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 Money Market (Traditional, Roth, CESA), with the same APY tiers and deposit requirements. There is a limit of one MMSA and one MMSA IRA per Social Security number.
The current APY tiers are structured as follows:
2.00% APY - Up to $2,000.00
1.00% APY - $2,000.01 - $5,000.00
0.50% APY - $5,000.01 - $10,000.00
0.35% 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’s Earnings Calculator, “you can see how much your savings can earn each year.”
$5k balance will earn a blended rate of 1.40% APY
$10k balance will earn a blended rate of 0.90% APY
$15k balance will earn a blended rate of 0.75% APY
$20k balance will earn a blended rate of 0.65% APY
$25k balance will earn a blended rate of 0.59% APY
While individual preferences and situations may vary, any balance above $10k 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.
Prior to 2015, Patelco’s field of membership (FOM) was 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 (888.386.1031) 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 California cities of Bakersfield, Eureka, McKinleyville, or Santa Cruz.
Employment: Employees and pensioner of any of 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.
Joining Patelco and/or opening a Money Market Select Account can be done online, or by visiting (by appointment) any of 36 California branches located in Berkeley, Brentwood, Campbell, Castro Valley, Citrus Heights, Concord, Daly City, Danville, Dublin (2), Elk Grove, Fairfield, 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, Santa Clara, Santa Rosa, Sunnyvale, and Walnut Creek. Note: the San Ramon and Folsom branches are temporarily closed until further notice.
There's no fee to join and your membership includes a
savings account with $1 deposited to get you started.
Patelco participates in CO-OP Shared Branch and ATM networks.
Credit Union Overview
Patelco Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.54% (excellent) based on September 30, 2020 data. In the past year, Patelco has increased its total non-brokered deposits by $840.88 million, an excellent annual growth rate of 13.83%. Please refer to our financial overview of Patelco Credit Union (NCUA Certificate # 68579) for more details.
Established in 1936 for the benefit of the employees of Pacific Telephone and Telegraph Company (now part of AT&T), Patelco Credit Union opened its doors for business with assets of $500. Currently the sixth largest credit union headquartered in California (and the 23rd largest credit union in the country), Patelco Credit Union has more than 391,000 members and assets in excess of $8.1 billion.
How the Money Market Select Account Compares
Rather than comparing APYs, I’ve chosen to compare potential annual earnings on a $10k deposit. When compared to the nationally available Money Market Accounts tracked by DepositAccounts.com, Patelco Credit Union’s Money Market Select Account currently offers the third-highest annual earnings.
The above rates are accurate as of 12/17/2020.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.