Golden 1 Credit Union: 2023 Banking Review

Golden 1 Credit Union: 2023 Banking Review

Golden 1 Credit Union is a Sacramento-based nonprofit cooperative open to California residents. It presents a full suite of deposit accounts together with lending and monetary wellness companies. While the credit score union is “not-for-profit”, it is “all for folks.” 

Golden 1 Credit Union logo with yellow letters

Golden 1 Credit Union

Its monetary wellness occasions, generally known as “The Challenge” are an instance of Golden 1’s dedication to enhancing monetary literacy amongst youth. Adults can attend instructor-led webinars or work one-on-one with a monetary advisor. 

The yields for its checking, financial savings and certificates of deposit accounts aren’t as aggressive in contrast with different banks or credit score unions. You can discover higher-yielding choices elsewhere, however opening a financial savings account to entry its wellness companies is perhaps a golden alternative.

What we like

  • Large ATM community: There are greater than 30,000 free ATMs accessible by the Golden 1 and CO-OP networks.
  • Secure on-line and cell banking: Robust cell app with options similar to cell examine deposits, free credit score rating and exterior transfers.
  • Low preliminary deposits: All accounts could be opened with a small preliminary deposit. 
  • Physical branches: Golden 1 presents a community of greater than 70 branches all through California.
  • Member companies: Its lending program and monetary wellness companies are a further bonus.

What we do not like

  • Fees: The non-student checking and cash market accounts cost both a $30 per merchandise overdraft or a $10 “inadequate funds charge” until you hyperlink a financial savings account for overdraft safety. The financial savings account could be closed in the event you withdraw money greater than six occasions per 30 days.
  • Low charges: The highest annual share yield accessible on a financial savings account is 0.10%. 

Who is Golden 1 Credit Union suited to? 

Golden 1 is greatest suited to residents of California who need to benefit from its lending applications or monetary wellness companies. Although “all Californians” are welcome to hitch, membership can be open to non-Californians who’re a member of the family or registered home associate of a present Golden 1 member, or a member of one among almost 1,000 companies and organizations listed as a Select Employee Group, in line with Golden 1’s web site. 

Teenagers, ages 13 to 18, can benefit from checking accounts and applications similar to The Challenge that is designed to assist them develop wholesome cash administration abilities.

Checking account evaluate

Golden 1 presents 5 checking accounts, two of that are common checking account — Free and Premium Checking — accessible to members ages 18 and older. The credit score union is dedicated to closing the chance hole and investing in California’s future leaders, so along with funding scholarships and literacy grants, it offers three checking accounts for younger folks underneath 18: Next Generation, Freedom and Student Checking. Freedom Checking convert to Free checking when you flip 18.

All accounts provide a strong cell banking app that gives 24/7 entry to accounts, together with cell examine deposits, and offers free credit score scores by a partnership with Credit Sense which makes use of the VantageScore 3.0 mannequin. Premium Checking is the one interest-bearing checking account with a tiered construction starting from 0.05% APY to 0.12% APY. 

All checking accounts cost an overdraft charge of $30 per merchandise. The most charge charged per day is $90. An inadequate funds charge of $10 shall be utilized to Free or Premium Checking accounts if the credit score union would not cowl the transaction. The inadequate funds charge is free for pupil accounts. 

There’s a big free community of Golden 1 and CO-OP ATMs accessible. However, Golden 1 costs $2 for every non-network ATM and would not rebate any third-party financial institution charges. 

Checking account options

Checking account APY Minimum steadiness Monthly charge Overdraft charge per merchandise Foreign transaction charge
Free Checking N/A $0 $0 $30 1.40%
Premium Checking 0.05% to 0.12% $25 $8 $30 1.40%
Next Generation Checking N/A $0 $0 $30 1.40%
Freedom Checking N/A $0 $0 $30 1.40%
Student Checking N/A $0 $0 $30 1.40%

What we like

  • Large ATM community: There are 30,000 fee-free ATMs accessible by the Golden 1 and CO-OP networks.
  • Free checking choices: The Free Checking and pupil checking accounts provide a very free checking choice. 

What we do not like

  • Fees: The $8 month-to-month charge on the Premium Checking account could be averted by sustaining a direct deposit, a $500 minimal each day steadiness or $5,000 in financial savings. There are many alternate options that provide completely free checking and interest-bearing checking choices.
  • Overdraft charges: A $30 overdraft charge applies to any transaction over $5. A $10 inadequate funds charge shall be utilized to transactions on Free or Premium Checking accounts.
  • Low curiosity checking: Premium Checking presents a low tiered-interest vary between 0.05% and 0.12%. Higher charges could be discovered amongst CNET’s listing of prime free checking accounts.

Savings account evaluate

Golden 1’s Regular Savings account earns an APY that is comparatively low in contrast with many high-yield financial savings accounts. It would not cost month-to-month charges and solely requires a $1 deposit to open and keep membership. There’s a restrict of six transactions per 30 days with this account. You can hyperlink to a checking account to offer overdraft safety. Note that your account is topic to closure in the event you exceed the month-to-month transaction restrict. 

Golden 1 additionally presents FlexSavings, Youth Savings and Santa Saver financial savings accounts. Each earns a 0.10% APY. The FlexSavings and Santa Saver require a $20 preliminary deposit or $5 with direct deposit or automated transfers. They’re designed that will help you save for particular events. 

  • APY: 0.05% to 0.10%
  • Minimum steadiness to open: $1
  • Monthly upkeep charge: $0

What we like

  • Low preliminary deposit: The minimal deposit required to open a financial savings account and become a member of Golden 1 Credit Union is $1.
  • No month-to-month charges: This account would not cost a month-to-month charge or a charge to take care of a minimal steadiness.

