SchoolsFirst Federal Credit Union Review: High Certificate Yields and Low Fees
Written by
Stacey Bumpus
Edited by
Elizabeth Constantineau
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GOBankingRates Score
SchoolsFirst Federal Credit Union
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Products and Services
4.5
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Accessibility
4.0
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Customer Service
4.5
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Rates and Fees
4.0
Pros
- No or low fees on all bank accounts
- High APYs on share certificates
- Access to more than 30,000 fee-free CO-OP ATMs nationwide
- Special rates and benefits for school employees
Cons
- Limited geographic reach
- Not many checking or savings options
- Membership requirements rule out many residents
SchoolsFirst Federal Credit Union Overview
SchoolsFirst was founded in 1934 to provide financial services to California school employees and their families. It has since grown into the largest credit union in California, with more than 1.4 million members, over $30 billion in assets and nearly 70 branches. SchoolsFirst is headquartered in Santa Ana, California, and provides a full lineup of deposit accounts, loans, credit cards, retirement, investment and insurance products.
Membership Eligibility
To become a member of SchoolsFirst, you must meet one of the following requirements:
- Current or retired school employee
- Immediate family member of a SchoolsFirst FCU member
- Employee of a company that provides a direct service to an eligible school or district in California
- College student enrolled in an education program with a student teaching requirement
Products and Services Offered
To help you decide whether SchoolsFirst Federal Credit Union might be right for your financial needs, here’s some information about the products and services it offers.
Savings Accounts and Certificates
SchoolsFirst has two main savings account options: Share Savings and My Club Savings. Neither has a monthly service fee. The Share Savings account has a $5 minimum deposit and is required to become a member of the credit union. You can then maintain your membership by keeping a $5 minimum balance in the account. There is no minimum deposit requirement with My Custom Club Savings.
Share Savings pays an APY of . The APY for My Club Savings is , and account holders are required to select a maturity of six to 18 months.
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SchoolsFirst also offers a 12-month College Saver account that has a $200 minimum opening deposit and pays a high APY.
Like most credit unions, SchoolsFirst offers its members share certificates instead of CDs, but both work the same. SchoolsFirst certificates have a $500 minimum deposit requirement and come in terms of 30 days to five years. Interest rates, which range from – APY, are tiered by both minimum balance and term length, and they can compete with just about any other financial institution out there.
Checking Accounts
SchoolsFirst offers two checking account options: Free Checking and Investment Checking. Both offer free, unlimited use of more than 30,000 ATMs through the CO-OP network of credit union ATMs. Additionally, Investment Checking offers six free out-of-network ATM withdrawals each month. The accounts also come with 24/7 online and mobile banking, eStatements and online bill pay.
Free Checking has no monthly service charge and no minimum balance requirement, though there is a $25 minimum opening deposit. There is a $1 charge per withdrawal for non-SchoolsFirst FCU/CO-OP network ATMs.
Investment Checking has a $3 monthly fee for all account holders except those 62 and older. For others, the fee can be waived by signing up for direct deposit and keeping a daily minimum combined share balance of $1,000 or more or with a combined share balance of $2,500 or more. This is an interest-bearing account that pays up to depending on your balance.
Credit Cards
SchoolsFirst offers four credit cards to its members — all with competitive rates.
- The Inspire Mastercard features a free credit score and the option to skip your December payment.
- The School Employee Mastercard offers a free credit score and allows eligible school employees to make interest-only payments during the summer, skip their December payment and automatically lower their rate by 0.50% with every year of on-time payments.
- The Rewards Mastercard also offers a free credit score, plus 10,000 points for opening a new account and 1.5 points for every $1 you spend.
- The Share-Secured Mastercard offers a fixed rate and free credit score while allowing new or second-chance credit users the opportunity to build their credit score.
Loans and Mortgages
You’ll find a variety of loans at SchoolsFirst FCU, including new and used car loans and personal loans. The credit union also offers loans designed for school employees, such as an auto loan with summers off.
