Patelco Credit Union More Than Doubles 18-Month Certificate Rate

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Deal Summary: 18-23 month Certificate, 5.00% APY, $250 minimum deposit

Availability: Easy membership requirement

California-based Patelco Credit Union (Patelco) began offering 5.00% APY on its 18-23 month IRA Certificate, while the 18-23 month Certificate had a significantly lower 2.25% APY. As DA reader, Carpline, noted in a Forum post comment yesterday, the 18-23 month Certificate rate has been boosted to 5.00% APY. The minimum opening deposit is $250, with no stated balance cap. Members may choose any term from 18 to 23 months for this rate.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00%$250-Patelco Credit Union18 - 23 Month CD
4.00%$250-Patelco Credit Union18 - 23 Month IRA (Traditional, Roth, CESA)
Rates as of February 25, 2024.

As stated in Patelco’s Member Handbook (page 18), the Early Withdrawal Penalty reads as follows:

Early withdrawal penalties on certificates with terms up to 47 months will
equal the lesser of dividends earned on the Certificate or 90 days’ dividends.

Availability

Prior to 2015, Patelco’s field of membership (FOM) included an easy membership requirement (EMR). Sometime in 2015, the FOM was restructured, using Northern California residency and employment to determine eligibility. At the beginning of 2020, Patelco Credit Union reinstated its EMR, making all legal U.S. residents with a valid Social Security number eligible to join.

Easy Membership Requirement: Joining the Financial Fitness Association (FFA) qualifies for membership. Patelco will pay the initial $8 membership fee for the first year. "After the first year, renewal of the FFA membership is your responsibility and is not required to maintain your Patelco membership.” Patelco’s new membership team (800.358.8228 x1212) can facilitate joining FFA.

Residency: Individuals who live, work, worship, or worship in the northern California counties of Alameda, Contra Costa, El Dorado, Marin, Merced, Napa, Placer, Sacramento, San Francisco, San Joaquin, San Mateo, Santa Clara, Solano, Sonoma, Stanislau, or Yolo are eligible to join, as are those who live, work, worship, or worship in the California cities of Bakersfield, Eureka, McKinleyville, or Santa Cruz.

Employment: Employees and pensioner of any of more than 1,100 associations, trade groups, chambers of commerce, or federal government also qualifying for membership.

Education: Current students and alumni of the University of California Berkeley, San Francisco State University, or California State University East Bay are eligible to join..

Relationship: Family members or roommates of current Patelco members are also welcome to apply.

Complete details are listed on the Patelco Membership page.

Account Opening

Joining Patelco and/or opening an 18-month Certificate can be done online, or at any of 38 California branches located in Berkeley, Brentwood, Campbell, Castro Valley, Citrus Heights, Concord, Daly City, Danville, Dublin (2), Elk Grove, Fairfield, Folsom, Fremont, Hayward, Lafayette, Livermore, Milpitas, Novato, Oakland (2), Pleasanton, Redwood City, Rohnert Park, Roseville, Sacramento, San Bruno, San Francisco, (2) San Jose (2), San Leandro, San Mateo, San Ramon, Santa Clara, Santa Rosa, Sunnyvale, and Walnut Creek. Appointments are available and can be scheduled online.

There's no fee to join and your membership includes a
savings account with $1 deposited to get you started.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, internal transfer, or shared branch transfer
  • CO-OP Shared Branch Participant – Yes.
  • Maturing Funds – AHC, check to the address on file, or internal transfer to a Patelco savings/checking account
  • Dividends –Compounded/credited monthly, can be withdrawn at any time penalty-free.
  • Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check –Soft pull.

Credit Union Overview

Patelco Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.33% (excellent) based on December 30, 2022 data. In the past year, Patelco has increased its total non-brokered deposits by $158.12 million, an above average annual growth rate of 2%. Please refer to our financial overview of Patelco Credit Union (NCUA Certificate # 68579) for more details.

Patelco Credit Union was established in 1936 with only $500 in assets. The Credit Union’s name is derived from its original field of membership: employees of Pacific Telephone and Telegraph Company (now part of AT&T). Patelco Credit Union has grown to become California’s sixth largest credit union, with nearly 463,000 members and assets in excess of $9 billion.

How the 18-Month Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Patelco 18-month Certificate. The following table compares the 18-month Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 3/13/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: San Francisco Bay CD rates, Sacramento CD rates, 1-year CD rates, IRA CD rates, nationwide deals

Comments
Patelco Credit Union Nationally Available 11-Month CD Is New Rate Leader
Deal Summary: 11-month Certificate, 3.50% APY, $250 minimum deposit

Availability: Easy membership requirement

For a limited time, California-based Patelco Credit Union (Patelco) is offering an 11-month Certificate earning 3.50% APY. The minimum opening deposit is $250, with no stated balance cap. While no specific end-date is mentioned, the offer “is subject to end at any time without notice.”

As stated in Patelco’s Member Handbook (page 18), the Early Withdrawal Penalty reads as follows:

Early withdrawal penalties on certificates with terms up to 47 months will
...

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Patelco Credit Union Offers Easy Membership Requirement Again
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Availability: Easy membership requirement

In early 2015, California-based Patelco Credit Union (Patelco) debuted the Money Market Select Account (MMSA), which had a tiered APY structure that favored smaller balances. The initial competitive APYs lasted until April 2020, when the top two APYs were lowered by 100 bps. Although substantially lower, the current APYs are still competitive in today’s rate environment.

The MMSA is also offered as an IRA...

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Patelco Credit Union Unveils 3-Year Flexible Rising Rate CD
Deal Summary: 3-Year Flexible Rising Rate Certificate, 3.50% blended APY, $250 minimum deposit

Availability: Residents of 16 Northern California counties and four Northern California cities; employees/retirees of 1,100+ SEGs.

Patelco Credit Union (Patelco) recently informed its membership about its newest product: a 3-year Flexible Rising Rate Certificate, earning a blended 3.50% APY that can be opened with a $250 minimum deposit.

The Flexible Rising Rate Certificate is also offered as an IRA (Traditional, Roth, CESA) earning the same APY with the same funding requirements.

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Patelco Credit Union (CA) Hikes 24-35 Month CD
Deal Summary: 24-35 Months Certificate, 2.25% APY, $1k minimum deposit

Availability: Residents of 16 Northern California counties and four named Northern California cities; employees/retirees of 1,100+ SEGs

Over the weekend, Patelco Credit Union (Patelco) raised the rate on its 24-35 months Certificate (2.25% APY). The minimum opening deposit is $1k, with no stated balance cap. The 100 bps increase was its largest rate change ever, and the new 2.25% APY is the highest since DA began tracking it in 2009.

The 24-35 months Certificate is also...

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Patelco CU (CA) Adds 75 Basis Points To 60-Month CD

Deal Summary: 60-Month Certificate, 2.75% APY, $1k minimum deposit

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

Patelco Credit Union (Patelco CU) started the week by raising the rate on its 60-month Certificate (2.75% APY). The minimum opening deposit is $1k, with no stated balance cap. Monday’s 75 basis point increase was the largest rate change for the 60-month Certificate ever, and the new 2.75% APY is highest in seven years.

The 60-month Certificate is also offered as...

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