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SchoolsFirst is the largest credit union in California and one of the largest in the United States. It has over 1 million members and over $25 billion in assets. SchoolsFirst offers a wide range of CD term options. Find out of their CDs are right for you.
Current SchoolsFirst Credit Union CD Rates
The table below highlights the rates SchoolsFirst Credit Union for share certificates.
| Term Length | $500 Minimum Balance APY | $20,000 Minimum Balance APY | $50,000 Minimum Balance APY | $100,000 Minimum Balance APY | $250,000 Minimum Balance APY |
|---|---|---|---|---|---|
| 30 days | 2.95% | 3.00% | 3.05% | 3.10% | 3.15% |
| 3 to 5 months | 3.85% | 3.90% | 3.95% | 4.00% | 4.05% |
| 6-month Add-On Promotional Term | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% |
| 6 to 11 months | 4.10% | 4.15% | 4.20% | 4.25% | 4.30% |
| 12 to 17 months | 4.20% | 4.25% | 4.30% | 4.35% | 4.40% |
| 15-month Promotional Term | 4.75% | 4.75% | 4.75% | 4.75% | 4.75% |
| 18 to 23 months | 4.20% | 4.25% | 4.30% | 4.35% | 4.40%smar |
| 24 to 25 months | 4.20% | 4.25% | 4.30% | 4.35% | 4.40% |
| 36 to 47 months | 4.20% | 4.25% | 4.30% | 4.35% | 4.40% |
| 37-month Promotional Term | 4.85% | 4.85% | 4.85% | 4.85% | 4.85% |
| 48 to 59 months | 4.20% | 4.25% | 4.30% | 4.35% | 4.40% |
| 60 months | 4.35% | 4.40% | 4.45% | 4.50% | 4.55% |
Interest Rate Comparison
When stacked up to interest rates available through other financial institutions, SchoolsFirst Federal Credit Union offers attractive opportunities. While it’s possible to find slightly higher rates elsewhere, SchoolsFirst rates are significantly higher than the national average.
For example, with a 12-month CD offering a APY, Ally Bank offers a slightly higher rate for some terms. If you want to make sure you are getting the top rate for the term you have in mind, explore the best CD rates before committing your funds.
In terms of competing with the market as a whole, SchoolsFirst offers above-average rates. For example, the national average rate for a 12-month CD is 1.85%. But SchoolsFirst offers 12-month CDs with a 4.20% APY.
Minimum Deposit Requirements
In order to open a CD with SchoolsFirst, you’ll need to make a deposit of at least $500. Beyond the $500 mark, SchoolsFirst offers different APYs for savers tucking away significantly more funds. As a saver, you’ll see an APY boost when you hit the $20,000, $50,000, $100,000, and $250,000 marks.
If you are a saver looking for a CD without any minimum deposit requirements, SchoolsFirst might not be the right fit. Ally Bank is one option if you want to open a CD without any minimum deposit requirements.
In addition to a relatively low minimum deposit requirement, SchoolsFirst Federal Credit Union doesn’t require any account opening or maintenance fees.
Term Lengths Available
SchoolsFirst offers a wide range of terms lengths available, from 30 days to five years. The range of rates is ideal for setting up a CD ladder, which involves opening CDs of multiple term lengths. As the CDs mature at different times, you can either use the funds or open a new CD to extend the ladder. For savers who want more regular access to their CD funds, a ladder is a worthwhile option.
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Early Withdrawal Penalties
As with all share certificates, you can expect to face an early withdrawal penalty. Below is a look at the early withdrawal penalties charged by SchoolsFirst Credit Union:
- For terms of 30 days or less, the early withdrawal penalty is equal to 30 days’ worth of dividends on the principal amount withdrawn.
- For terms of more than 30 days and less than 18 months, the early withdrawal penalty is equal to 90 days’ worth of dividends on the principal amount withdrawn.
- For terms of more than 18 months, the early withdrawal penalty is equal to 180 days’ worth of dividends on the principal amount withdrawn.
Who Can Join SchoolsFirst Federal Credit Union?
If you are interested in opening a share certificate with SchoolsFirst, the first step is to become a member of the credit union. In order to join, you must meet one of the following eligibility requirements:
- Be a current or retired school employee of an eligible school
- Be an immediate family member of a SchoolsFirst FCU member, including a spouse, domestic partner, parent, sibling, child, grandparent, or grandchild
- Be an employee of a company whose primary business is to provide a direct service to an eligible school or district in California
- Be a college student enrolled in an eligible education program with a student teaching requirement
Many would-be savers won’t qualify to become a member of SchoolsFirst Federal Credit Union. If you are interested in finding a different credit union to join, explore these credit unions with relatively open membership requirements.
How to Open a CD
If you want to open a CD with SchoolsFirst Federal Credit Union, the process starts by becoming a member. To submit a membership application, you’ll need to provide a government-issued ID, a recent pay stub or school transcript, and $5 to open your required Share Savings account.
After your membership is finalized, you can open a CD through the following steps:
- Choose the term. Find a term length that suits your needs.
- Open the CD. When logged into your account, select ‘open a certificate.’
- Fund the account. You must fund the certificate with at least $500. If the funds aren’t coming from another SchoolsFirst account you own, then you’ll need to provide funding account information.
Final Take
Credit unions are known for offering competitive CD rates to their members and SchoolsFirst Federal Credit Union isn’t an exception to this general rule. If you are eligible to work with SchoolsFirst, you can put your money to work with attractive CD rates. But if you don’t think SchoolsFirst is the right fit, explore other CD rate options today.
Note: All rates and details are accurate as of August 2, 2024.
