SchoolsFirst Federal Credit Union Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
SchoolsFirst Federal Credit Union is a good option for any California school employee or family member, particularly those who want to do their banking with minimal fees. Yields can be hit or miss depending on the account. For example, while the union’s savings account offers a paltry yield, most CDs offer competitive rates.
Highlights
- Low Fees
- Free Checking
- Low Min Balance
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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. A large ATM network makes it easy to access your cash, even if you’re traveling outside of California.
Pros
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There are no fees or low fees on most types of accounts.
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Members have access to over 30,000 fee-free ATMs.
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SchoolsFirst offers online bill pay and mobile banking tools such as check deposit.
Cons
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Branches are limited to California.
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Membership is limited to those who work in or have a connection to California’s educational system.
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Higher yields can be found at other financial institutions.
We want to know what you think about SchoolsFirst Federal Credit Union
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SchoolsFirst Federal Credit Union banking products
APY last updated between 5/6 and 5/12.
SchoolsFirst Federal Credit Union savings overview
Pros
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The Share Savings account has no monthly fees.
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There is no limit on deposits and withdrawals.
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The minimum balance requirement is only $5.
Cons
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You can easily find higher rates at other credit unions and online banks.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
SchoolsFirst Federal Credit UnionAPYAPY last updated between 5/6 and 5/12.APYAPY last updated between 5/6 and 5/12.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charges |
|---|---|
| Overdraft fee | $22 |
| Non-sufficient funds fee | $22 |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | $1 |
| Excessive transaction fee | None |
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.
Customer experience
Customer service. SchoolsFirst Federal Credit Union has more than 70 branches and more than 30,000 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.
Mobile app. SchoolsFirst’s mobile app is highly rated on the Google Play Store and highly rated on the Apple App Store. Members can send and receive money via Zelle, online bill pay, account alerts and mobile check deposit.
Financial services. 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.
How does SchoolsFirst Federal Credit Union compare with other banks?
SchoolsFirst Federal Credit Union vs. Golden 1 Credit Union
Both SchoolsFirst and Golden 1 are credit unions located in California and have about the same amount of branches. Moreover, both unions offer a wide range of deposit products, ranging all the way from CDs to money market accounts.
Those similarities noted, SchoolsFirst tends to offer higher yields on various deposit products, including its CDs and savings accounts. The money market accounts at both unions offer about the same yields.
SchoolsFirst Federal Credit Union FAQs
Review methodology
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. Read our full review methodology.
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