Schools First Federal Credit Union Share Savings Account

Schools First Federal Credit Union Share Savings Account Review

Schools First Federal Credit Union Share Savings Account is offered by Schools First Federal Credit Union, a credit union founded in 1934 and based in Santa Ana, CA. Schools First Federal Credit Union Share Savings Account is available in 1 state across the USA.

Key Takeaways

• Higher than average APY. Schools First Federal Credit Union Share Savings Account has an annual percentage yield of up to 0.05%, which is higher than the national average interest rate on savings accounts.
• $0 monthly fee. This account does not charge a monthly Service Charge as long as you keep a minimum balance of $5.
• Small minimum initial deposit. You only need $5 to open an account.
• No ATM fees. Schools First Federal Credit Union Share Savings Account does not charge fees on ATM transactions.
• Bill pay. Pay your bills to practically anyone in the United States through Schools First Federal Credit Union.

Schools First savings account Pros & Cons

Pros	Cons
Dividend-yielding account Insured by NCUA. Access to physical branches.	No signup bonus. Does not come with a debit card Only available in one state. Higher than average wire transfer fees.

Schools First savings account FAQ

Are savings accounts from Schools First Federal Credit Union federally insured?

Yes, your Schools First Federal Credit Union savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

Does Schools First Federal Credit Union offer a signup bonus?

Schools First savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Schools First savings account?

The minimum deposit to open a Schools First savings account is $5.

Schools First Federal Credit Union Share Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $5
Minimum Opening Deposit	Starting at $5
Minimum Required Balance	$5

What APY does Schools First Federal Credit Union offer?

Schools First savings account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Schools First savings account charge?

Schools First savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $5.

• Outgoing domestic bank transfers come with a $20 fee.

What features and perks does Schools First savings account offer?

This savings account includes the following features:

• Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
• Fraud monitoring - Schools First savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Schools First savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Schools First savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Schools First savings account?

The customer support email for Schools First savings account is info@schoolsfirstfcu.org.