Pennsylvania State Employees Credit Union
Written by Tara Mastroeni | Edited by Ali Cybulski | Published on 3/7/2025
PSECU, also known as Pennsylvania State Employees Credit Union, is one of the largest credit unions in Pennsylvania and based in the capital of Harrisburg. The credit union was established in 1934, and as of 2025, it has grown to about 900 employees and more than 595,000 members. It is also the 37th-largest credit union in the nation and is digital only.
Checking accounts
As far as the various accounts you can open, PSECU currently has one checking account option. It’s interest bearing and it offers a rate of 0.10% annual percentage yield (APY), as of the time of this writing.
There are no minimum balance requirements or monthly maintenance fees. Members can also access more than 85,000 surcharge-free ATMs and a debit card that earns 10 cents on purchases when you set up direct deposit with PSECU.
Savings accounts
You can choose between two savings accounts: a Regular Savings option, suitable for all members, and a Youth Savings option, meant for those under age 18.
The Regular Savings option costs just $5 to open and earns a rate of 0.25% APY on all balances. For its part, the Youth Savings account also costs $5 to open and earns an increased rate of 4.00% APY on balances up to $500; the standard rate of 0.25% APY applies thereafter.
Money market accounts
The PSECU money market account is where things truly get interesting. It requires a $500 balance to earn dividends, but once you reach that point, you’ll earn 2.50% APY on most balances.
Savers who can maintain a balance of at least $100,000 will earn 3.00% APY. Plus, this account has no deposit or withdrawal limitations.
Certificates of deposit (CDs)
Available to open with as little as a $500 deposit, CDs from PSECU offer terms ranging from three months to five years.
The rate you earn will vary based on the term you select. However, rates currently extend up to 4.09% APY.
In addition to the accounts mentioned in this PSECU review, the credit union also offers a variety of retirement accounts, credit cards and business and consumer loan products.
Customer service
If you need help, you have several options for contacting PSECU. You can call and speak with a live agent, access automated service 24/7 or send a message using digital banking.
Reach a live agent at 800-237-7328 (800-562-6555 for loans) from 8 a.m. to 6 p.m. Eastern time Monday through Friday and from 8 a.m. to 4 p.m. ET Saturday. Alternatively, you can call 800-435-6500 for self-service 24/7/365.
For account-related questions, you can send a secure message or initiate a live chat session by logging into digital banking. You can submit nonaccount-related questions at the form found on the Contact Us page.
Trustpilot rates PSECU service 2.1 out of 5 stars, or a poor score, and some reviews note a decline in service.
Membership eligibility
You can join Pennsylvania State Employees Credit Union if you are a member of the Pennsylvania Recreation and Park Society ($20 fee) or the Pennsylvania Consumer Council (free for Pennsylvania residents). Membership is also open to those related to current PSECU members; Pennsylvania state or local government employees; municipality or school district employees; students, faculty, staff and alumni of universities in the Pennsylvania State System; and select employer groups.
See current membership details.
PSECU pros and cons
Pros:
• Offers interest-bearing checking account
• Earns cash back on eligible purchases with debit card
• Allows CDs to be opened with low minimum deposit of $500
Cons:
• Receives a low rate on savings balances
• Provides no branch locations for service as digital only
• Reports from customers of declining service
Field of Membership Restrictions
Membership in Pennsylvania State Employees Credit Union is open to all U.S. citizens and resident aliens through membership in the Pennsylvania Recreation & Parks Society ($20 membership fee). Membership is also open to Pennsylvania state or local government employees, municipality or school district employees, students, faculty, staff and alumni of universities in the Pennsylvania State System, and over 1,000 Select Employer Groups.
See current membership details
Like Watching Cheese Slide Off A Cracker
I have been a member of PSECU since the mid-90s. This credit union has slowly but surely been declining in customer and banking services. One of the only reasons I ever stuck with them was because of their low auto loan rates. So this is a credit union that doesn't have to abide by the same rules and regulations as a bank and yet it has the same current interest rates as banks do... And in some cases, higher. So why does a credit union, which lowers its customer service capabilities, have the same loan rates as a bank while being customer-owned? The only benefit you're getting from this credit union is free checking. You can't earn any interest worth mentioning on a savings account. I'm currently getting 4.4% interest on my savings at another bank while PSECU gives you 0.5%. So all of the money this credit union is making is being spent on itself instead of its customers/members.
Take a look at their Form 990 for 2022 (https://projects.propublica.org/nonprofits/organizations/230961140/202332909349301328/full)
Over $6.2 million per year on officer salaries? Over $1.2 million a year on officer compensation? Who has been doing the voting for officers and their salaries... The officers themselves? This is starting to sound a lot like Congress voting for their own pay raises while pretending they work FOR the American people. I've already transferred all of my accounts to another institution and aggressively paid off my new truck loan in six months just so I could leave. Goodbye PSECU!
Kim Hanging Up The Call In My Face
I am very frustrated with this company my grandson lost his job,Kim the manager as she stated hung the phone up in our face saying that she could not make any payment arrangements and threatened to repo the car.God sits high and look low she will remember this conversation when it comes back on her .
Rude manager
Good Referral Bonus
You can use my referral link if you want to help get the $300 bonus. Don't forget you can type in the code LEVELUP for the first $100. https://refer.psecu.com/zr4ii
GOOD BANK
Good people to work with. Excellent customer service. Great rates for used car loans. Easy qualifications. Got approved @ 773 CS after doing a successful credit score boost with credit boost helpers. Will use again for my next loan. Love the ease to getting the loan. Will recommend them for car loans and creditboosthelpers @ gmail .com for credit repairs.
Worst Credit Union
Ever since COVID it's like they do the bare minimum to get by. I attempted (key word, attempted) to do a balance transfer a little over 2 weeks ago... the balance has not been transferred and PSECU is blaming the post office. They can't help with any request and just give you the lamest explanations that really don't explain anything. This credit union will make you want to stand in traffic. They need to do better but I don't think they will.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 64131 |
| Year Chartered | 1933 |
| Employees | 850 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.98% |
| Return on Equity - YTD | 9.8% |
| Annual Interest Income | $477.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $8.72B$8.23B |
| Loans | Q4 2024vs Q4 2023 | $6.6B$6.53B |
| Deposits | Q4 2024vs Q4 2023 | $7.8B$7.42B |
| Equity Capital | Q4 2024vs Q4 2023 | $859MM$757.8MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $140.9MM$127MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $54.8MM$63.4MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $356K$316K |