Pennsylvania State Employees Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Wednesday, July 1, 2020

Pennsylvania State Employees Credit Union checking account option

Checking account

The bank’s sole checking account, which earns a very small amount of interest.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: None on any ATMs within the CO-OP and CU$ Alliance networks, as well as ATMs at Sheetz, Rutter’s and Wawa locations
  • ATM fee refund: Up to $20 per month if enrolled in direct deposit; otherwise, up to $8 per month
  • Overdraft fee: $30

This checking account has the ability to earn a very small amount of interest on all balances. It also allows you to make as many withdrawals, payments and deposits as you’d like without penalty, in addition to offering digital banking services, free checks, overdraft protection, a Pennsylvania State Employees Credit Union debit card and the option for joint checking access.

How to get Pennsylvania State Employees Credit Union’s checking account

If you qualify for membership, you can open the credit union’s checking account online or in person at a branch. To do so, you’ll need to provide your Social Security number, along with a form of government-issued ID, such as a driver’s license. You’ll also first need to open a Regular Share Savings account with a minimum deposit of $5 to establish membership.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

magnifying glass

How Pennsylvania State Employees Credit Union’s checking account compares

At first glance, meaning by looking at this account’s interest rate, it’s obvious you can do better. It can be somewhat challenging to find a checking account with the ability to earn a solid interest rates, but they exist, and those on our list of the best online checking checking accounts far outshine this one. The perks like ATM fee refunds and essentially no rules or fees are nice touches, but not enough to call this account one of the best.

Pennsylvania State Employees Credit Union’s savings account options

Regular Savings Share account

This account is required to open any other personal account at Pennsylvania State Employees Credit Union.
APYMinimum Balance to Earn APY
0.05% $0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on any ATMs within the CO-OP and CUS Alliance networks, as well as ATMs at Sheetz, Rutter’s and Wawa locations
  • ATM fee refund: Up to $20 per month if enrolled in direct deposit; otherwise, up to $8 per month
  • Overdraft fee: N/A

This account just barely earns more interest than the checking account. While it comes with some of the same traits as the checking account, such as a debit card and digital banking access, these aren’t exactly bonus perks, but rather expected essentials you would find with most accounts out there. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

Additional Savings Share account

This account allows you to stash away cash for a specific goal, like a vacation or a new car.
APYMinimum Balance to Earn APY
0.05% $0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on any ATMs within the CO-OP and CUS Alliance networks, as well as ATMs at Sheetz, Rutter’s and Wawa locations
  • ATM fee refund: Up to $20 per month if enrolled in direct deposit; otherwise, up to $8 per month
  • Overdraft fee: N/A

This account can be opened as a sub-account with the Regular Savings Share, allowing you to save up for something like the holidays, a vacation or a new car, all while earning the same savings rate. You can also set up an automatic deposit into this account from your checking or regular savings account. As a savings account, this one is also subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

Youth Savings program

This account is available to minors under 18 years of age.
APYMinimum Balance to Earn APY
1.00% $0.01-$500
0.05%Balances above $500
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on any ATMs within the CO-OP and CUS Alliance networks, as well as ATMs at Sheetz, Rutter’s and Wawa locations
  • ATM fee refund: Up to $20 per month if enrolled in direct deposit; otherwise, up to $8 per month
  • Overdraft fee: N/A

Children under 18 are the ones that can win as far as the credit union’s savings account rates go — on balances up to $500, that is. This account doesn’t have ATM access unless the account holder is 12 years of age or older. Once an account holder turns 21, this account must be closed and the owner must open a Regular Share Savings account to continue banking with Pennsylvania State Employees Credit Union. If the account holder is under 12, a parent or guardian will need to sign on as a joint custodian, and he or she will then have the ability to also make withdrawals and deposits, as well as write checks and access digital banking for the youth account. As a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get Pennsylvania State Employees Credit Union’s savings accounts

If you qualify for membership, you can open any of the credit union’s savings accounts online or in person at a branch. To do so, you’ll need to provide your Social Security number, along with a form of government-issued ID, such as a driver’s license. You’ll need to open the Regular Share Savings account with a minimum deposit of $5 to establish membership and to open either of the other two savings accounts. If a youth account holder is under age 12, a parent or guardian must open the account as a joint custodian.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

magnifying glass

How Pennsylvania State Employees Credit Union’s savings accounts compare

Once again, the rates on Pennsylvania State Employees Credit Union’s savings accounts aren’t really anything to write home about. While you’ll have to open the Regular Savings Share account if you’re after any of the credit union’s other personal accounts, we wouldn’t recommend seeking out this account on its own. Instead, consider one of the accounts on our list of the best online savings accounts, all of which offer much better APYs.

Pennsylvania State Employees Credit Union’s CD rates

Certificates

Run-of-the-mill certificates offering some OK rates.
TermAPY
3 months0.25%
6 months0.30%
9 months0.40%
12 months0.55%
18 months0.60%
24 months0.70%
36 months 0.80%
48 months0.95%
60 months1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For 3 to 24 month certificate terms, you’ll lose 90 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned dividends. For 36 to 60 month certificate terms, you’ll lose 180 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned dividends.

