Patelco Credit Union (CA) Increases 60-Month CD APY

POSTED ON BY

Availability: Residents of 10 Northern California counties and approximately 150 Northern California cities; employees/retirees of 1,100+ SEGs

At the end of last week, Patelco Credit Union (Patelo CU) raised the rate on its 60-month CD (2.50% APY). The minimum opening deposit is $1K and there is no maximum balance cap.

The APY on this CD remained at 1.50% for 3.5 years before a small rate increase in June, followed by last week’s rate hike.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.95%$1k-Patelco Credit Union60 Month CD
1.95%$500-Patelco Credit Union60 Month IRA (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of August 25, 2016.

The 60-month CD is also offered as an IRA (Traditional, Roth, CESA) earning the same APY, but at a lower opening deposit of $500.

As stated in Patelco CU’s Ask A Question page, the Early Withdrawal Penalty reads as follows:

The penalty for early withdrawal on a CD is 90 days loss of interest or less if the CD has been open for less than 90 days. Certificates that are 48 months or more are subject to a 180 day penalty.

Many thanks to DA reader, redbaron, for his Forum post about this rate increase.

Money Market Select Account

Patelco CU has a Money Market Select Account that at first glance looks better than it actually is. The APY tiers are structured as follows:

Using Patelco CU’s Earnings Calculator, a $10K balance will earn a blended rate of 1.70% APY; a $15K balance will earn a blended rate of 1.30%; and a $20K balance will earn a blended rate of 1.10% APY, which seems to be nearing the competitive cut-off point.

Availability

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, or worship in approximately 150 northern California cities also qualify.

Employment: Employees and pensioner of any of Patelco CU’s 1,100+ SEGs 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.

Joining Patelco Credit Union and/or opening a CD 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, Sacramento, San Bruno, San Francisco, (2) San Jose, San Leandro, San Mateo, San Ramon (2), Santa Clara, Santa Rosa, and Walnut Creek. Patelco CU also has a single branch Deerfield, Illinois.

Credit Union Overview

Patelco Credit Union (NCUA Certificate # 68579) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 7.89% (excellent) based on September 30, 2015 data. In the past year, Patelco Credit Union has increased its total deposits by $321.23 Million, an excellent annual growth rate of 8.92%. 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 CU has grown to more than 294,700 member and has assets in excess of $4.5 Billion.

How the CD Compares

When compared to the 247 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are offered to California residents, Patelco Credit Union's 60-month CD shares the top stop with Wescom Credit Union's 60-month CD.

These rates are accurate as of 1/11/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

Comments
Ricochet
Ricochet   |     |   Comment #1
I just hit the sweet spot of 5k for Household Member status so I can use their free wire transfers
Anonymous
Anonymous   |     |   Comment #2
FYI Application can be started online but can't be completed online. One needs to call them and provide them with a proof of ID.
Anonymous
Anonymous   |     |   Comment #3
Pen Fed is increasing their 15 month certificate rate to 1.50 % effective January 23 and later.  I was just talking to a Pen Fed rep and she told me this but said it wasn't on the website yet.  I don't have confirmation in writing but she seemed to know what she was talking about.
Anonymous
Anonymous   |     |   Comment #4
And, if one jumps on that...good luck on seeing competitive 3 or 5 year rates from PenFed
Anonymous
Anonymous   |     |   Comment #6
I doubt you will see Penfed offering CD's much higher than the highest rates available. They didn't last year and the rate mentioned that will be available soon is just equal to the current rate leaders.
Anonymous
Anonymous   |     |   Comment #5
Or you can get 1.5% for 1 year at Xcel FCU
carly
carly   |     |   Comment #7
I'm thrilled to finally see a competitive rate for a California credit union--they've been lagging behind for years.  Patelco doesn't seem to have ACH transfer--I have to go in person to make deposits, but if you're local to one, they generally have great customer service.
Anonymous
Anonymous   |     |   Comment #8
Not true...You can link  external accounts for ACH transfer. Yes they have great customer service.
Anonymous
Anonymous   |     |   Comment #9
I called to do a direct transfer of my ira  and two reps gave me incorrect info. I have done many of these in the past and could tell within minutes that they did not know what they were taking about.
Last Chance for Patelco Credit Union's 7-Year CD

After about 7 months, Patelco Credit Union will no longer be offering its special 7-year CD. It recently notified members that the 7-year CD offering will expire on October 31, 2012. This is also described in the Patelco's CD page. It used to be a better deal when the APY was 2.50%, but the rate fell in August, and it's now only 2.00% APY. Minimum deposit $1,000 for a regular CD and $500 for an IRA CD. The early withdrawal penalty is 365 days of interest.

New Member CD

Continue Reading
Patelco Credit Union Launches Online Check Deposit Service

I'm seeing more credit unions and banks introducing remote deposit capture services which allow customers to deposit checks with their PCs or mobile phones. The latest credit union to launch this service is Patelco Credit Union. The service is called Anywhere Deposit, and it allows members to deposit checks into their accounts using their smartphones (iPhone or Android) or a PC and scanner. Patelco announced this news on Monday. It has set up this Anywhere Deposit page with the details.

Online Check Deposits at Other Credit Unions and Banks

Continue Reading
Top 7-Year CD Rate at Patelco Credit Union - Easy Membership

It has been a long time since I've seen a good CD deal at Patelco Credit Union. Good CD deals were common before the financial crisis, but since that time, Patelco CD rates have been a little low. That finally has changed with a 7-year CD special. It has a competitive 2.50% APY. Minimum deposit is $1,000 for a regular CD and $500 for an IRA CD. The early withdrawal penalty is 365 days of interest. The CD rates and its details are listed in Patelco's certificates page as of...

Continue Reading
High-Yield Low-Max CD Specials
A few credit unions have been offering special CDs with very high yields but with low maximum deposits. These are often new-member specials. I've posted on many of these in the past. A couple of readers have asked about these, so I thought it would be useful to highlight a few of these that are still available

To measure the value of one of these CDs, I compare it against an online savings account. For today's rate environment, I'll use 1.50% APY as a respectable yield. I then compute how much...

Continue Reading
4.07% 12-Month Special CD at Patelco Credit Union
Update 5/10/08: This 12-month special CD has ended.

Patelco Credit Union is offering a special 4.07% APY 12-month certificate. The minimum deposit is $1,000, and new money is required. It's also available as an IRA with a $500 minimum opening deposit.

You can open this CD online. When I joined Patelco in January, I was able to apply online and open two CDs during the session. I described the details in this January post. I have some more details about Patelco CDs and potential fees in this post. As I mentioned in...



Continue Reading

More Past Offers