Savings Account with Above-Market Interest

A brighter financial future starts here.

A savings account is the foundation for achieving lifelong financial wellbeing and lets you put away money you don’t plan to spend right away in an insured account while earning interest and providing security. Open a savings account to become a Patelco member today.

As a member owned, not-for-profit financial cooperative, Patelco reinvests in our members with better rates and low- to no fees.

In fact, members with most of their banking relationships with Patelco received $1,652 in savings on average in 2021.²

Product Benefits

Top-rated Mobile App and Online Banking

Access your accounts anytime from anywhere

ATM Card

Enjoy the convenience of easy cash withdrawal

30,000+ Fee-free ATMs

Find one near you on our Mobile App

Set Up Alerts

Automate alerts such as direct deposits or low balances to stay on top of your finances

Unlimited Deposits

Set up monthly direct deposits or automatic transfers and grow your savings

Overdraft Protection for Checking

Link to your checking account and pay no overdraft fees

Savings & ScoreUp Savings

Rates Effective 01/01/2020

Term	Min. Balance	APY¹	Rate	Dividends Paid
None	$0.00	0.05%	0.05%	Monthly
None	$5,000.00	0.05%	0.05%	Monthly
None	$10,000.00	0.05%	0.05%	Monthly
None	$20,000.00	0.05%	0.05%	Monthly
None	$50,000.00	0.05%	0.05%	Monthly
None	$100,000.00	0.05%	0.05%	Monthly

Frequently Asked Questions

What are the benefits of becoming a Patelco member?

Patelco is a member owned, not-for-profit financial cooperative. When you join Patelco, you become a member and a shareholder. That’s why we’ll deposit one share ($1) in your Share Savings account when you join.

Our mission is to help members achieve lifelong financial wellbeing so you can live happier, fuller lives.

Unlike the big banks or other for-profit financial institutions, we invest our profits back in our members with better rates and low- to no fees.

We also offer free financial advice to anyone who wants to improve their financial situation. Members have told us that they feel seen, heard, informed, and supported to make more confident financial choices.

Membership is free and comes with great benefits. You become a member when you open an account with us.

Is there a monthly fee on the Savings account?

No. There’s no monthly fee and no minimum balance requirements.

When will I receive my ATM card?

You will receive your ATM card in the mail typically within 5 business days after you’ve requested it. Or, you can pick up a debit card at a branch near you.

Why does Patelco deposit $1 into my savings account?

When you join Patelco, you become a member and a shareholder. The $1 we deposit into your shares savings account is your “share” in Patelco. As a member-owner – your voice is heard. With other for-profit banks or fintech, you are a customer who buys something, or a client who receives a professional service in return for a payment.

How does the ScoreUp Savings Account work?

Our ScoreUp Loan is designed to help you establish credit if you have no credit, little credit or may need some help improving your credit score. Loan proceeds are deposited into a ScoreUp Savings Account and the funds will be available when the loan is paid in full. By making manageable monthly payments on time, you’ll be establishing a positive credit history, while also growing your savings. (Automatic payments from a Patelco account are required.)

Recommended Resources

October 29, 2019

How Much to Save for Emergencies

Great, you’re thinking about your emergency fund! Get expert advice on how to determine how much you need, accurately calculate your expenses, and build a cash reserve.

September 23, 2021

How to Save for Something Big

If you’re saving for a big goal, here’s the concrete steps for you to take that will move you closer to reaching it.

December 2, 2021

Balance Savings vs. Paying off Debt

How do I decide whether to prioritize saving or paying off debt? The good news is that you can make progress in both areas of your financial health by making a financial plan that accounts for your goals.

¹ APY = Annual Percentage Yield.

² Annual and individual member figures are from the Credit Union National Association Membership Benefits Study in 2021. Assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed rate mortgage (a 30-year fixed rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest-bearing checking account, $10,000 in a 1-year certificate account, and $2,500 in a money market account.

³ Savings and ScoreUp Savings have the same rates, reflected above. A ScoreUp Savings Account is opened in conjunction with a ScoreUp Credit Builder Loan.

Don’t get spoofed

Regular Savings

Interest Rate

Monthly Fee

Minimum Balance