SchoolsFirst Federal Credit Union Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
SchoolsFirst Federal Credit Union is a California-based financial institution with solid checking and savings options that have no monthly fees. Other strengths include access to a free nationwide ATM network and competitive rates on share certificates (the credit union version of certificates of deposit). Membership, however, is limited to those with ties to California's educational community, including school employees, retirees and their families.
No monthly fees on some accounts.
Competitive rates on share certificates.
Large, free, nationwide ATM network.
Low rates on savings accounts.
Limited branch access.
Limited membership.
Product reviews
Savings
As the credit union’s basic savings account, Share Savings is the first account that members must open. It has no monthly fee and a $5 minimum as the opening and ongoing balance requirement. But its interest rate is low. You can find much better yields elsewhere.
SchoolsFirst FCU Share Savings
Checking
SchoolsFirst offers two checking options, Free Checking and Investment Checking. For this review, we focused on Free Checking as the best fit for most members. As its name suggests, Free Checking has no monthly fee. It also offers access to a nationwide ATM network.
The minimum opening deposit is $25. The main downside to this account is that it doesn’t earn what credit unions call dividends (known as interest in bank accounts).
» COMPARE: Best free checking accounts
SchoolsFirst FCU Free Checking
Certificates of deposit
SchoolsFirst’s share certificates — the credit union equivalent of banks’ certificates of deposit — have strong rates. The opening minimum is $500, which is on the lower end of what banks and credit unions require.
» COMPARE: Best CD rates
Terms range from one month to five years, and higher rates are available if you have at least $20,000. Early withdrawal penalties, depending on the term, range from 30 to 180 days worth of interest, or dividends.
Full List of Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 month | 2.95% | $500 |
| 3 months | 3.35% | $500 |
| 6 months | 3.80% | $100,000 |
| 6 months | 3.65% | $500 |
| 1 year | 3.90% | $100,000 |
| 1 year | 3.75% | $500 |
| 1.5 years | 3.80% | $500 |
| 2 years | 3.80% | $500 |
| 3 years | 3.95% | $100,000 |
| 3 years | 3.80% | $500 |
| 4 years | 3.80% | $500 |
| 5 years | 4.05% | $100,000 |
| 5 years | 3.90% | $500 |
SchoolsFirst FCU Certificate
Customer experience & overdraft fees
Customer experience
SchoolsFirst restricts membership to California school employees, their families and others with ties to the state's educational system. Some other credit unions offer catch-all membership options, such as letting people who don't qualify become eligible if they make a one-time donation to a nonprofit. This is not the case with SchoolsFirst.
The credit union’s digital experience is straightforward. Web pages display account rates, individual account offerings and advice that includes details about upcoming financial workshops. Its mobile app ratings are high.
» SEE: Best online banks
You can reach a customer service representative by phone Monday through Friday from 7 a.m. to 7 p.m. PT and Saturdays from 9 a.m. to 3 p.m. PT.
Overdraft fees
The credit union charges $22 when you overdraw an account, up to three times per day. You can find other institutions that don’t charge any overdraft fees.
SchoolsFirst does have free overdraft transfers from linked SchoolsFirst savings or money market accounts. It also offers an overdraft line of credit with no transfer fee.
» COMPARE: Best banks for overdrafts
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.