As far as mortgage loans, SchoolsFirst offers mortgage loans with fixed and adjustable rates, home equity options and school employee mortgages, which offer a low down payment and no private mortgage insurance.
Investment Services
For those interested in investing, SchoolsFirst offers a variety of investments, including stocks, bonds, mutual funds, ETFs, annuities and tax-deferred investments. As a member, you can meet with one of the credit union’s financial professionals as often as you like with no consultation fees.
Digital Banking Experience
The credit union offers mobile and online access to your accounts which allows you to download statements, apply for loans, check balances, deposit checks, make bill payments, transfer money between accounts and send money to other members. The SchoolsFirst FCU Mobile Banking app is highly rated with a 4.9-star rating on Google Play and a 4.8-star rating on the App Store.
Branch and ATM Network
SchoolsFirst operates only in California, but its network of around 70 branches makes it accessible to most of the state’s residents. Members also have access to more than 30,000 fee-free CO-OP ATMs nationwide.
Customer Service and Support
To reach SchoolsFirst FCU’s member service center, call 800-462-8328. You can reach a representative from 7 a.m. to 7 p.m. PT Monday – Friday and 9 a.m. to 3 p.m. PT on Saturday. Check the credit union’s “Contact Us” page for current estimated wait times.
You also can use the credit union’s Live Chat feature during those business hours. If you prefer, the credit union also offers an automated teller line at 800-540-4546, which can handle many of your banking transactions.
Rates and Fees
From credit cards to loans to savings accounts, SchoolsFirst offers competitive rates — especially if you are a school employee. It also offers low or no fees on all of its deposit accounts. Its Share Savings account, which is required of members, only offers a APY, but the credit union does offer other savings products with much higher rates.
Comparing SchoolsFirst FCU to Other Credit Unions
SchoolsFirst competes against several credit unions within California. Here’s how they compare.
Golden 1 Credit Union
Golden 1 Credit Union is close behind SchoolsFirst in terms of size, with more than 1 million members, over $20 billion in assets and its 70-plus branch network. It also has competitive rates on Share Certificates. But you won’t find the school employee rates and benefits at Golden 1 that SchoolsFirst offers.
Redwood Credit Union
Redwood wins over SchoolsFirst for its higher APY on checking accounts. But Redwood has just 21 branch locations, all concentrated in the San Francisco Bay Area, so SchoolsFirst is the better choice for members who want more branch access.
Final Take
SchoolsFirst Federal Credit Union is an excellent choice for Californians who meet its membership requirements. Its few negatives, such as a thin lineup of checking and savings options, are more than offset by high certificate APYs, a large in-state branch network and a wide variety of products and services beyond basic bank accounts — especially for school employees.
FAQ
Here are the answers to some of the most frequently asked questions about SchoolsFirst FCU.- Is Schools First Credit Union FDIC-insured?
- As a credit union, SchoolsFirst is federally insured by the National Credit Union Administration, which offers the same protection as the Federal Deposit Insurance Corp.
- Does SchoolsFirst FCU use Zelle?
- Yes, you can use Zelle to send money at SchoolsFirst.
- Is SchoolsFirst a good bank?
- SchoolsFirst is rated as one of GOBankingRates' Best Credit Unions in California. Whether or not it will be a good credit union for you depends on your location and what type of banking needs you have.
- Which credit bureau does SchoolsFirst use?
- SchoolsFirst Credit Union does not disclose on its website which credit bureau it uses when checking consumer credit for loans or other financial products.
- Can anybody join SchoolsFirst Credit Union?
- No, not everyone can join SchoolsFirst Federal Credit Union. Membership is open to current or retired school employees, immediate family members of a SchoolsFirst FCU member, employees of companies providing direct services to eligible schools or districts in California, and college students enrolled in education programs with student teaching requirements.
Vance Cariaga and Cynthia Measom contributed to the reporting of this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 19, 2024.
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