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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
SchoolsFirst Federal Credit Union is a credit union for California school employees and their families. The credit union excels at providing its members with no- or low-fee deposit accounts, but its low APYs could lead you to miss out on better interest-earning opportunities elsewhere. If you want your savings to go toward supporting a credit union, find out what SchoolsFirst Federal Credit Union has to offer in this expert review.
Federally insured by NCUA.
SchoolsFirst Federal Credit Union
Bottom Line
SchoolsFirst Federal Credit Union would be ideal if you're an educator, student, or employee in the educational sector of California and you want to support a credit union instead of a bank. While SchoolsFirst doesn't have the most lucrative interest rates on its deposit accounts, it also offers a variety of no- or low-fee accounts.
Pros
No-fee savings accounts
Decent CD rates on long terms
Interest-bearing checking accounts
Good customer service reviews
Access to over 30,000 fee-free ATMs
Cons
Low APYs on most deposit accounts
Limited membership
SchoolsFirst Federal Credit Union savings accounts
At SchoolsFirst Federal Credit Union, savings accounts are your bread and butter -- one is required for credit union membership, while others are available to help you hit savings goals or earn a higher annual percentage yield (APY). If your goal is to save more money, here's how SchoolsFirst Federal Credit Union can help.
SchoolsFirst Federal Credit Union Share Savings
The SchoolsFirst Federal Credit Union Share Savings is an entry account that gets you access to the SchoolsFirst Federal Credit Union. To keep this account open -- and keep your credit union membership intact -- you just need to maintain a $5 minimum balance. The account has no monthly maintenance fees, but its APY is uber-low at 0.10%. Although it's required for membership, this wouldn't be a great place to park your cash for the long term, especially with so many high-yield savings accounts offering higher rates.
If you want to become a member of SchoolsFirst Federal Credit Union, you'll need to open and maintain a $5 balance in this account. However, since the account has a low APY, it's not a good place to store your savings for the long term.
SchoolsFirst Federal Credit Union Liquid Advantage Money Market
The SchoolsFirst Federal Credit Union Liquid Advantage Money Market is a free savings account product that earns slightly more interest than the SchoolsFirst Federal Credit Union Share Savings. A $2,000 opening deposit is necessary to open an account, and the same amount is required if you want to enhance your interest rate (balances below $2,000 still earn interest but at a rock-bottom rate). Though the tiered APYs on this account are better than the SchoolsFirst Federal Credit Union Share Savings, they still don't compete with the best savings accounts on the market.
You can make unlimited transfers or withdrawals in-person at a SchoolsFirst Federal Credit Union branch or ATM, but electronic transfers (including checks and debit card transactions) are capped at six per month. Finally, if you want to keep the account open, you need to maintain a $0.01 balance.
SchoolsFirst Federal Credit Union Liquid Advantage Money Market
Federally insured by NCUA.
Monthly Fee
$0
Min. Balance
$2,000 to open, then $0.01
APY
Up to 1.50%
Rate info
Balance of $2,000-$9,999.99 earns 0.75% APY, balance of $10,000-$99,999.99 earns 1.00% APY, balance of $100,000+ earns 1.50%. Balances below $2,000 earn the current Investment Checking rate.
Min. To Earn APY
$0.01
No monthly maintenance fee
Tiered APY with opportunity to earn at a higher rate
Overall low APY
High opening deposit
Limited electronic transfers and transactions
The Liquid Advantage Money Market might be right for you if you want to earn more interest on your savings. Although it has the highest APYs of any SchoolsFirst savings product, its savings rates are still significantly lower than other credit unions and banks.
SchoolsFirst Federal Credit Union My Club Custom Savings
If you have a savings goal in mind, this account could help you nail it. The account works like a certificate of deposit (CD): you choose a term at the beginning, ranging from six to 18 months, during which you can deposit money but are discouraged from withdrawing funds. Your money will earn interest -- the rate is pretty low -- and you don't have to pay account fees or worry about maintaining a minimum balance.
SchoolsFirst Federal Credit Union My Club Custom Savings
Federally insured by NCUA.
APY
1.00%
Min. To Earn APY
$0.01
Helps you hit your savings goals
No monthly maintenance fees
No balance minimums
Low APY
This account is great for those who have trouble saving for their short-term goals. The account is free and has no minimum balances. But what you don't pay in fees, you might make up for in lost interest, as the APY is much lower than today's best savings accounts
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
3.80% annual percentage yield as of January 31, 2025. Terms apply.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
SchoolsFirst Federal Credit Union offers numerous "share certificates" -- its term for certificates of deposit (CDs) -- with terms ranging from 30 days to 60 months. Although the minimum opening deposit is $500, you'll earn slightly more interest for larger deposits.
Very few of its short-term CDs have competitive APYs, at least not when compared with the best CDs. Its long-term CDs -- those ranging from 36 to 60 months -- are more competitive, with some APYs ranking among the top for its category.
In addition to its standard CDs, SchoolsFirst Federal Credit Union also has a 13-month promotional share certificate with a $500 minimum balance and a 4.25% APY. Although this is the credit union's highest APY for CDs, it's not the best CD rate we've seen for a comparable term (check out CDs on Raisin's marketplace for more lucrative offers).
Rates as of Jan. 30, 2025
APY = Annual Percentage Yield
SchoolsFirst Federal Credit Union CD
Bottom Line
SchoolsFirst Federal Credit Union offers a variety of Share Certificates, otherwise known as CDs. However, while the APYs on its two promotional certificates are straightforward, all of its other terms are a bit more complicated. First, each term is a range of months, like 3-5 months, 6-11 months, etc, and second, your eligible APY depends on your CD balance and will fall under one of four different tiers. It's best to visit SchoolsFirst Federal Credit Union's website to review this information.
