Accounts That Earn Interest Patelco: A Comprehensive Guide

If you're looking to earn interest on your savings, Patelco Credit Union offers a variety of accounts that can help you grow your money over time.

First, let's talk about the Patelco Savings Account, which earns a competitive interest rate of up to 0.10% APY. This account is perfect for those who want to keep their savings liquid while still earning a little extra.

With the Patelco Savings Account, you can earn interest on balances as low as $100, making it a great option for those who don't have a lot to save. Plus, you can access your money anytime you need it, either online or in-person at a Patelco branch.

To maximize your earnings, consider opening a Patelco High-Yield Savings Account, which earns an even higher interest rate of up to 0.20% APY. This account is ideal for those who want to save a larger sum of money and earn a higher return on their investment.

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Interest rates can vary, but some accounts offer rates up to $2,000 in interest.

Calculations for these rates are for demonstration purposes only and don't guarantee credit approval.

Interest checking accounts pay interest, but at a lower rate than most savings accounts.

You can earn interest with an interest checking account, which is essentially a checking account with growth from interest.

Money market accounts also offer interest, but with restrictions on transactions.

Most banks and credit unions allow a set number of transactions from a money market account.

A savings account is a foundation for financial wellbeing and earns interest while providing security.

Members of Patelco, a member-owned financial cooperative, received an average of $1,652 in savings in 2021.

Calculations provided are for demonstration purposes only and don't guarantee credit approval.

Interest rates and limits can be complex, but understanding them can help you make informed decisions about your finances.

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At Patelco, your savings account is insured by the NCUA up to $250,000 per member, per account type. This means your money is protected in case something happens to the credit union.

Regular savings accounts are the most basic type of savings account, and they pay interest.

ScoreUp Savings is a type of savings account offered by the credit union. It has the same rates as Savings, with an APY of 0.05% and a monthly dividend payment.

To open a ScoreUp Savings account, you'll need to have a ScoreUp Credit Builder Loan. This account type is designed to help you build credit while earning interest on your savings.

Here are the minimum balance requirements for ScoreUp Savings:

Note that these rates are effective as of 01/01/2020 and may be subject to change.

Certificates are a type of savings account that offers a fixed interest rate for a specific term.

The minimum balance requirement for all certificates is $250.00, and the interest is compounded monthly.

You can choose from a variety of terms, ranging from 3 to 60 months, with different interest rates and dividend payment schedules.

Here's a breakdown of the different certificate terms and their corresponding interest rates:

Note that the 9-Month Certificate promotion has a premium rate of 4.00% APY, and the 14-Month and 23-Month promotions have premium rates of 3.80% and 3.50% APY, respectively.

The ADU Equity Line is a great feature that allows you to tap into your home's equity. This line of credit can be used for various purposes, including home renovations, paying off high-interest debt, or even funding a down payment on a second home.

You can access up to 80% of your home's value, minus the outstanding mortgage balance, with an ADU Equity Line. For example, if your home is worth $500,000 and you have a $200,000 mortgage, you could access up to $200,000 through an ADU Equity Line.

Interest rates on ADU Equity Lines are often variable, but they can be as low as 4.5% APR, depending on your credit score and other factors. This can be a more affordable option than a home equity loan or cash-out refinance.

The ADU Equity Line also offers flexible repayment terms, allowing you to make interest-only payments for a certain period before switching to principal and interest payments. This can help you manage your cash flow and make the most of your credit.

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With unlimited deposits, you can grow your savings by setting up monthly direct deposits or automatic transfers. This is a great way to make saving easier and less prone to being neglected.

Your money is insured by the NCUA up to $250,000 per member, per account type. This means you can have peace of mind knowing your savings are protected.

You can earn interest on your savings, just like with a traditional savings account. With some accounts, like the Money Market Select account, you can even earn up to 2.00% APY.

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A savings account is the foundation for achieving lifelong financial wellbeing and lets you put away money you don’t plan to spend right away in an insured account while earning interest and providing security.

You can open a savings account to become a Patelco member today and start building your financial future.

As a member owned, not-for-profit financial cooperative, Patelco reinvests in our members with better rates and low- to no fees.

Members with most of their banking relationships with Patelco received $1,652 in savings on average in 2021.

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