SchoolsFirst Federal Credit Union Review 2022 Bankrate
SchoolsFirst Federal Credit Union Review 2022 Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
In addition to the Share Savings account, the credit union offers a My Club custom savings account that lets savers set aside money for special goals for a defined term.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The minimum deposit for opening a share certificate is $500. Jumbo share certificates are also available if you have at least $100,000 to deposit. An IRA certificate is available for customers interested in using a CD to help save for retirement.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Interest rates for the Liquid Advantage MMA are tiered. Savers with larger balances qualify for a higher yield. Account holders must maintain a daily balance of at least $2,000 or the dividend rate converts to the lower rate associated with the Investment Checking account.
Certain withdrawal transactions, such as online transfers or check writing are limited to six a month. But members can make unlimited withdrawals or transfers through ATMs, at branche or by mail.
The credit union’s $22 overdraft fee is lower than what some other institutions charge, and SchoolsFirst charges no more than three overdraft fees each day.
The credit union also offers an Investment Checking account that earns some interest. It comes with a $3 fee, but the fee is waived when you maintain at least $1,000 in the account or if the account holder is at least 62 years of age. Both checking accounts require $25 to open, though the minimum is waived for school employees.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. SchoolsFirst Federal Credit UnionSchoolsFirst Federal Credit Union Review 2022
René Bennett is a writer for Bankrate, reporting on banking products and personal finance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logoThe Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logoEditorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logoHow we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.On This Page
At a glance
4.1 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
SchoolsFirst Federal Credit Union is a good option for any California school employee or family member, particularly those who are interested in share certificates with attractive yields or who want to do their banking with minimal fees.Highlights
Highly Rated App Low Fees Top CD Rates Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
SchoolsFirst Federal Credit Union is California’s largest credit union. It has low minimum balances and most SchoolsFirst accounts come without a monthly fee.Pros
Yields on CDs are highly competitive, especially at the highest balance tiers. There are no fees or low fees on most types of accounts. Members have access to over 28,000 fee-free ATMs. SchoolsFirst offers online bill pay and mobile banking tools such as check deposit.Cons
Branches are limited to California. Membership is limited to those who work in or have a connection to California’s educational system. Higher savings account and money market yields can be found at other financial institutions.SchoolsFirst Federal Credit Union bank products
Savings CD Money Market Checking 2.8 Bankrate ScoreSchoolsFirst Federal Credit Union savings overview
A Share Savings account is required for membership at the credit union. It can be opened with as little as $5, and the $5 minimum must be maintained to remain a member and avoid monthly fees. The account features unlimited deposits and withdrawals. The account balance earns interest, but the rate on the credit union’s savings is below the national average.In addition to the Share Savings account, the credit union offers a My Club custom savings account that lets savers set aside money for special goals for a defined term.
Pros
The Share Savings account has no monthly fees. There is no limit on deposits and withdrawals. The minimum balance requirement is only $5.Cons
You can easily find higher rates at other credit unions and online banks. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 4.5 Bankrate ScoreSchoolsFirst Federal Credit Union CD overview
SchoolsFirst Federal Credit Union offers CDs, known as share certificates, with terms ranging from one month to five years. There are four balance tiers: $500, $20,000, $50,000 or $100,000. APYs rise for each balance tier.The minimum deposit for opening a share certificate is $500. Jumbo share certificates are also available if you have at least $100,000 to deposit. An IRA certificate is available for customers interested in using a CD to help save for retirement.
Pros
There are a wide variety of terms available. Higher rates are offered on higher balances. Only $500 is needed to open an account.Cons
To earn the highest rate available, you’ll need to deposit at least $100,000. There are no bump-up or no-penalty CDs. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.6 Bankrate ScoreSchoolsFirst Federal Credit Union money market overview
Members who want a higher yield than the one tied to the Share Savings account can open the Liquid Advantage Money Market account. The minimum deposit to open the account is $2,000.Interest rates for the Liquid Advantage MMA are tiered. Savers with larger balances qualify for a higher yield. Account holders must maintain a daily balance of at least $2,000 or the dividend rate converts to the lower rate associated with the Investment Checking account.
Certain withdrawal transactions, such as online transfers or check writing are limited to six a month. But members can make unlimited withdrawals or transfers through ATMs, at branche or by mail.
Pros
There are no monthly service fees to worry about. The Liquid Advantage MMA allows limited check writing and unlimited withdrawals at branches and ATMs. Savers with bigger balances can earn more.Cons
The minimum opening deposit is $2,000 is higher than many other banks or credit unions. Yields are better than the credit union's standard Share Savings account, but not as attractive as most of its share certificates. The APY drops significantly when the minimum $2,000 balance isn’t maintained. 4.9 Bankrate ScoreSchoolsFirst Federal Credit Union checking overview
SchoolsFirst FCU offers a Free Checking account, the product scored for this review, with no minimum balance requirement or monthly service fees. It does not earn interest. Customers have access to more than 28,000 surcharge-free ATMs through the CO-OP Network of credit union ATMs. There’s a $1 surcharge for using an out-of-network ATM.The credit union’s $22 overdraft fee is lower than what some other institutions charge, and SchoolsFirst charges no more than three overdraft fees each day.
The credit union also offers an Investment Checking account that earns some interest. It comes with a $3 fee, but the fee is waived when you maintain at least $1,000 in the account or if the account holder is at least 62 years of age. Both checking accounts require $25 to open, though the minimum is waived for school employees.
Pros
There are no monthly fees on the Free Checking account. You’ll get access to tens of thousands of fee-free ATMs. The overdraft fee is lower than the national average and there is a cap on the number of daily overdraft charges.Cons
The Free Checking doesn't reimburse ATM fees for out-of-network transactions. The free account earns no interest. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
SchoolsFirst Federal Credit Union has more than 60 branches and more than 28,000 fee-free ATMs through SchoolsFirst and CO-OP ATM networks. Members who want to get in touch with a representative can send a message through the live online chat, contact the credit union by phone or mail, or visit a branch. Representatives can be reached by phone 7 a.m. to 7 p.m., Monday through Friday, and 9 a.m. to 3 p.m., Saturday. Members can send and receive money via Zelle. The credit union also offers a favorably rated mobile app, online bill pay, account alerts and mobile check deposit. SchoolsFirst Credit union also provides access to financial workshops and offers online tools and calculators to help members pay off credit card debt, reach savings goals and determine how much they need to save for retirement.About SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union was founded as Orange County Teachers Credit Union in 1934. At the time, 126 school employees came together to help support each other during the Great Depression. In 2008, Orange County Teachers Credit Union became SchoolsFirst Federal Credit Union, which provides financial products and services to California school employees and their families. SchoolsFirst is headquartered in Southern California. It also supports the communities it serves through donations, scholarships, fundraising events and financial literacy programs.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .