Safe Credit Union is a privately held financial institution serving the Greater Sacramento region in Northern California. The credit union, founded in 1940 and known then as the Sacramento Air Depot Federal Credit Union, has rebranded itself several times. It changed its name to the Sacramento Air Force Employees Federal Credit Union in 1953, and then to S.A.F.E. Federal Credit Union in 1959. Today, the company prefers to be called SAFE.
Who Is Safe Credit Union Good For?
First off, to be eligible for a SAFE Credit Union account, you must either live in Northern California, work with SAFE, or have a family member who’s already a member of the union.
The Credit Union is suitable for people looking for the following:
- Affordable checking accounts.
- Higher than average APY on their Certificates of deposit.
- A membership-based financial institution that gives them access to loans and credit at excellent rates.
- And flexible retirement accounts they can have access to whenever they want.
Types Of Accounts
Safe Credit Union offers the following types of accounts to its members:
- Checking Accounts
- Savings Accounts
- Certificates Of Deposit
- Credit Cards
- IRA
- Money Market Accounts
- Loans
Safe Credit Union also offers other perks, but for now, we’ll focus on their core products.
Checking Accounts
SAFE provides personal and business checking accounts. Within those two categories of accounts, there are different tiers of service suitable for different people. We will deal with the personal checking accounts first.
Personal Checking Accounts
- Freedom Checking: This is the most basic personal checking account Safe Credit Union has on offer. The account is a utilitarian no-frills checking account that offers the most basic of banking services. It is suitable for someone opening their first checking account. There’s a $25 minimum balance to open a Freedom Checking account, plus there are no fees if the customer opts to receive e-statements.
- Perfect Cents Checking: This checking account is a step above the Freedom Checking, and is suitable for people who use their debit card regularly. Monthly fees get waived if the customer uses their card ten or more times a month. The account is called Perfect Cents because of the option for customers to have their purchases automatically rounded up to the nearest dollar, and the change — in cents –deposited to their savings account.
- Prestige Checking: This is suitable for members who maintain high daily balances and are looking for higher-rate dividends. The account comes with free SAFE checks and no monthly fee if members maintain a minimum daily balance of $1,000 or more.
- Capitol Checking: This is the highest level checking account that Safe Credit Union provides. Capitol Checking account holders earn highest available dividends SAFE offers
Business Checking
- Business Value Checking: This checking account is suitable for low-volume businesses that need the benefits of a full business checking account at a reduced cost. The account comes with 50 free cleared checks per month and $0.25 per check after that.
- Business Checking: This is a checking account with all the trappings of a regular business checking and more. The account allows 100 free cleared checks per month and $0.25 per check after that.
Savings Accounts
- Share Savings Account: This is the most basic savings account Safe Credit Union provides. The account pays dividends and pays a 0.10 APY.
- Special Share Savings Account: This is a goal-specific savings account. If a member wants to save for a vacation, a car, or whatever, this is the account for that. It differs from the other accounts in that it has a “name-it” feature that helps members identify and track the goals for which they are saving. It also pays 0.10% APY and has a $5 minimum deposit requirement.
- Young Member Savings Account: This is a dividend-earning account for youth between the ages of 13-17. It pays 0.10% APY with a $5 minimum deposit requirement.
- SAFE Kids Club: This account is designed for kids 12 years old and younger. It also pays a 0.10 APY
SAFE Credit Union’s savings accounts APY are pretty average considering the national APY averages at 0.09%. If you are looking for a place with a high APY to grow your money, SAFE is not the most appealing option out there. Banks like American Express National Bank and Marcus by Goldman Sachs are better options, both paying a cool 1.9% annual percentage yield on their online-only savings accounts. Do I need to tell you that 1.9% APY is 19 times more than SAFE’s 0.10% APY?
Business Savings
This account offers competitive rates while serving as an overdraft protection source for your linked SAFE business checking account.
Certificates Of Deposit
Certificates of deposit (CDs) are an excellent way to lock in great rates for money you wish to keep in a bank account for a specific time — three to 72 months in the case of Safe Credit Union.
