SharePoint Credit Union eSavings and Premier Checking Have Competitive Rates
SharePoint Credit Union (SharePoint) has been offering 3.00% APY on its eSavings account on balances up to $10k for more than two years. The APY is guaranteed for two years following account opening. After two years, the rate will convert to the “On Going Rate,” which is currently 0.05% APY. eSavings balances of $10k+ also earn 0.05% APY.
A minimum $50 monthly direct deposit is required; if the direct deposit requirement is not met, a $3.95 fee will assessed. Enrollment in online banking is required. While eStatements are free, mailed paper statements cost $2 each. There is a limit of one eSavings account per member.
If you’re thinking of opening an eSavings account, don’t overlook SharePoint’s Premier Rate Checking account.
Premier Rate Checking
SharePoint has been offering an introductory 5.00% APY on new Premier Rate Checking accounts for more than nine years. The 5.00% APY applies to balances up to $5k and is guaranteed for one year following account opening. Following the one-year anniversary, the introductory rate will convert to the on-going rate (currently 1.00 APY up to $2.5k). At least ten debit card purchases are required to avoid the $5.95 monthly fee. Unlimited check writing is available and the first box of checks is free. There is a limit of one Premier Rate Checking account per member and existing Premier Rate Checking accountholders are not eligible for the introductory rate.
Potential Earnings of Combined eSavings and Premier Rate Checking Accounts
The potential combined annual earnings of an eSavings account (3.00% APY/$10k) and a Premier Rate Checking account (5.00% APY/$5k) is approximately $550 (3.66% APY/$15k).
Excess Share Insurance
SharePoint provides additional coverage for member accounts through the Excess Share Insurance (ESI).
Each member's account is federally insured to $250,000 by the National Credit Union Administration (NCUA) - the soundest financial insurance fund in the United States.
We also provide an additional $250,000 of Excess Share Insurance (ESI), bringing your
total protection up to $500,000 for your accounts. SharePoint Credit Union meets strict underwriting requirements to provide this additional $250,000.
For more information about ESI, you may find my blog post, ESI – Little Known Deposit Insurance for Credit Unions, helpful.
Availability
Headquartered in Bloomington, Minnesota, SharePoint Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, attend school, or conduct business in the Minnesota counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington, or Wright, eligible to join.
In addition, employees of more than 100 “Partner Companies” also qualify for membership.
Joining SharePoint and/or opening a Premier Rate Checking account or an eSavings account can be done online or at any of five Minnesota branches located in Andover, Bloomington, Burnsville, Medina, and Saint Louis Park. The Plymouth branch location is temporarily closed. According to SharePoint's COVID-19 Resources page, the Bloomington and Medina branch lobbies are open by appointment only (Monday-Friday, 9am-5pm), with appointments only available Tuesday, Wednesday, and Thursday at the Andover, Burnsville, and St. Louis Park branches. Scheduling an appointment can be done by calling 952.930.0700 or by sending an email to [email protected].
A Share Savings Account requires a minimum $5 balance; it gives you equal
ownership in SharePoint Credit Union, a not-for-profit, financial cooperative.
While SharePoint does not participate in a shared branching network, it does participate in MoneyPass, one of the largest surcharge-fee ATM networks, with access to more than 25,000 ATMs nationwide.
Credit Union Overview
SharePoint Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.96% (excellent) based on December 31, 2020 data. In the past year, SharePoint CU has increased its total non-brokered deposits by $35.78 million, an excellent annual growth rate of 17.49%. Please refer to our financial overview of SharePoint Credit Union (NCUA Charter # 63089) for more details.
Established in 1933, SharePoint Credit Union was originally known as the Red Owl Employees Credit Union. (Red Owl was an upper-Midwest grocery store chain.) A group of forwarding-thinking Red Owl employees “pooled their money because they knew that the value of their funds would be greater if joined together.” The Credit Union applied the “greater if joined together” principle to its FOM, which eventually expanded to include eight Minnesota counties. As the FOM changed, the Credit Union needed a new name and the SharePoint re-brand occurred in 2009. The 2018 merger with West Financial Credit Union added more than 3,400 individuals to the membership. SharePoint Credit Union is currently Minnesota's 17th largest credit union, with more than 22,000 members and assets in excess of $274 million.
How the eSavings Compares
When compared to Savings account tracked by DepositAccounts.com that are available within the FOM, SharePoint Credit Union’s eSavings APY currently (and clearly) ranks first. Coincidentally, the top three savings accounts in the comparison all have low balance caps.
You can also think of the eSavings account as an add-on 2-year CD with unlimited penalty-free withdrawals.
The above information and rates are accurate as of 3/10/2021.
To compare the top savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.