What we do not like

  • Low charges: You can discover greater charges at competing credit score unions and banks. High-yield financial savings accounts, for instance, provide charges as excessive as 40 occasions that of ordinary financial savings accounts can be found elsewhere.
  • Excessive department withdrawal charges: A $3 per foyer transaction is charged in extra of three visits per 30 days. There are limitless transactions accessible utilizing the ATM.

Saving certificates (CD) account evaluate

Savings certificates function equally to a certificates of deposit account at a financial institution. Golden 1 has a share certificates with phrases that vary from three months to 5 years. The minimal deposit required to open a certificates is barely $500 which makes this account accessible to extra folks. An early withdrawal penalty between 90 to twelve months’ value of dividends on the quantity withdrawn shall be utilized relying on the size of the time period.

The charges supplied on share certificates are above the nationwide common charges. However, credit score unions paying aggressive yields on share certificates are additionally accessible. Golden 1 presents just a few aggressive yield choices:

  • 27-month with no less than a $50,000 deposit: 4.15% APY
  • 35-month with no less than a $50,000 deposit: 3.00% APY
  • 35-month with no less than a $500 deposit: 2.75% APY

Saving certificates account options

CD time period Balance APY
3 to five months Under $100,000 0.60%
3 to five months $100,000+ 1.00%
6 to 11 months Under $100,000 1.20%
6 to 11 months $100,000+ 1.30%
12 to 23 months Under $100,000 1.60%
12 to 23 months $100,000+ 1.70%
24 to 35 months Under $100,000 1.90%
24 to 35 months $100,000+ 2.00%
27 months $50,000+ 4.15%
35 months $500 to $49,999 2.75%
35 months $50,000+ 3.00%
36 to 47 months Under $100,000 2.10%
36 to 47 months $100,000+ 2.20%
48 to 59 months Under $100,000 2.20%
48 to 59 months $100,000+ 2.30%
60 months Under $100,000 2.50%
60 months $100,000+ 2.60%

What we like

  • Low deposit required: The preliminary deposit is $500.
  • Wide number of phrases: Share certificates phrases vary from three months to 5 years.
  • Online banking entry: You can open share certificates by Golden 1’s web site or cell app.
  • Promotional price choices: The 27- and 35-month share certificates can earn as a lot as 4.15% and three.00% APY, respectively.

What we do not like

  • Low charges: Higher charges could be discovered at different banks.
  • No specialty choices: Golden 1 would not provide specialty share certificates similar to no-penalty or step-up share certificates. 

Money market account options

The Golden 1 Money Market Savings account has a tiered APY construction with the very best charges accessible on balances of over $250,000. Even with that steadiness degree, you’d solely earn a 1.00% APY. You can discover higher APYs on different money market accounts and luxuriate in a greater return in your funding.

A $100 minimal preliminary deposit required to open the account is decrease than most cash market accounts. However, the low yields do not make this a gorgeous financial savings automobile given the number of greater incomes choices from different banks and credit score unions.

Money market account options

Account APY Minimum steadiness Monthly charge Overdraft charge Excessive transaction charge Foreign transaction charge
Money Market Savings 0.05% to 1.00% $100 $0 $30/merchandise $3/withdrawal 1.40%

What we like

  • Large ATM community: There are 30,000 fee-free ATMs accessible by the Golden 1 and CO-OP networks.
  • Low minimal steadiness: The $100 minimal is decrease than many different cash market account necessities.

What we do not like

  • APYs: Although the charges supplied are inside a aggressive vary, you could find greater charges elsewhere.
  • Overdraft charges apply: You’re charged $30 per merchandise to transactions of greater than $5.
  • Excessive department withdrawal charges: A $3 per foyer transaction is charged in extra of three visits per 30 days. There are limitless transactions accessible, nonetheless, utilizing the ATM.

Banking expertise

Golden 1 presents a full suite of deposit accounts with cell banking instruments that enable cell examine deposits, on-line invoice pay and free credit score scores. The community of greater than 70 branches makes visiting a department doable for a lot of all through the state. However, withdrawals are topic to extreme transaction charges after three department visits. 

You can even sign up without cost instructor-led webcasts, take heed to podcasts or view movies designed that will help you enhance your monetary IQ. The instructor-led webcasts are half-hour lengthy and you’ll register on-line. The subjects embrace topics similar to constructing a greater price range and saving over a long-term interval.

Overdraft charges

Golden 1 costs a $30 per merchandise overdraft charge on any transactions of greater than $5 that it processes in case your account would not have accessible funds. All checking and cash market accounts are topic to this charge. An inadequate funds charge of $10 applies solely to the Premium Checking and Money Market accounts for any transaction that is not processed however is returned. Overdraft safety is obtainable by linking to an eligible financial savings account.

Early withdrawal penalties vary from 90 to twelve months’ value of dividends on the quantity withdrawn relying on the share certificates’s time period size.

Customer service

Golden 1 presents customer support by way of email, telephone support or (*1*). The telephone quantity is 877-465-3361. The credit score union’s customer support hours are Monday by Friday from 7:30 a.m. to six p.m. PT and Saturday and Sunday from 9 a.m. to five p.m. PT. Branch hours differ relying on location.

About Golden 1 Credit Union

Golden 1 is a Sacramento-based not-for-profit based in 1933. It is without doubt one of the largest credit score unions within the US with a million members and $18 billion in belongings. They provide community-based grants and academic scholarships to members along with banking companies.