SchoolsFirst Federal Credit Union checking accounts
A checking account is often the hub of your banking needs, which is why it's important to get one with no or low fees. Fortunately, SchoolsFirst Federal Credit Union has two simple checking accounts -- one of which earns interest.
SchoolsFirst Federal Credit Union Free Checking
As the name suggests, Free Checking is SchoolsFirst Federal Credit Union's basic checking account. It has no monthly fees and no direct deposit or minimum balance requirements. The account comes with a debit card, which you can use for free at more than 30,000 ATMs (out-of-network ATMs incur a $1 fee). You can access your checking account through SchoolsFirst's mobile banking app and view your balance, deposit checks, and send money via Zelle.
If you're looking for simplicity, there's probably nothing more simple at SchoolsFirst than its Free Checking account. With no monthly fees and no balance requirements, the Free Checking is perfect for those who want a no-frills account for their checking needs.
SchoolsFirst Federal Credit Union Investment Checking
The SchoolsFirst Federal Credit Union Investment Checking account is an interest-bearing account with an APY that changes depending on your balance. The account also comes with a debit card and allows six free out-of-network ATM withdrawals per month. You'll have to pay a $3 monthly service fee, which can be waived in three ways:
Enroll in direct deposit and maintain a daily combined share balance of $1,000
Maintain a combined daily share balance of $2,500
Be 62 or older and be the Primary Member on the account
SchoolsFirst Federal Credit Union Investment Checking
Federally insured by NCUA.
APY
Up to 0.10%
Rate info
Balance of $0.00-$24,999.99 earns 0.05% APY, balance of $25,000-$100,000 earns 0.10% APY
Min. To Earn APY
$0
Interest-bearing
Waivable monthly fee
Six free out-of-network ATM withdrawals per month
Monthly maintenance fee
Low APY
The Investment Checking might suit your banking needs if you want to earn a little interest and can maintain a high enough balance to waive the monthly service fee.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
SchoolsFirst Federal Credit Union customer service and experience
SchoolsFirst Federal Credit Union gives you plenty of ways to contact its customer service team. You can chat online, or call its Member Contact Center. Both are open from 7 a.m. to 7 p.m. Monday through Friday and 9 a.m. to 3 p.m. on Saturday. Alternatively, you can visit your local credit union branch for in-person support (SchoolsFirst Federal Credit Union even gives your current wait times for specific branches on its website).
Like other financial institutions, you'll find a mixed bag of SchoolsFirst Federal Credit Union reviews online. Its Trustpilot profile has a 4 out of 5 stars, which is really good, but that ranking is calculated from a small pool of reviews. Its BBB rating is an A+, but its average customer review is 1.88 out of 5 stars. A low average isn't unusual, but you might want to read reviews yourself to gauge its most common complaints.
SchoolsFirst Federal Credit Union relationship benefits
SchoolsFirst Federal Credit Union doesn't offer relationship benefits, like a higher APY when you open or link multiple accounts. However, you'll need to open and maintain a SchoolsFirst Federal Credit Union Share Savings account to remain eligible for credit union membership. It's pretty simple to maintain this account, however, as you only need a $5 balance.
Alternatives to SchoolsFirst Federal Credit Union
If you're not sure SchoolsFirst Federal Credit Union is right for you, here are some other credit unions you might want to consider.
Alliant Credit Union
Alliant Credit Union is an online credit union with a wide range of financial products and a superb mobile app. Though it doesn't have any physical branches, it more than makes up for it by offering high APYs on savings accounts and CDs. Better yet, many of its accounts have low minimum deposits and no monthly fees.
Connexus Credit Union
Connexus Credit Union is another option that's super easy to join. If you're not a resident of one of its eligible areas or an employee of one of its eligible groups, you can make a $5 donation to Members of Connexus Association to get in. Once you're a member, you'll have access to competitive APYs on CDs, savings accounts, and a slew of accounts with no or little fees.
Is SchoolsFirst Federal Credit Union right for you?
SchoolsFirst Federal Credit Union might be right for you if:
You want to support a credit union in California and don't mind earning less interest than what other banks offer.
You're eligible for SchoolsFirst Federal Credit Union membership.
Other products by SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union doesn't just have deposit accounts. It also has a full suite of credit cards, loans, and mortgages. If you're also in the market for these, here's what SchoolsFirst Federal Credit Union has to offer.
SchoolsFirst Federal Credit Union credit cards
Inspire Mastercard®
School Employee Mastercard®
Rewards Mastercard®
Shared-Secured Rewards Mastercard®
SchoolsFirst Federal Credit Union mortgages
Fixed Rate Mortgages
Adjustable Rate Mortgages
Mortgage Refinance
Home360
FHA Loans
SchoolsFirst Federal Credit Union loans
New & Used Car Loans
Auto Loan Refinance
First-Time Auto Buyer Loan
Personal Loan
Payroll Savings Loan
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
You'll only find SchoolsFirst brick-and-mortar locations in California.
The SchoolsFirst Federal Credit Union is available primarily to educators and students in California and their families. To be eligible for credit union membership, one of the following must be true:
You're a current or retired school employee of an eligible school
You're an immediate family member of a SchoolsFirst member
You're an employee of a company that provides a direct service to an eligible school or district in California
You're enrolled in a college education program with a student teaching requirement
SchoolsFirst Federal Credit Union will charge a $22 fee for each time you overdraft your checking account by $10 or more. Overdraft fees are capped at three per day.
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