Self-Help FCU's Money Market Rate Jumps Up
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.
Availability
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.
The Membership Application can also be download and returned to any branch location or mailed to the Modesto, California branch.
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.