Patelco Credit Union

Patelco Credit Union is the most useful of all the Oakland credit unions. They are the “shared branch” for all the other credit unions. Everyone who lives or works in Alameda County is eligible to join. If you aren’t lucky enough to live here or be otherwise eligible, you can join Community Association for Engaging Youth.

The first thing to notice is their “new member” Certificate with a rate of 5.0% APY (Annual Percentage Yield). That’s the highest rate you can get for insured savings today. Unfortunately, it’s only for one year and exactly $1000. They will even give you the $1 to open a “share account” aka “tiered savings account” when you become a member.  Their other certificate rates are good, but generally not the highest.

I like their youth accounts to help young people learn to manage their money. Starting at age 7, kids can have their own savings. And at 12, they can have an ATM card, and at 14, a checking account. I remember the savings and loan that advertised “free checking for everyone” insisting that my 16-year-old could only open a checking account with a linked $10,000 savings account. So I really appreciated the ease with which my younger child opened a Patelco account. We miss the Gr8 rate of 8% on the first $1K for a youth account.

“Patelco was started in 1936 to serve employees of the Pacific Telephone and Telegraph Company. Since then, Patelco has grown to become the 13th largest credit union in the United States with over 40 branches, 250,000 members and over $4 billion in assets.” (ref.)  It’s the 4th largest in California.

Next in this series: Provident CU: Super Rewards Checking