What certificates of deposits does Safe Credit Union offer, and how do their rates stack up against the competition?
Safe Credit Union offers three different CDs with varying terms.
- Term Certificate: For a minimum deposit of $500, you can open a Term certificate for a term of three to 72 months. This tier pays an APY of 1.87%. Members also earn higher dividends on their balances.
- Bump-Up Advance Certificate: This tier allows members to take advantage of rate increases if those increases become available. This CD has a term of 12 to 24 months and pays a 1.62% APY. Just like the Term Certificate, the Bump-Up Advance Certificate requires a $500 minimum deposit.
- Add-on Certificate: This is a 12 month CD, and members can add money to it–as much and as often as they like. It pays a 0.75% APY and requires a $500 minimum deposit to start.
Though Safe Credit Union’s APY for CDs is generally higher than the national average, it is still lower than the rates provided by other financial institutions out there. Goldman Sachs’ Marcus Bank, for instance, offers a minimum of 2.25% for a 12 month, $500 minimum deposit CD. Compare that to SAFE’s 0.75% APY for a similar term CD. Many other online-only banks offer similar rates as Goldman Sachs Marcus Bank.
If you want to get the most return on your CD, I advise you look around for other banks — mostly online-only banks–that offer higher APYs.
Credit Cards
Safe Credit Union offers an array of personal and business credit cards at pretty average rates.
Personal Credit Cards — Safe Credit Union
- Cash Rewards Card: This card has a 14.49% – 20.49% APR and pays a 1% cashback on every purchase. It also pays higher cashback percentages in a few categories.
- Platinum Rewards Card: This is a great card for people who love to travel and love to earn points for their travels. It has a 12.49% – 18.49% APR.
- Platinum Card: The low 10.49% – 16.49% APR on this card makes it suitable for people who carry balances from month to month.
- Secured Card: This card is for people wishing to build or rebuild their credit. Just like any other secured credit card, it requires a security deposit to start.
IRA
Safe Credit Union offers both Traditional and Roth Individual Retirement Accounts (IRA)
- IRA Certificate: This IRA pays 1.87% APY and requires a $500 minimum deposit.
- Add-on IRA Certificate: This IRA has a $25 minimum deposit requirement with the option of making monthly deposits into the account.
- Bump-up IRA Certificate: This option allows members to take advantage of a rate increase if it becomes available. The APY is as high as 1.62% with a $500 minimum deposit
- Accumulation IRA Certificate: This IRA offers a variable rate with the option to make an additional deposit at any time. The starting APY is 0.25%, with a $25 minimum deposit.
Related:
- American Express Personal Savings Account Review
- Aspiration Bank Review: Everything You Need To Know Before You Open an Account
- Chime Bank Review: Everything You Need To Know Before You Open An Account
Money Market Accounts
Safe Credit Union has both business and personal money market accounts. The accounts offer competitive rates for people wishing to grow their money.
Money Market Accounts – Personal
- Capital Access Money Market Account: Offers competitive rates and starts with a minimum deposit of $25.
- Preferred Money Market Account: This account offers a 3.30% APY on the first $2000, and then the APY drops significantly to between 0.50% – 0.61 APY after that, gradually increasing — depending on the amount in the account– to a maximum of 1.15%.
Money Market Accounts – Business
The Business Money Market Account provides all the same benefits as the Business Savings account, with higher dividends and up to six checks cleared per month.
Loans
Safe Credit Union offers a plethora of loan options, to include: personal loans, business loans, mortgage loans, SBA loans, vehicle loans, and student loans. The rates are competitive and if you are in the market for a loan, it will be worth your while to check them out.
Bottom Line
SAFE Credit Union’s checking accounts, loans, and credit cards are affordable, and if you live in the Northern California area, it will be a good idea to check them out.
On the other hand, the APYs on SAFE’s CDs, while higher than the national average, falls short of the rates other financial institutions are offering. If you are in the market for a CD that provides a generous rate, banks like Goldman Sachs’ Marcus and American Express National Bank are worth looking into.
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