Self-Help 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
Self-Help Credit Union is a socially responsible credit union offering checking, savings, money market, and certificate accounts. The community-centered credit union has branches in Florida, North Carolina, South Carolina, and Virginia, and is also part of the Co-Op Network, offering access to shared branches and thousands of ATMs across the country. Membership is open to anyone who joins the Black- and Hispanic-owned credit union’s nonprofit by paying a nominal, one-time fee.
No overdraft fees.
Competitive rate on some savings accounts.
Anyone can become a member.
Participates in shared branching with other credit unions.
Large, free, nationwide ATM network.
Low rates on some savings accounts.
Excess withdrawal fees.
Limited customer support phone hours.
Cannot open checking accounts online.
Product reviews
Savings
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.
» Want to compare? Explore our picks for best money market accounts
Self-Help Credit Union Savings Account
Checking
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.
» Searching for checking options? Check out the best checking accounts
Self-Help Credit Union Personal Checking
Certificates of deposit
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.
» Looking for all the best options? Browse NerdWallet's top certificate rates list
Full List of Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 3.72% | $500 |
| 3 years | 3.82% | $500 |
| 5 years | 3.82% | $500 |
Self-Help Credit Union Term Certificate
Customer experience & overdraft fees
Customer experience
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. Learn more about socially responsible banks and credit unions.
Overdraft fees
Like a growing number of financial institutions, Self-Help Credit Union does not charge overdraft fees. Free overdraft coverage is available, so if funds are short in an account, money will be transferred from a linked account to cover ACH transfers and checks. Eligible linked accounts include savings, money market, personal lines of credit and home equity lines of credit.
» Tend to overdraw your account? See our list of 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.