Redwood Credit Union


Overview / Commentary
707-545-4000
3033 Cleveland Ave
Santa Rosa, CA 95403

Redwood Credit Union is headquartered in Santa Rosa and is the 8th largest credit union in the state of California. It is also the 42nd largest credit union in the nation. It was established in 1950 and as of December of 2019, it had grown to 631 employees and 276,038 members at 18 locations. Redwood Credit Union has an A+ health rating.

Field of Membership Restrictions

Membership in Redwood Credit Union is open to those who live or work in the greater California Northern Bay and San Francisco area, including Contra Costa, Lake, Marin, Mendocino, Napa, San Francisco, Solano, and Sonoma Counties.
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Reviews (5)

Redwood Credit Union

Redwood has some of the best trained bank employees I've ever encountered. From the tellers to the bank manager, everyone knows Redwood's products, can intelligently explain them. I no longer bank with them because I moved out of state, but I recall when other banks were charging fees for everything they could think of, Redwood only charged a very small fee for checking if you're savings account was under $500, I believe. For a variety of reasons, I had accounts with Wells Fargo at the time, and their fees were bigger and more numerous by far. Also, Redwood's staff were more friendly and seemed happy to be be there, unlike Wells.

Always Positive

My experiences with Redwood Credit Union were always very positive. Everyone at the bank was not only knowledgeable about the products and services offered, but were very personable. At the time, I also had an account with Wells Fargo. It was akin to walking in to a the Department of Motor Vehicles in a big city. No one seemed to care. The Redwood folks would always ask questions, find out your needs, explain the benefits and features of various accounts and loan options.

Great Service And Low Fees

I joined to have a "local" credit union that I could see in person when I needed, and one of the draws for me was establishing a safe deposit box in my hometown. Fees are reasonable ($35/yr) and access is nice and easy -- just wait in line for a teller!

I've opened several checking accounts for a variety of purposes in my financial life, and they haven't blinked. (I've had some trouble with PayPal, so I like having a checking account that only PayPal has access to.)

Their funds transfer functionality is a bit limited - you can schedule no more than 4 transfers, so I can't use the bank as my "hub" for money to flow around, but it otherwise works nicely.

If you use a debit card, they give some rewards for debit card usage. It's only a 0.5% cash back, but that's more than many other banks/CUs will these days. Rewards points are also shared with their credit cards, which is nice.

They also have one loan product I haven't seen anywhere else - a solar loan, as of this writing, at 7%. More than most of their home equity products, but less than a personal/signature loan.

And they take customer service to a ridiculous degree. I applied for their Visa card on a Friday, and it required human underwriting. My card was approved on a Saturday because the loan department works on Saturdays, too!

Excellent!

I joined Redwood Credit Union while I was with my former employer. It started out as a way to keep a savings account, but over the years it has become an important part of our short-term finances as well. Their fees are excellent - only once have I overdrawn our account in the past 10 years and the fee was about $10 less than what a large banking institution typically charges. The only complaint I have about this credit union is customer service. Most of the tellers I've come across inside the bank are stiff, not very friendly and in one case even judgemental about how I was handling my account status (I had just gotten married and hadn't yet added my husband to the account and an issue came up with a joint check). I try to avoid talking to customer service as much as possible. I moved out of the area where the credit union is centralized but they have several other credit unions within a network. These credit unions provide the exact same services and help us whenever we have issues specific to our branch. Overall I'm very happy with this credit union and plan to close my big bank checking and savings accounts in the near future.

Happy Redwood Credit Union Customer

I joined up with Redwood Credit Union a few years ago after getting completely fed up with Wells Fargo's fees and callous attitude towards their customers. I have both a checking and savings account with RCU. I've been very impressed with their customer service. The few times that I have needed assistance (lost my debit card, had my rent check stolen from my landlord's mailbox) they have been able to help me quickly and have been more than happy to do so. Much friendlier, more personal service than that other big bank! I wish that their online experience was smoother (there is a ~24 hour lag for debits/credits to appear online) but overall, I am happy with RCU.



