Money Market Plus for High-Yield Savings

APY¹	Rate	Minimum Balance	Checking account*
4.50%	4.41%	$250,000.00	Yes
4.00%	3.93%	$100,000.00	Yes
3.51%	3.45%	$50,000.00	Yes
3.00%	2.96%	$1.00	Yes
0.05%	0.05%	$1.00	No

APY¹

Rate

Minimum Balance

Checking account*

4.50%

4.41%

$250,000.00

Yes

4.00%

3.93%

$100,000.00

Yes

3.51%

3.45%

$50,000.00

Yes

3.00%

2.96%

$1.00

Yes

0.05%

$1.00

High-yield savings account with no fees

Insured by NCUA

Your money is insured up to $250,000.00 ($500,000.00 for joint accounts)

30,000+ fee-free ATMs

Find one near you on our Mobile App

Top-rated Mobile App³ and online banking

Access your accounts on the go

Choose the best checking account for you

Open a Free Checking with no monthly fees, or explore other checking account options

Easy account transfers

Move your money between linked Patelco accounts or external accounts to take advantage of the high-yield rate

Get paid up to 2 days faster with direct deposit⁴

Complete this form, or log in to online banking to set up direct deposit for your Patelco Checking account

Requirements Met⁵	Min Balance	Max Balance	APY¹	Rate	Dividend
Yes	$250,000.00	N/A	4.50%	4.41%	Monthly
Yes	$100,000.00	$249,999.99	4.00%	3.93%	Monthly
Yes	$50,000.00	$99,999.99	3.51%	3.45%	Monthly
Yes	$1.00	$49,999.99	3.00%	2.96%	Monthly
No	$1.00	N/A	0.05%	0.05%	Monthly

Requirements Met⁵

Min Balance

Max Balance

APY¹

Rate

Dividend

Yes

$250,000.00

N/A

4.50%

4.41%

Monthly

Yes

$100,000.00

$249,999.99

4.00%

3.93%

Monthly

Yes

$50,000.00

$99,999.99

3.51%

3.45%

Monthly

Yes

$1.00

$49,999.99

3.00%

2.96%

Monthly

$1.00

N/A

0.05%

Monthly

Frequently Asked Questions about Money Market Plus

How does the interest rate (dividend rate) work?

The Money Market Plus account offers a tiered rate based on your daily account balance in the account. Plus, you must have a Patelco checking account that meets the monthly recurring deposit requirement of $500 or more.

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.

You’ll automatically earn the tiered rate listed above based on the daily account balance maintained when you open the account and for the 3 months following. If you want to continue earning higher interest rate after that, you’ll need to have a Patelco checking account (under the same membership) with monthly recurring deposits of $500 or more into the checking account.

If you do not meet the qualifying checking account requirements by the 3rd calendar month after the account is open, you’ll earn the Regular Savings interest rate, which is currently at 0.05% APY, regardless of the balance you maintain.

Once you meet the requirements, you’ll start earning the higher interest rate in the applicable balance tier the following month.

Keep in mind the APY (Annual Percentage Yield) is a variable rate and may go up or down depending on the rate environment.

More details may be found in our Account Overview.

Is there a monthly fee on the Money Market Plus account?

No. There’s no monthly fee and no minimum balance requirements.

Do I need to have a Patelco checking account?

Yes. You need to have a Patelco checking account and deposit a minimum of $500 total each month to the checking account to qualify for the higher rate in your Money Market Plus account. Upon opening your Money Market Plus account, you’ll have up to 3 months to meet this requirement.

You’ll automatically enjoy the higher APY based on the deposit tier you maintain during those 3 months.

If you don’t have a Patelco checking account or if you have a Patelco checking account but don’t meet the monthly $500 minimum deposit requirement, your Money Market Plus account will earn the Regular Savings interest rate currently at 0.05% APY.

The good news is once you establish the $500 deposit during a month, you will receive the higher interest rate the following month, based on the deposit balance you maintain.

More details may be found in our Account Overview.
I didn’t make a $500 deposit this month. What’s going to happen?

If you haven’t made the $500 deposit requirement by the 3rd month after the account is opened, or if you missed a month of making a $500 minimum deposit after the initial 3-month introductory period, your Money Market Plus account will earn the Regular Savings interest rate the following month.

Qualify for the higher APY by making a deposit any of these ways:

Switch your paycheck or government check to Patelco direct deposit (plus get paid up to 2 days early!)³

ACH transfers from another bank

Zelle, Venmo, or other digital payments

Anywhere Deposit

Wire transfers

Cash or check deposits at a branch or ATM

Multiple qualifying deposits totaling at least $500 in a calendar month

Keep in mind that qualifying deposit transactions do not include Patelco account-to-Patelco account transfers.

More details may be found in our Account Overview, including which deposits qualify and which do not.
Is my Money Market Plus account insured?

Yes. Your Money Market account is insured by NCUA for up to $250,000 (or $500,000 in a joint account for two people).

Learn more about what a money market account is and how it works.

Like the FDIC, NCUA provides federal insurance for credit union accounts, while the FDIC provides insurance for bank accounts.

What are the benefits of becoming a Patelco member?

Patelco is a member owned, not-for-profit financial cooperative. When you join Patelco, you become a member and a shareholder. That’s why we’ll also open a Regular Savings account and deposit one share ($1) in your account when you join.

Our mission is to help members achieve lifelong financial wellbeing so you can live happier, fuller lives.

Unlike the big banks or other for-profit financial institutions, we invest our profits back in our members with better rates and low to no fees.

We also offer free financial advice to anyone who wants to improve their financial situation. Members have told us that they feel seen, heard, informed, and supported to make more confident financial choices.

Membership is free and comes with great benefits. You become a member when you open an account with us.

¹ 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.

² Informa as of 11/10/2023.

³ Source: over 22,000 five-star reviews on the App Store.

⁴ 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.

⁵ Checking Requirements: In order to attain high 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 for that month.

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