Self-Help Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Self-Help Credit Union checking account option

Personal Checking account

A basic checking account that earns a small amount of interest.
APYMinimum Balance to Earn APY
0.10%
None
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5, which can be waived if:
    • You are 65 or older, or 24 or younger;
    • Have monthly combined direct deposits of $500 or more into one or more Self-Help Credit Union accounts; or,
    • Maintain an average daily balance of $2,500 or more across all your accounts with Self-Help Credit Union.
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; $75 maximum per day

Although the monthly fee is comparatively low, if you’re not able to meet the requirements to waive it, you might be better off finding a checking account elsewhere with a better rate and no fees.

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How Self-Help Credit Union’s checking account compares

As we state in our roundup of the best online checking accounts, the greatest picks are those with no monthly fees and a decent interest rate. While it’s possible to waive the fee on this account, the requirements might be limiting for some people. And while this account does earn interest, the rate falls well below many of these better options.

Self-Help Credit Union’s savings account options

Basic Savings account

An interest-bearing savings account with no monthly fee or minimum balance requirement.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: Six free withdrawals per month (at in-network or out-of-network ATMs); $1 thereafter. Other banks or ATM owners may charge additional fees.
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account is a much better option than the checking account as it offers a higher rate and has no hoops for you to jump through to avoid a monthly fee. It also offers online and mobile banking services to allow you to manage your funds with ease. This account is subject to Federal Reserve Regulation D, which limits certain withdrawals/transfers to six per month. Additional fees apply if you exceed this amount.

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on Self-Help Credit Union’s secure website

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Holiday Club and Custom Club accounts

Savings accounts that let you withdraw special funds at designated times.
APYMinimum Balance to Earn APY
0.25%
None
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

These accounts allow you to save for a specific purpose or occasion, earn interest and then withdraw the money without penalty. If you designate it as a Holiday Club account, you will have access to your funds from Nov. 1 to Dec. 31 of each year to put toward holiday expenses. There is a $10 early withdrawal penalty on the Holiday Club account if you choose to withdraw funds before this designated period. Otherwise, you can withdraw them at a time you determine when opening the Custom Club account, which is typically used to save for things like a vacation or a new car.

As with the regular savings account, these accounts also have online and mobile banking capabilities. Since they are savings accounts, they are subject to Federal Reserve Regulation D, which limits certain transactions to six per month.

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How Self-Help Credit Union’s savings accounts compare

While Self-Help Credit Union’s savings account rates aren’t the highest compared with the best savings accounts out there, we can appreciate that they have no monthly fees or other hassles, and that the special savings accounts allow you to earn interest on money you’re socking away for occasions like the holidays. Still, we wouldn’t seek out Self-Help Credit Union specifically for a general savings account and advise that you hunt around for the best rate and better perks.

Self-Help Credit Union certificate rates

Term Certificates

Standard certificates in lengths from three months to five years.
TermAPYMinimum balance requirement
3 months0.25%
$500
6 months0.25%
$500
12 months0.70%
$500
18 months0.70%
$500
24 months0.75%
$500
36 months0.85%
$500
48 months0.90%
$500
60 months0.90%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months.

While these CDs don’t offer the highest rates out there, their minimum opening deposit is lower than many others. The early withdrawal penalty is pretty standard compared with others as well.

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How Self-Help Credit Union’s CD rates compare

Although the lower opening deposit requirement might appeal to some people, these rates really don’t compare with the best CDs available. We say consider some of the more competitive offerings on our best CDs list.

Self-Help Credit Union’s money market account option

Money Market account

An interest-bearing money market account with minimal requirements.
APYMinimum Balance to Earn APY
0.74%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: None if minimum balance of $500 is maintained
  • ATM fee: $1 if you exceed six withdrawals per month
  • ATM fee refund: None
  • Overdraft fee: $25 each; maximum of $75 per day

This account also has minimal requirements and fees as you can easily avoid the monthly fee if you don’t withdraw funds and let your balance dip below the initial minimum deposit. It also comes with online and mobile banking capabilities and no additional fees on in-network ATMs. As with other savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per months. The credit union will impose a fee if you exceed that amount.

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on Self-Help Credit Union’s secure website

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How Self-Help Credit Union’s money market account compares

Self-Help Credit Union’s money market account is more than decent — it even made our list of the best money market rates available. Although it falls on the lower end of that roster, its lower minimum deposit requirement could still be a draw for many people.

Self-Help Credit Union IRAs

IRA CD rates

IRA Term Certificates

IRA certificates offering decent rates for terms ranging from one to five years.
TermAPYMinimum balance requirement
12 months0.70%
$500
18 months0.70%
$500
24 months0.75%
$500
36 months0.85%
$500
48 months0.90%
$500
60 months0.90%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ worth of interest on terms of 12 months or less; 180 days’ worth of interest on terms longer than 12 months

Self-Help Credit Union’s IRA CDs allow members to put away funds for retirement in a low-risk certificate while earning a decent interest rate. These certificates also have a lower minimum deposit requirement than many other options available.

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on Self-Help Credit Union’s secure website

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How Self-Help Credit Union’s IRA CD rates compare

There’s no way around it: Self-Help Credit Union’s IRA CD rates are much lower than some of the best IRA CD rates out there. Even others with the same low deposit requirement still offer much better rates. We’d advise you to research other accounts to make sure you truly get the most out of your retirement savings.

IRA savings account

An interest-bearing IRA with a low minimum deposit.
APYMinimum Balance to Earn APY
0.70%
None
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re on the hunt for a basic IRA savings account that allows you to earn interest, this could be a good option since it doesn’t have a monthly fee or any strict balance requirements. It’s available in both traditional and Roth versions, with the differences being their tax advantages. Since this is a savings account, it’s subject to Federal Regulation D, which limits certain withdrawals and transfers to six per month.

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Overall review of Self-Help Credit Union’s banking products

Self-Help Credit Union’s Money Market account is its standout personal banking product, as it even made our best-of list for money market accounts. But on the whole, most of Self-Help Credit Union’s rates don’t beat out the competition. Many of the credit union’s products do have both minimal requirements and fees, so if you stand behind its mission of helping people and small businesses, and you meet one of the credit union’s eligibility requirements, you probably won’t regret becoming a member and supporting Self-Help Credit Union’s mission and causes.

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