Patelco Credit Union, a Bay Area-based credit union dedicated to the financial wellness of its members and communities, was named one of GOBankingRates’ Best Credit Unions of 2023. The personal finance resource and website analyzed and scored credit unions nationwide based on various factors, including total assets, number of branch locations, account types, checking and saving account fees and APY, mobile app ratings, customer service and more. This is Patelco’s second consecutive year on the list.
Of the ten credit unions on the list, GOBankingRates recognized Patelco as the “Best for Full-Service Banking.” The rankings stated, “serving a wide swath of Northern California, Patelco Credit Union offers competitive rates, membership perks and more than 30,000 fee-free ATMs nationwide. It’s one of the largest credit unions in the U.S. with more than 400,000 members, and it provides the variety of products and services that you might expect from a bigger credit union.”
“Making GOBankingRates’ Best Credit Unions of 2023 list again this year is such an honor,” said Erin Mendez, president and CEO of Patelco Credit Union. “With the current economic environment, our members’ financial health and wellness remains our top priority. Empowering members with knowledge, products and services that can help them make the best decisions today while building their financial future, is at the heart of everything we do.”
The credit union earned 4.3 stars based on its checking account options, savings account options, CD accounts, membership benefits, customer service and more. Regarding its membership benefits, GOBankingRates said, “When you become a member of Patelco Credit Union, not only can you benefit from competitive savings rates, but you can also get rewarded. The credit union’s LevelUp program will reduce your loan’s interest rate over time as a reward for your on-time monthly payments.”
“We have built products especially with our members’ financial health in mind, including our reverse tier Money Market account, as well as our ScoreUp Credit Builder Loan,” said Mendez. “Typically, higher APY percentages are only applicable to accounts with very high balances. At Patelco, the first $2,000 deposited into our Money Market Account earns the highest interest rate. This way, our members can build good savings habits while accessing a higher rate of return. The ScoreUp Credit Builder Loan allows members to establish or improve their credit scores while also growing their savings.”