SchoolsFirst Federal Credit Union Review 2025: Checking, Savings and CDs
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Overall institution rating
4.2
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.
Full review
Full review
SchoolsFirst Federal Credit Union
Savings
SchoolsFirst FCU Share Savings
3.4
/53.4
/5APY
0.10%
With $5 min. balance for APY
Bonus
N/A
APY
0.10%
With $5 min. balance for APY
Bonus
N/A
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.
Checking
SchoolsFirst FCU Free Checking
4.4
/54.4
/5Monthly fee
$0
Bonus
N/A
Monthly fee
$0
Bonus
N/A
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
Certificates of deposit
SchoolsFirst FCU Certificate
4.6
/54.6
/51-year APY
4.05%
3-year APY
4.05%
1-year APY
4.05%
3-year APY
4.05%
5-year APY
4.15%
Minimum deposit
$500
Show details
SchoolsFirst’s share certificates — the credit union equivalent of banks’ certificates of deposit — have solid 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.
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
How does SchoolsFirst FCU compare?
Up to 3.80%
$300
3.85%
$300
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). The ratings are incremented in tenths of a star.