
And the facts are?  Boot based on what?  "You are entitled to your opinion but not 'your' facts!"
Anonymous   |     |   Comment #4
Difficult to remember.  It might have been some nature of inactivity.  But I honestly do not recall.  I remember when it happened I was not all worked up because they were offering nothing, at least at that time, of interest to me.  My ejection from Patelco was accompanied merely by a whimper, not some sort of loud explosion.  But regardless, they gave me the hook.
Anonymous   |     |   Comment #2
The limit is one per account number, not per social security number. A person with both a trust account and individual account can end up with 2 accounts using the same SSN.
carly   |     |   Comment #5
Great account, interest-wise, for up to $5,000.  But you have to go in person to make a deposit.  I asked the last time I was there about online transfers from my (other bank) checking and they are still saying it's not possible.  Worth the hassle of driving over there though.
tck   |     |   Comment #6
Just add your Patelco primary share account as an external account at your other bank and push funds from your other bank.  I have had no issue managing the account from out of state.
Anonymous   |     |   Comment #7
The primary share account number has a dash in it (yes, the dash is required).  Not all banks accept the dash.  (They assume you made a mistake.)

I  have successfully transferred from Ally, but cannot transfer from Alliant or Capital One.
tck   |     |   Comment #9
Oh interesting, just so happens that I used Ally.  I guess that would be why I had no issues.  Thank you for the info.
marcal   |     |   Comment #10
I have a  free checking account at patelco and am able to push and pull from alliant.  You can also get free checks for the mm account
Anonymous   |     |   Comment #13
The checking account numbers don't have a dash in them.  I was responding to the statement about adding your primary share account number, which does have a dash.
Anonymous   |     |   Comment #8
Just a heads up:  Patelco has an undisclosed inactivity fee.  After 12 months of inactivity they start charging you a $5 a month fee.  To be fair, they do warn you on the statement immediately preceding the one where they start charging the fee.

They have also closed their Deefield IL office that was located in the Walgreens headquarters office park.  I am not sure that they have a deal with Walgreens any more.
Anonymous   |     |   Comment #11
I recently opened 3 accounts, this money market, the required share savings and the free checking. The fee schedule in the member handbook ( ) has this:
Dormant Membership (no activity for 24 months) - $5.00 per month
Anonymous   |     |   Comment #14
They have threatened me with the fee after 12 months.
Anonymous   |     |   Comment #15
Could someone define their interpretation of inactivity to trigger a fee?  Merely collecting interest on CD?  Or, is it only related to checking accounts and not writing/depositing?  Thanks
Bozo   |     |   Comment #16
Patelco's rates aren't spectacular. The five-year is competitive, at 1.95%, but nothing to write home about.

I would give Patelco a thumbs up, however, for its customer service, and its retiree-friendly IRA CD EWP waiver (discussed on another thread). I've never been charged a fee. Indeed, Patelco sends me paper statements each month with no charge. Can't say the same for Alliant.
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