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Patelco Credit Union

5.75% 12 to 23-Month IRA CD at Patelco Credit Union (Easy Membership)


Unfortunately, Patelco Credit Union ended the 5.75% 14 month CD promotion yesterday. You can still get 5.75% APY, but it's available only on the IRA certificates with terms from 12 to 23 months. The minimum deposit is $500. See rate table.

Patelco is one of the few credit unions in which anyone can be eligible to join. See this Patelco page for the full eligibility list. Note at the bottom it states that anyone can join the California Association for Older Americans regardless of age or geographic location. You can apply for Patelco membership online. However, you can't seem to enter the association into the eligibility field of the application. When I called in January I was told that you can mail or fax the association application, and there is no fee to join. So if you're interested in joining, I would recommend contacting Patelco first.

I was told today that there is no fee for Patelco membership. The minimum initial deposit for the savings account is $5. Note, you'll be charged a $3/month fee if your savings account balance is under $150. This fee will also be waived if you have direct deposit or if you have Patelco's Free Checking Account.

An important issue about Patelco is that it is NOT federally insured by the NCUA. It's privately insured by American Share Insurance (ASI) for up to $250K per account. For more discussion on this issue, please see this post.

Thanks to the reader who mentioned the discontinuation of 5.75% non-IRA certificate.

Related Pages: Patelco Credit Union, Chicago, San Francisco Bay, Sacramento, IRA rates

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ip (anonymous)   |     |   Comment #1
The process for joining California Association for Older Americans is seamless with applying for membership.

On the Membership application if type "California Association for Older Americans" and click the "Lookup" button to the right of that field, the association should appear in the drop down menu below it in Step 2.

There was no cost to join the Association and when I applied in May, Patelco even made the contribution for the required membership fee. However, you MUST fund the account you are applying for within 45 days or the membership will be voided. Their customer service number is quite efficient. I hope this helps.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for the info. This makes joining much easier.

I tried typing in exactly what you said, but it still couldn't find it. Then I tried "Older Americans" and the following showed up:

"California Assn. For Older Americans"