Self-Help Credit Union Review
Written by
John Csiszar
Edited by
Emily Gadd
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Quick Take: Self-Help Credit Union has an admirable mission and a fairly extensive product line, but it has fairly low APYs on some accounts, somewhat limited customer service access and doesn't allow checking accounts to be opened online.
Self-Help Federal Credit Union opened in 2008. Their mission is to create economic opportunity for all by supporting local communities and helping their members become homeowners.
Membership Eligibility and Requirements
You can join the Self-Help Credit Union for free if you:
- Live, work, go to school or worship in one of its eligible counties in California, Illinois or Wisconsin
- Have a family or employer affiliation with the credit union
- Contributes a one-time fee of $5
Self-Help Credit Union Products and Services
Self-Help Credit Union offers a wide range of products and services, including the following:
Savings Accounts
Self-Help offers four types of savings accounts: Savings Account, Youth Savings, Money Market Account and Club Account.
- Savings Account: No monthly service fee, $5 minimum deposit, ATM card, 0.30% APY
- Youth Savings: No monthly service fee, $5 minimum deposit, 0.10% APY
- Money Market Account: $500 minimum balance to avoid $5 monthly fee, ATM card, 3.34% APY
- Club Account: No monthly service charge, $5 minimum deposit, two withdrawals per year
Checking Accounts
Self-Help Credit Union offers four types of checking accounts:
Access Checking:
This account has no minimum balance requirement and offers free online and mobile banking, mobile deposit, a debit/ATM card, and bill pay for 20 items per month, with a $1 per item fee thereafter. However, it does not offer checks. The account does earn interest, with a 0.10% APY. The account charges a $5 monthly maintenance fee unless you are 24 and under, 65 and older, have $2,500 on deposit at Self-Help Credit Union or have $500 in monthly direct deposits.Â
Personal Checking:
The Personal Checking account is very similar to the Access Checking account, with one small tweak. This account offers check writing, for example, including a free starter box of 25 checks. Otherwise, the two accounts are identical in terms of service offerings, fees and requirements.Â
Business Checking:
The Business Checking account is designed for sole proprietors and small businesses. It comes with a $15 monthly fee that can be waived with $25,000 under deposit at Self-Help Credit Union. The features and benefits are nearly identical to the Personal Checking account, with the exception that there is no free starter box of checks and free transactions are limited to 100 per month.Â
Non-Profit Checking:
The Non-Profit Checking account is identical to the Business Checking account, with the exception that the monthly fee is only $10 per month. It can be waived with the same $25,000 on deposit at Self-Help Credit Union.
Certificates
Self-Help Credit Union offers Certificates with maturities from 3 months to 5 years, with a $500 minimum. Early withdrawal penalties are 90 days’ interest on terms of 180 days or less, and 180 days’ interest on terms greater than 12 months.
Loans and Mortgages
A wide range of loans and mortgages are available at Self-Help, including the following:
- Auto
- Home
- HELOC
- Personal Loans
- CreditBuilder Loans
- Green Loans
- Immigration Loans
- Dreamer Medical School Loans
- Other Loans
Credit Cards
The credit union offers a single Mastercard option, with no annual fee.
Investment Services
Beyond IRAs, certificates and deposit products, Self-Help doesn’t offer any investment or brokerage services.
Self-Help Credit Union Digital Banking Experience
The Self-Help Credit Union mobile app gets middling ratings from users on Google Play and the App Store, garnering just 3.5 stars on each. However, there are only 234 reviews on Google Play and just 20 on the App Store.
The app itself offers many of the basic features that customers expect in a banking app, including the following:
- Bill pay
- Mobile check deposit
- Account information
- Funds transfer
- ATM and branch locator
Customer Service and Support
Self-Help Credit Union offers customer support via online banking, audio banking, and mobile banking. To speak with a live customer service representative, you’ll need to call (800) 966-7353 between 7 a.m. and 6 p.m. ET, Monday through Friday, and from 9 a.m. to 5 p.m. ET on Saturday. No customer service is available on Sunday, and the credit union has no live chat option.
Self-Help Credit Union Fees and Charges
Self-Help Credit Union has generally low fees, but there are some to be aware of, particularly when it comes to its checking accounts.
Monthly Maintenance Fees
Personal checking account: $5, unless age 24 or younger, age 65 or older, or with monthly direct deposits of $500+ or an average daily balance of $2,500 across all accounts
Nonprofit organization checking: $10
Small business checking: $15
Savings accounts: None
Overdraft Fees
Self-Help Credit Union does not have any overdraft fees.
ATM Fees
Self-Help Credit Union offers surcharge-free ATM access at both its own terminals and at any of the tens of thousands of CO-OP ATMs nationwide.
Self-Help Credit Union Rates and Yields
Self-Help Credit Union has a wide range of accounts and yields. Here are some of the most popular options.
Savings and Checking Account Rates
| Account Type | APY |
|---|---|
| Savings (all types) | |
| Youth Accounts (all) | 0.10% |
| Access Checking | 0.10% |
| Personal Checking | 0.10% |
| Money Market Account | 3.33% |
Loan and Mortgage Rates
| Loan Type | APR |
|---|---|
| New Vehicles | 7% to 13% |
| Used Vehicles | 7.75% to 15.75% |
| New & Used Motorcycles | 10.50% to 16% |
| New & Used RVs | 9% to 12.5% |
| Home Equity Line of Credit | 9.50% to 10.25% |
CD Rates Comparison
| Term | APY |
|---|---|
| 3-month | 0.10% |
| 6-month | |
| 12-month | |
| 18-month | 4.50% |
| 24-month | |
| 36-month | 4.08% |
| 48-month | 4.08% |
| 60-month |
How Self-Help Credit Union ComparesÂ
Self-Help Credit Union vs. Navy Federal Credit Union
As the largest credit union in America, Navy Federal Credit Union offers an even broader product line than Self-Help. Rates at the institutions vary among offerings, but Self-Help tops Navy with some of its APYs. For example, at Navy Federal Credit Union share savings accounts pay a APY, but customers can earn 0.30% at Self-Help. The Money Market Account at Self-Help also pays a higher rate than Navy Federal’s top-tier money market account, at 2.25%. NFCU’s app garners higher ratings, however, and accounts can be opened online.Â
Self-Help Credit Union vs. Alliant Credit Union
Both Alliant Credit Union and Self-Help offer a comprehensive line of banking services and have low fees and minimums. However, Alliant Credit Union has no maintenance fees on its deposit accounts. Alliant might be the better choice if you’re looking for a high savings APY, as it reaches , far above Self-Help’s 0.30%. Alliant also offers a High-Rate Checking Account that pays a APY.
Self-Help Credit Union vs. PenFed Credit Union
PenFed offers a comprehensive range of diversified financial services and products, highlighted by the APY offered by its Premium Online Savings Account. PenFed’s top-tier checking account, the Access America Account, also pays up to a APY. Self-Help has a wider range of available certificates than at PenFed Credit Union.
