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*%||-||$2k||Patelco Credit Union||Money Market Select Account|
|3.00*%||-||$2k||Patelco Credit Union||Money Market Select IRA (Traditional, Roth)|
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 DepositAccounts.com, 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.