Health
A+

Health Grade Components

Overall
NCUA #60793
Year Chartered1950
Employees631
Primary Regulator
Profit Margin
Return on Assets - YTD1.81%
Return on Equity - YTD14.08%
Annual Interest Income$182.1MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$4.99B$4.46B
LoansQ4 2019vs Q4 2018$3.97B$3.50B
DepositsQ4 2019vs Q4 2018$4.32B$3.88B
Equity CapitalQ4 2019vs Q4 2018$629.8MM$541.1MM
Loan Loss AllowanceQ4 2019vs Q4 2018$30.9MM$26.7MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$15.2MM$19.5MM
Real Estate OwnedQ4 2019vs Q4 2018$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Redwood Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Redwood Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%*$100k*-Health Savings (HSA)
OTHER TIERS: 0.65% $100 - $25k | 0.70% $25k - $50k | 0.75% $50k - $100k
0.15%*$25k*-Holiday Share
OTHER TIERS: 0.10% $100 - $25k
0.15%*$25k*-Regular Share Savings
OTHER TIERS: 0.10% $100 - $25k
0.15%*$25k*-Business Special Savings
OTHER TIERS: 0.10% $100 - $25k
0.15%*$25k*-BYO Savings
OTHER TIERS: 0.10% $5 - $25k
0.15%*$25k*-Business Savings
OTHER TIERS: 0.10% $100 - $25k

Redwood Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%*$100k*-IRA Balance Money Market
OTHER TIERS: 0.65% $2.5k - $25k | 0.70% $25k - $50k | 0.75% $50k - $100k
0.80%*$100k*-Business Balance Money Market
OTHER TIERS: 0.65% $2.5k - $25k | 0.70% $25k - $50k | 0.75% $50k - $100k
0.80%*$100k*-Balance Money Market
OTHER TIERS: 0.65% $2.5k - $25k | 0.70% $25k - $50k | 0.75% $50k - $100k
0.45%*$100k*-IRA Money Market Growth
OTHER TIERS: 0.25% $100 - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k
0.45%*$100k*-Money Market Growth
OTHER TIERS: 0.25% $100 - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k
0.45%*$100k*-Advantage Plus Money Market
OTHER TIERS: 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k
0.45%*$100k*-Business Money Market Growth
OTHER TIERS: 0.25% $100 - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k

Redwood Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$50k*-High Balance Dividend Earning Checking
OTHER TIERS: 0.15% $2.5k - $50k
0.25%*$50k*-Active Business Checking
OTHER TIERS: 0.15% $500 - $50k
0.25%*$50k*-Premium Business Checking
OTHER TIERS: 0.15% $500 - $50k
0.15%*$50k*-Dividend Earning Checking
OTHER TIERS: 0.10% $500 - $50k

Redwood Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.45%$1k-Business 60 Month CD with Active Checking
1.45%$1k-5 Year CD with Active Checking
1.40%$1k-Business 36 Month CD with Active Checking
1.40%$1k-3 Year CD with Active Checking
1.25%$1k-Business 22-25 Month CD with Active Checking
1.25%$1k-2 Year CD with Active Checking
1.20%$1k-Business 60 Month CD
1.20%$1k-5 Year CD
1.10%$1k-18 - 21 Month CD with Active Checking
1.10%$1k-Business 18 - 21 Month CD with Active Checking
1.10%$1k-Business 36 Month CD
1.10%$1k-3 Year CD
1.00%$1k-2 Year CD
1.00%$1k-12 - 17 Month CD with Active Checking
1.00%$1k-Business 12 - 17 Month CD with Active Checking
1.00%$1k-Business 22-25 Month CD
0.85%$1k-18 - 21 Month CD
0.85%$1k-9 - 11 Month CD with Active Checking
0.85%$1k-Business 9 - 11 Month CD with Active Checking
0.85%$1k-Business 18 - 21 Month CD
0.80%$1k-12 - 17 Month CD
0.80%$1k-6 - 8 Month CD with Active Checking
0.80%$1k-Business 6 - 8 Month CD with Active Checking
0.80%$1k-Business 12 - 17 Month CD
0.65%$1k-9 - 11 Month CD
0.65%$1k-Business 9 - 11 Month CD
0.60%$1k-6 - 8 Month CD
0.60%$1k-Business 6 - 8 Month CD
0.40%$1k-3 - 5 Month CD with Active Checking
0.40%$1k-Business 3 - 5 Month CD with Active Checking
0.25%$1k-3 - 5 Month CD
0.25%$1k-Business 3 - 5 Month CD

Redwood Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.45%$1k-5 Year IRA with Active Checking
1.40%$1k-3 Year IRA with Active Checking
1.25%$1k-2 Year IRA with Active Checking
1.20%$1k-5 Year IRA
1.10%$1k-18 - 21 Month IRA with Active Checking
1.10%$1k-3 Year IRA
1.00%$1k-2 Year IRA
1.00%$1k-12 - 17 Month IRA with Active Checking
0.85%$1k-18 - 21 Month IRA
0.85%$1k-9 - 11 Month IRA with Active Checking
0.80%$1k-12 - 17 Month IRA
0.80%$1k-6 - 8 Month IRA with Active Checking
0.65%$1k-9 - 11 Month IRA
0.60%$1k-6 - 8 Month IRA
0.40%$1k-3 - 5 Month IRA with Active Checking
0.25%$1k-3 - 5 Month IRA
Locations

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