It was just two months ago that Self-Help Federal Credit Union (Self-Help FCU) added 5 basis points (bps) to its Money Market account (MMA), making its APY the highest nationally available rate for a money market account. Self-Help FCU started the month by increasing the rate by another 5 bps, widening the gap between its MMA’s APY and the next highest APY by 11 bps.
The MMA has two rate tiers: 1.41% APY for balances of $500k+, and 1.31% APY for balances of $500+. The minimum opening deposit is $500.
In the past year, the Money Market account has experienced twelve rate increases, which have added a total of 62 bps to the APY.
There is no monthly service fee if a minimum daily balance of $500 is maintained; should the balance fall below $500, a $5 monthly service fee will be levied. There is a $10 fee for each additional transfer or withdrawal beyond the first six transfers/withdrawals.
Thanks to DA reader, Carpline, for his Forum post about this latest rate increase.
Note: DA reader, Bozo, posted a comment in response that piqued my interest.
Curious about the fine print. Is the rate on amounts from zero to $500,000 1.31%, and the rate on amounts above $500,000 1.41%? Or, if one has a balance above $500,000, does the entire balance yield 1.41%?
The fine print in question - “Dividends earned on all average daily balances of $500+” - is worded vaguely and open to interpretation. CSR stated that a balance of $500,001 would earn 1.41% APY on the entire balance, and not 1.31% APY on $499,999 and 1.41% APY on $2.
Headquartered in Durham, North Carolina, Self-Help Federal Credit Union’s field of membership (FOM) includes virtually all residents of the U.S., with the exception of North Carolina residents, who can join Self-Help FCU’s older sister credit union, the Self-Help Credit Union.
Easy Membership: For a one-time fee of $5, individuals can qualifying for membership by joining the Center for Community Self-Help, the umbrella organization that encompasses all parts of Self-Help.
Residency: Individuals who live, work, worship, or attend school select areas of Oakland, California are eligible to join.
Employment: Employees of over 100 SEGs also qualify for membership.
Self-Help FCU has a 26-page document that describes the various ways California residents can qualify for membership, including many residential, employment, and organizational affiliation options.
Joining Self-Help FCU and opening a Money Market account can be done at any of 24 full-service branches located in California (19), Florida (2) and Illinois (3).
Note: North Carolina residents are eligible to join Self-Help FCU's sister credit union, Self-Help Credit Union, which has 19 branches throughout North Carolina and one Virginia branch. Self-Help Credit Union offers the same products and rates as Self-Help FCU, including the tiered Money Market.
If you are not eligible for free membership, please include a
one-time $5 fee to join the Center for Community Self-Help.
Credit Union Overview
Self-Help Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.50% (excellent) based on March 31, 2017 data. In the past year, Self-Help FCU has increased its total non-brokered deposits by $84.47 million, an excellent growth rate of 16.51%. Please refer to our financial overview of Self-Help Federal Credit Union (NCUA Charter # 24802) for more details.
Self-Help Federal Credit Union was established in 2008 “to build a network of credit union branches to operate on a scale uncommon in the community development industry.” Its sister credit union, Self-Help Credit Union was chartered in 1938 to help employees in rural North Carolina form worker-owned cooperatives and gain ownership of local mills that were being shut down. The first capital raised was $77 – the proceeds of a bake sale organized by a baker whom Self-Help CU has assisted. The first "office" was co-founder Martin Eakes’ VW Bug, which unfortunately caught fire; both the car and Self-Help CU’s records were a complete loss. Self-Help CU and Self-Help FCU are North Carolina’s 6th and 8th largest credit unions respectively, with a combined membership of over 260,000.
How the Money Market Account Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available nationwide, Self-Help Federal Credit Union's Money Market Account two APYs currently rank first and third, regardless of minimum deposit.
The above rates are accurate as of 6/5/2017.
To search for Money Market rates, both nationwide and state specific, please refer to the Money Market rates section of DepositAccounts.com.