1 Refer a friend using your personal referral code. For you and your friend or family member to qualify for the $50 bonus, they must use the code provided to become a member and open a new checking account (minimum deposit of $100) by September 30, 2024 at any Patelco branch or at patelco.org/refer. The $50 reward will be credited to your savings account within 5 business days of the qualifying new account being opened. Receive an additional $50 reward when you open a Money Market Select or Money Market Plus account. Patelco team members are not eligible to receive the $50 reward credit. If you receive $600 or more in prizes from Patelco throughout the year, we’ll send you an IRS Form 1099.
2 Early access to direct deposit funds depends on the timing of the receipt of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
3 You must enroll in Instant BackUp on your checking account to receive overdraft coverage up to $500. You’ll pay interest only on the amount you borrowed for the amount of time it’s outstanding. Talk to our Patelco team for assistance and learn more here. No overdraft fees apply to checking accounts opened after 04/05/23.
4 Source: over 22,000 five-star reviews on the App Store.
5 APY=Annual Percentage Yield. Rates are effective as of 12/01/2023 and are subject to change before or after account opening without notice. Rates vary by tier and apply to the full balance.
The following variable interest rates will apply to your account balance: 4.50% APY on balances of $250,000.00 or greater, 4.00% APY on balances between $100,000.00 and $249,999.99, 3.51% APY on balances between $50,000.00 and $99,999.99, 3.00% APY on balances up to $49,999.99.
In order to attain higher interest rates the account must meet the eligibility requirements, that is a Patelco checking account (opened under the same Member Number) with a total monthly deposit of $500 or more. If the account fails to meet eligibility, the lower interest rate of 0.05% APY will be defaulted. Qualifying deposit transactions include: Payroll direct deposits, Social Security (or other government benefit) direct deposits, ACH transfers, Zelle®, Venmo, PayPal or other similar deposits, cash deposits, check deposits (except checks written from another Patelco account), wire transfers, multiple deposits (of the types listed above) that add up to at least $500 in a calendar month. Qualifying deposit transactions do not include Patelco account-to-Patelco account transfers, chargebacks or promotional incentive payments from Patelco.
For more details, read our Money Market Plus Account Overview.
6 APY=Annual Percentage Yield. Rates are valid as of 12/01/2022 and are subject to change after account opening without notice. Interest is paid at tier rates on balances within each tier. Total interest paid is the sum from each tier. Blended APY shown assumes the amount entered is held in the account for one year. Withdrawing funds before one year will result in a different realized rate. No minimum deposit required to open an account. Limit one Money Market Select account and one Money Market Select IRA account per account number.
