Self-Help Credit Union Review: Checking, Savings and CDs

The savings account at Self-Help Credit Union requires just a $5 minimum deposit to open, and there’s no monthly fee. Then, you’ll earn dividends (credit unions’ version of interest) of 0.30% annual percentage yield on all balances. That’s not a very competitive rate, but it’s still much higher than the 0.01% APY that some large banks pay.

The account allows six free transactions per month, but additional transactions cost $1 each (up to $10). If your account doesn’t have any activity for 12 months, the credit union will charge $10 each quarter.

The credit union’s money market account offers a better rate, but requires a $500 minimum balance to avoid a monthly fee. We did not consider the money market account while rating Self-Help Credit Union.

The personal checking account from Self-Help Credit Union doesn’t have a minimum deposit requirement to open. It also offers a 0.10% APY; that isn’t much, but many large banks don’t offer any interest for standard checking accounts.

The $5 monthly fee is waived for account holders who are 24 years or younger, 65 years or older, or who have monthly direct deposits totaling at least $500 into any Self-Help account or have a $2,500 average daily balance across Self-Help accounts.

Self-Help pays decent rates on its term certificates, its version of certificates of deposit. Terms range from three months to five years.

The credit union also offers specialty certificates that allow you to support specific initiatives: There are certificates that help fund eco-friendly projects; help fund empowerment of women and children; or support Self-Help’s work in western North Carolina’s communities, which includes economic development projects.

Self-Help Credit Union offers more than 30 of its own branches in Florida, North Carolina, South Carolina and Virginia, and access to over 5,000 branches across the country through a shared network with other credit unions. Self-Help Federal Credit Union is its sister credit union, with branches in California, Illinois, Washington and Wisconsin. As part of the Co-Op Network of ATMs, Self-Help also offers its members free access to more than 30,000 ATMs nationwide. Self-Help members can get free financial capability training through the credit union’s branches or through its nonprofit partner GreenPath.

Phone support is fairly limited — it’s only available during typical business hours on weekdays — and mobile app user ratings are mixed.

But unlike what you’ll find at many credit unions, Self-Help membership is open to anyone who wants to join. Membership is free for those who live, work, worship or go to school in an eligible county or who have an employer or family affiliation. Otherwise, anyone can become a member by first joining the credit union’s nonprofit with a one-time fee of $5. You can apply for membership online.

Self-Help Credit Union is a compelling choice for those who want to be a part of a credit union that’s socially responsible. Self-Help’s work supports communities disproportionately affected by climate change and pollution, and the credit union explicitly states that it doesn’t invest in projects that involve fossil fuel extraction or production.