Golden 1 Credit Union Review: Strong Community Heart, Wide Variety of Accounts, but High APYs Are Lacking

Golden 1 Credit Union is a not-for-profit cooperative that offers its members a full suite of deposit accounts, including savings, checking, money market, and CDs. Many of its bank accounts have no monthly maintenance fees (or the fee is easily waivable), low minimum opening deposits, and access to over 30,000 in-network ATMs. For all its low fees, however, Golden 1 Credit Union doesn't have competitive APYs, thus making it a poor choice for those who want to earn high interest on their savings. With that in mind, let's take a closer look at what Golden 1 Credit Union has to offer and see if it's the right place for your money.

Golden 1 Credit Union has numerous savings accounts. Some are pretty creative -- like the "Santa Saver" -- but none have APYs that can stand up against the best high-yield savings accounts on the market today. With that in mind, let's take a look at each account individually.

Regular Savings Account

This is your basic, run-of-the-mill savings account. It has a low minimum opening deposit ($1), no monthly fees, and unlimited ATM transactions (out-of-network withdrawals cost $2 per transaction). However, like all accounts on this list, the APY is so low, you would hardly notice your money growing.

It should be noted that, for prospective members of Golden 1 Credit Union, this account really isn't a choice. To become a member of the credit union, you must open a Regular Savings Account during the application process. It will only cost you a dollar to open the account -- not a huge ask by any means -- but it's still something to consider.

Money Market Savings Account

This money market account has the highest APY of all its savings accounts. But don't get your hopes up: The rate is not only lower than the best money market accounts, you also need at least $10,000 to earn 1.00%. The account has no monthly service fee, but does require a $100 minimum opening deposit.

FlexSavings Savings Account

If you have a savings goal, like buying a car or saving for a wedding, this account might help you get there. The account will lock your savings for a specific period, after which funds will be deposited into your Regular Savings Account. There's no penalty for withdrawing savings before your payout date, though the account will close automatically if you do so.

You need at least $20 to open (or $5 with payroll deduction or automatic transfers from another Golden 1 Credit Union account), and there's no monthly minimum required to earn interest. It's a fun idea, but, like other accounts on this list, its APY is puny compared with other banks and credit unions.

Santa Saver Savings Account

Much like the FlexSavings, this account helps you save for holiday shopping by restricting access to your savings. Your funds will grow at a meager APY throughout the year, then automatically transfer to your regular savings account on Nov. 1. If you withdraw before that date, the account will close automatically. It's a neat idea, but once again -- there are better options out there if you want to earn more interest.

Youth Savings Account

A savings account for kids and teenagers 18 and younger, this Youth Savings Account is free and has a low minimum opening deposit of $1. The APY is decent (in fact, it's higher than Golden 1's own Regular Savings Account) but it doesn't compare with the best kids' savings account on the market.

Golden 1 Credit Union offers regular certificates of deposit (CDs), which it calls "term savings certificates." These certificates have a variety of terms, ranging from three to 60 months, and a low $500 minimum opening deposit. Like most regular CDs, these savings certificates have early withdrawal penalties and will automatically renew at maturity if you don't withdraw the money.

As far as APYs go, Golden 1 Credit Union CDs earn more than its own savings accounts, but pale in comparison to today's top-paying CDs. That said, it does have a competitive APY on a 16-month savings certificate. This is one of the highest APY we've seen for a term of this length and could be worthwhile, especially if you're sure a CD is the right investment for you.

For perspective, here's how Golden 1 Credit Union's savings certificates compare with today's best CDs.

Golden 1 Credit Union has quite a few checking accounts, some of which pay interest. Below we'll take a closer look at your options.

Easy Checking

The Easy Checking account is a free checking account with no minimum opening deposit or daily balance requirements. The account comes with a debit card, which you can use for free banking at over 30,000 ATMs. It also gives you access to mobile and online banking services, including mobile check deposits.

MarketRate Checking

This checking account earns interest when you keep a minimum daily balance of $1,000. While it's always nice to earn a little extra from your checking account, don't bank on this one making you rich. To get a decent APY, you need to maintain a six-figure daily balance. Even then, your APY would still be lower than other more lucrative investments, such as a certificate of deposit or money market.

The MarketRate Checking has a $25 minimum opening deposit and $15 monthly service fee. This fee is waivable if you keep a minimum daily balance of $10,000 or more (if you're age 62 or older, you can waive the fee by joining Golden Prestige). The account also comes with a debit card and free box of checks.

Premium Checking

The Premium Checking is another interest-bearing checking account. Like the MarketRate Checking, this account's APY is based on your minimum daily balance, with higher balances getting a better APY. However, unlike that account, the interest rates on Premium Checking are super low, much lower than the best checking accounts.

Though you only need $25 to open an account, maintaining a daily minimum balance of $1,000 will earn you interest. The account has an $8 monthly service fee, which you can waive in one of three ways:

• Set up direct deposit
• Maintain a minimum daily balance of $500
• Maintain an aggregate savings balance of at least $5,000 among your Golden 1 savings accounts and Premium Checking

Student Checking

The Student Checking is a basic checking account for students between the ages of 13 and 24. The account doesn't have monthly fees or minimum deposits, but, unlike top student checking accounts, it also doesn't earn interest. It comes with a contactless debit card and also gives you the option to get paid two days early with Golden 1 Direct Deposit.

Golden 1 Credit Union has an A+ rating on the Better Business Bureau website. At the same time, it also has 111 complaints in the last three years and a 1.11 out of 5 star rating. Its Trustpilot rating isn't much better: 1.9 out of 5, based on 19 reviews. While this doesn't mean that every Golden 1 Credit Union branch in California has poor customer service, the low ratings are certainly something to consider.

Golden 1 Credit Union offers a special Golden Prestige package for members age 62 or older. This package automatically gives you no monthly maintenance fees and doesn't have a per-check charge. You also get two free boxes of checks, up to 10 free cashier checks, and free domestic wire transfer service.

Golden 1 Credit Union isn't for everyone. If you're looking to earn a higher APY on your savings -- or you don't qualify for Golden 1 membership -- here are a few alternatives to consider.

Alliant Credit Union

Alliant is an online credit union with decent yields on CDs and savings accounts. Like Golden 1, it offers a variety of fee-free savings and checking accounts, along with a vast network of 80,000 ATMs. It doesn't have physical branches, but it also doesn't require you to live in a certain state for membership.

SoFi Bank

SoFi is an online bank that boasts competitive APYs for savings and checking accounts. The bank is home to a savings-checking account hybrid -- the SoFi Checking and Savings -- which has one of the highest APYs for a checking account. Even though SoFi is a bank, it has relationship benefits, such as free financial planning assistance and rate discounts on loans.

If you want to support a credit union and you're eligible for Golden 1 membership, Golden 1 Credit Union might be right for you. Although the APYs on its savings accounts don't compare with other top banks, its community focus might be more important to you than earning high interest.

In addition to its savings products, Golden 1 Credit Union also offers the following services:

Golden 1 credit cards

• Member Cash Rewards+
• Member Rate Advantage Card
• Member First Card

Golden 1 mortgages

• Adjustable Rate Mortgage (ARM)
• Fixed Rate Loan
• Jumbo Loan

Golden 1 loans

• Personal Loan
• Personal Line of Credit
• Credit Starter Loan
• Certificate and Savings Secured Loan
• New and used auto loans
• New and used RV loan
• New and used motorcycle, Jet Ski, or all-terrain vehicle loan
• New and used boat loan

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Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

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