Patelco CD Rates 2023: A Comprehensive Review

Patelco CD rates have been a popular choice for savers looking for a low-risk investment option. Patelco Credit Union offers a range of CD terms with competitive rates.

In 2023, Patelco's 1-year CD rate was 4.50% APY, making it a strong option for those who want to earn a decent return on their money.

With Patelco's CDs, you can earn interest on your deposits, and the rates are usually higher than traditional savings accounts.

You can open a Regular Savings account at Patelco Credit Union with no minimum deposit required. This account pays APY across all balance tiers.

The Holiday Club Savings account is a great option if you want to save for holidays, as it requires a $20 minimum opening deposit and allows you to make deposits at any time during the year.

Patelco Credit Union also offers a Kids Savings account with no minimum deposit or balance required, and it has no monthly fees. Plus, the credit union deposits the first $1 into the account.

Share certificates at Patelco Credit Union require a minimum opening deposit of $250 and are offered in terms ranging from three to 60 months. Standard share certificates earn APY to APY.

If you're looking for a longer-term savings option, you can opt for a share certificate with a longer term, which will earn you a higher rate.

Patelco Credit Union is NCUA-insured, which means account balances of up to $250,000 are protected.

The credit union's financial condition is available for review, with data provided by the NCUA.

Patelco's Texas Ratio is a key indicator of its financial health, with a ratio of 5.40% as of September 30, 2024.

This ratio compares the amount of loans at risk and assets repossessed to the amount of capital and reserves available to cover losses.

Patelco had $47,860,989 in non-current loans and $8,154,039 in owned assets as of September 30, 2024.

It had $995,432,723 in net worth and $42,757,531 in loans loss reserves to cover these potential losses.

The credit union's net worth is 10.44% of its total assets, which is lower than the BestCashCow average of 14.16%.

Here's a comparison of Patelco's financial ratios with the U.S. average:

Interest and fees are a crucial part of understanding CD rates. You'll need to consider them when deciding on a CD term.

There is a 10 calendar day grace period to make changes or add to a newly opened or renewed CD account. This gives you some flexibility to adjust your CD before any fees kick in.

Early withdrawal fees apply to most CDs, including those offered by Patelco. If you withdraw money within six days of issuance, you'll be charged 7 days interest.

Here's a breakdown of the early withdrawal fees:

The Patelco 5.00% 1 Year CD is a great option for those looking to earn high interest on their savings. Patelco Credit Union is offering this rate to new members, which is a significant advantage.

To be eligible for this rate, you must meet Patelco Credit Union's membership requirements, such as living in California or working for one of the 1100 companies they serve. If you don't meet these criteria, you can still join by becoming a member of the Community Association for Engaging Youth.

The Patelco 5.00% 1 Year CD has a 12-month term and a $1,000 minimum opening balance, with a maximum balance of $1,000. This low balance limit may not be suitable for everyone, especially those with larger savings goals.

The regular CD rates at Patelco Credit Union are below average, with a 12-year CD rate of 0.25% and a 60-month CD rate of 1.61% APY. However, the Patelco 5.00% 1 Year CD still offers a much higher rate than these alternatives.

Here are the key details of the Patelco 5.00% 1 Year CD:

Compounding Interest is a key aspect of earning interest on your savings. Interest rates are compounded monthly.

This means you'll earn interest on both the principal amount and any accrued interest, which can help your savings grow faster.

A minimum deposit and average daily balance of $250 is required to continue earning interest on your Patelco certificate account.

This requirement ensures that your account remains active and earning interest.

If you're planning to open a CD, it's essential to understand the terms and conditions, especially when it comes to early withdrawal fees.

Most CDs have a 10 calendar day grace period where you can make changes or add to your account without any issues.

Early withdrawal fees apply if you remove money from a CD within six days of issuance, and you'll be charged 7 days interest.

There are different rules for early withdrawals depending on the term of your CD.

Here's a breakdown of the early withdrawal fees:

Patelco Credit Union offers a range of CD rates, with the 9-Month Certificate earning 4.25% APY and the 60-Month Certificate earning 3.00% APY.

Their CD rates are competitive, especially considering the current national average for 12 and 60 month CDs hovers around 1.49% and 1.35% APY, respectively. Patelco's rates are higher than the national average, making them a good option for those looking to earn a higher return on their investment.

Here's a breakdown of Patelco's CD rates:

To put their CD rates into perspective, Patelco's 18-Month Certificate earns 3.50% APY, while their 24-Month Certificate earns 3.25% APY.

Patelco Credit Union offers a range of certificate options with varying APYs. The 9-Month Certificate has a 4.25% APY, while the 14-Month Certificate boasts a 4.15% APY.

The credit union's CD rates vary depending on the term length. For example, the 3-Month Certificate has a 1.00% APY, while the 60-Month Certificate offers a 3.00% APY.

In comparison, the current national average for 12 and 60 month CDs hovers around 1.49% and 1.35% APY, respectively, according to FDIC data. Some top FDIC-insured online banks are now offering over 5.00% and 4.75% APY for the same respective terms.

Here are Patelco's CD rates for various term lengths:

The credit union's money market rates are also variable, with a blended APY based on balance. For example, if you deposit $10k, you'll earn 1.35% APY.

If you're looking for a credit union that offers competitive rates, Patelco Credit Union is worth considering. Patelco Credit Union offers a range of rates that are comparable to those of its competitors.

One option to consider is First Tech Federal Credit Union, which offers rates that are often higher than Patelco's. However, First Tech's membership requirements may be more restrictive than Patelco's.

Another option is Alliant Credit Union, which offers a high-yield savings account with a competitive interest rate. Patelco's rates, on the other hand, are more geared towards borrowers, with lower rates on savings accounts.

Navy Federal Credit Union is another option to consider, with rates that are often higher than Patelco's on certain accounts. However, Navy Federal's membership requirements are more restrictive, requiring you to be a military member or a family member of one.

Ultimately, the best credit union for you will depend on your individual needs and preferences.