Updated
Fact Checked
Eric McWhinnie
Given that it's one of the largest credit unions in California, it's not surprising that SchoolsFirst Federal Credit Union CD rates are competitive, but it may surprise you to find out how competitive.
However, only members can take advantage of SchoolsFirst's share certificates, and eligibility is exclusive to the education industry in California. See exactly who can qualify -- and how the rates really stack up -- in our full SchoolsFirst Federal Credit Union CD review.
SchoolsFirst Federal Credit Union CD rates for 2024
Rates as of May 1, 2024
APY = Annual Percentage Yield
SchoolsFirst Federal Credit Union CD
Bottom Line
SchoolsFirst Federal Credit Union offers a variety of Share Certificates, otherwise known as CDs. However, while the APY on its 13-month promotional certificate is straightforward, all of its other terms are a bit more complicated. First, each term is a range of months, like 3-5 months, 6-11 months, etc, and second, your eligible APY depends on your CD balance and will fall under one of four different tiers. It's best to visit SchoolsFirst Federal Credit Union's website to review this information.
MINIMUM DEPOSIT $500
| 13 Mo. APY |
|---|
| 5.00% |
Compare SchoolsFirst Federal Credit Union CD rates
It's possible to get competitive APYs from SchoolsFirst share certificates, several of which can stand toe to toe with our top CD rates. If a Promotional Share Certificate doesn't meet your needs, however, be prepared to fork over a lot of dough, for a long time, to get the best possible rates.
Rates as of May 1, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Details about SchoolsFirst Federal Credit Union CDs
Folks who want the best possible APY (annual percentage yield) should look into the limited-time Promotional Share Certificates. If you want more term variety, check out the standard Share Certificates, which offer an array of maturity lengths and rates.
Promotional Share Certificate
Pros
- Very competitive APY
- Modest minimum deposit
- Interest compounds daily
Cons
- Single maturity term
- Promotional rate only good for initial term
- Must be a credit union member
If you're looking for the most competitive APY from SchoolsFirst, you'll want a promotional rate. The Promotional Share Certificate is more than just good for SchoolsFirst, however -- it's right up there with our top 12-month CD picks. And it even has a pretty reasonable minimum deposit requirement.
A few downsides to consider, starting with the fact that there is only one maturity term. If that doesn't suit your timeline, it could be a dealbreaker. Another thing to note is that the promotional rate only applies to the initial term. If you let the certificate rollover, it will renew at the current rate. Finally, only credit union members are eligible to open an account.
Share Certificate
Pros
- Customizable maturity terms
- Long-term CD rates very competitive
- Interest compounds daily
Cons
- Best rates require large deposits
- Must be a credit union member
Unlike the Promotional Share Certificate, the standard certificates have rates that vary wildly based on the term length and the size of your deposit. The top rates require not only a significant (read: five-figure) deposit, but also signing up for a long 60-month term.
The positive part of this is that most institutions actually reduce rates on longer-term certificates, so this could be a good option if you're specifically looking for something with a long maturity term. Keep in mind you'll need to be a member of the credit union to get a share certificate, and membership eligibility is fairly strict.
Due to the complexity of SchoolsFirst Federal Credit Union's Share Certificate rates and terms, it's best to visit its website for the most detailed look.
Other SchoolsFirst Federal Credit Union CD accounts
SchoolsFirst Federal Credit Union also offers the following CD accounts:
- Jumbo Share Certificate
- IRA Promotional Share Certificate
- IRA Share Certificate
- College Saver Share Certificate
Who is a SchoolsFirst Federal Credit Union CD right for?
The Promotional Share Certificate is a good fit for anyone who wants a competitive APY -- provided they qualify to join the credit union first. Only members can open accounts.
Joining requires you to meet one of these conditions:
- Current or retired employee of an eligible school
- Immediate family of an existing SchoolsFirst member
- Employee of an eligible education-related company
- College student enrolled in an eligible teaching program
Eligible schools and companies will be located within the state of California.
You will need to provide supporting documents of your eligibility when you apply to join SchoolsFirst. For example, if you are a current employee at an eligible school, you would need to submit a pay stub to verify your employment.
Bottom line: SchoolsFirst Federal Credit Union CD Rates
SchoolsFirst Federal Credit Union CD
- 13 APY: 5.00%
Rates as of May 1, 2024
APY = Annual Percentage Yield
Term
SchoolsFirst Federal Credit Union CD
13 Mo.
5.00%
Keep reading about SchoolsFirst Federal Credit Union:
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
SchoolsFirst has branches throughout California. To join, prospective members must be part of an eligible education-related organization or school in California.
-
Yes, if you withdraw money from your share certificate before it matures, you will be charged a penalty fee. If your certificate matures, it will automatically rollover into a new term. You will need to withdraw the funds within the grace period to avoid early withdrawal penalties.
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SchoolsFirst Federal Credit Union offers a variety of share certificates. Share certificates and certificates of deposit, or CDs, are essentially the same thing. The main difference between the two products is that CDs are primarily issued by banks, while share certificates are issued by credit unions.
Our Banking Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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