With terms ranging from 3 months to 5 years with an opening deposit requirement of $500, these certificates are pretty standard as far as CDs go. Dividends are compounded daily on these certificates, with guaranteed and locked-in rates for the duration of your term. When your CD term ends, you can either withdraw your money and earnings or renew your term for the latest rates.

How to get Pennsylvania State Employees Credit Union’s CDs

As with the credit union’s other personal account offerings, if you qualify for membership, you can open a certificate in person or online. You’ll just have to first open up a Regular Savings Share account with a minimum deposit of $5. To do so, you’ll also need to provide your Social Security number and a form of ID such as a driver’s license.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

magnifying glass

How Pennsylvania State Employees Credit Union’s CD rates compare

While some of the credit union’s CD rates fall in line with those on our list of the best CD rates, most of them miss the mark, and those on the credit union’s high end fall in the middle of our range. Do your due diligence and make sure the rate you’re getting lines up with the term length you’re signing up for when choosing a CD.

Pennsylvania State Employees Credit Union’s money market account option

Money Market account

A standard money market account, earning a pretty mediocre rate.
APYMinimum Balance to Earn APY
0.10%$500
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

A small bit of good news: This money market account earns an ever-so-slightly higher rate than its regular savings counterpart. This account allows owners to make withdrawals of $20 or more. As a savings account, it’s governed by Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get Pennsylvania State Employees Credit Union’s money market account

If you qualify for membership, you can open up a money market account online or in person after first opening a Regular Savings Share account with a minimum deposit of $5. You’ll need to have your Social Security number and government-issued ID handy to be able to do so.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

magnifying glass

How Pennsylvania State Employees Credit Union’s money market account compares

Most money market accounts out there offer pretty dismal rates, and not surprisingly, Pennsylvania State Employees Credit Union’s offering falls into this camp. Many of the accounts on our list of the best money market rates offer more than double the rate this one does, so we strongly encourage you to consider one of those instead.

Pennsylvania State Employees Credit Union’s IRA options

IRA CD rates

The credit union’s certificates, available to open within an IRA.
TermAPY
3 months0.25%
  6 months0.30%
  9 months0.40%
  12 months0.55%
  18 months0.60%
  24 months0.70%
  36 months0.80%
  48 months0.95%
  60 months1.00%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For 3 to 24 month certificate terms, you’ll lose 90 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned dividends. For 36 to 60 month certificate terms, you’ll lose 180 days’ worth of earnings on the principal amount you withdraw, whether or not the certificate has earned dividends.

These IRA CDs are essentially the bank’s regular certificates, just available to open within an IRA. Once again offering terms ranging from 3 months to 5 years with an opening deposit requirement of $500, these are also pretty basic CDs. Dividends are compounded daily, with guaranteed and locked-in rates for the duration of your term. When your term ends, you can either withdraw your money and earnings, or renew your term at the current rate.

How to get Pennsylvania State Employees Credit Union’s IRA CDs

If you qualify for membership with Pennsylvania State Employees Credit Union and are willing to first open up a Regular Savings Share account with a minimum deposit of $5, you can open an IRA CD in person or online. You’ll just need to be armed with your Social Security number and government-issued ID to do so.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

magnifying glass

How Pennsylvania State Employees Credit Union’s IRA CD rates compare

Most of the credit union’s CD rates fall well below those of the ones on our list of the best IRA CD rates on IRA CDs with the same term lengths. Its longest term length (5 years), however, has a rate that matches the one on our list, so if any of these are worth seriously looking into, it’s that one. In any case, take the time to also compare other key factors like deposit requirements and early withdrawal penalties before ultimately making your decision.

IRA savings account

The credit union’s IRA, which can be opened as a traditional or Roth account.
APYMinimum Balance to Earn APY
0.05% $0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The credit union’s IRA, which can be opened as a traditional or Roth account, offers the same weak rate as its mandatory Regular Savings Share account. On the plus side, it has no required monthly balance or fees, and you can earn interest on any funds you put away for retirement. As with all savings accounts, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

How to get Pennsylvania State Employees Credit Union’s IRA savings account

Just like with all of the bank’s other deposit accounts, if you qualify for membership and opened a Regular Savings Share account with a minimum deposit of $5, you can easily open up an IRA savings account in person or online. Just be sure you’re prepared with your Social Security number and government-issued ID to get started.

SEE DETAILS Secured

on Pennsylvania State Employees Credit Union’s secure website

NCUA Insured

Overall review of Pennsylvania State Employees Credit Union’s banking products

With the exception of some of the credit union’s CDs, none of Pennsylvania State Employees Credit Union’s deposit accounts are anything to really get excited about. While a lack of fees and the ability to get ATM refunds are always a plus, you can do better as far as these rates are concerned. Take the time to research not only which accounts best suit your needs, but will also provide benefits to you in the form of higher returns.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?