Golden 1 Credit Union Review: Strong Community Heart, Wide Variety of Accounts, but High APYs Are Lacking
Review
Updated
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Golden 1 Credit Union is a not-for-profit cooperative that offers its members a full suite of deposit accounts, including savings, checking, money market, and CDs. Many of its bank accounts have no monthly maintenance fees (or the fee is easily waivable), low minimum opening deposits, and access to over 30,000 in-network ATMs.
For all its low fees, however, Golden 1 Credit Union doesn't have competitive APYs, thus making it a poor choice for those who want to earn high interest on their savings. With that in mind, let's take a closer look at what Golden 1 Credit Union has to offer and see if it's the right place for your money.
If you live or work in California, Golden 1 Credit Union could offer you an array of bank accounts to choose from. Its low APYs, however, make it a poor choice for those with larger earnings in mind.
Golden 1 Credit Union has numerous savings accounts. Some are pretty creative -- like the "Santa Saver" -- but none have APYs that can stand up against the best high-yield savings accounts on the market today. With that in mind, let's take a look at each account individually.
This is your basic, run-of-the-mill savings account. It has a low minimum opening deposit ($1), no monthly fees, and unlimited ATM transactions (out-of-network withdrawals cost $2 per transaction). However, like all accounts on this list, the APY is so low, you would hardly notice your money growing.
It should be noted that, for prospective members of Golden 1 Credit Union, this account really isn't a choice. To become a member of the credit union, you must open a Regular Savings Account during the application process. It will only cost you a dollar to open the account -- not a huge ask by any means -- but it's still something to consider.
Golden 1 Regular Savings Account
This regular savings account is safe and NCUA-insured, but it won't grow your savings faster than the rate of inflation.
This money market account has the highest APY of all its savings accounts. But don't get your hopes up: The rate is not only lower than the best money market accounts, you also need at least $10,000 to earn 1.00%. The account has no monthly service fee, but does require a $100 minimum opening deposit.
Golden 1 Money Market Savings Account
For savers who want to earn more on a Golden 1 Credit Union savings account, the Money Market Savings is your best bet. That said, even if you qualify for its highest interest tier, your APY will still be lower than the best money market accounts on the market today.
If you have a savings goal, like buying a car or saving for a wedding, this account might help you get there. The account will lock your savings for a specific period, after which funds will be deposited into your Regular Savings Account. There's no penalty for withdrawing savings before your payout date, though the account will close automatically if you do so.
You need at least $20 to open (or $5 with payroll deduction or automatic transfers from another Golden 1 Credit Union account), and there's no monthly minimum required to earn interest. It's a fun idea, but, like other accounts on this list, its APY is puny compared with other banks and credit unions.
Golden 1 FlexSavings Savings Account
If you're not good at saving money, the FlexSavings could add some necessary boundaries to help you get going. The APY is low, but it's free and has a low opening minimum deposit between $5 and $20.
Much like the FlexSavings, this account helps you save for holiday shopping by restricting access to your savings. Your funds will grow at a meager APY throughout the year, then automatically transfer to your regular savings account on Nov. 1. If you withdraw before that date, the account will close automatically. It's a neat idea, but once again -- there are better options out there if you want to earn more interest.
Golden 1 Santa Saver Savings Account
If you struggle to save for the holidays each year, the Santa Saver Savings Account could help you stay on track.
A savings account for kids and teenagers 18 and younger, this Youth Savings Account is free and has a low minimum opening deposit of $1. The APY is decent (in fact, it's higher than Golden 1's own Regular Savings Account) but it doesn't compare with the best kids' savings account on the market.
Golden 1 Youth Savings Account
The Youth Savings Account helps parents teach their children about the value of saving money. There's no monthly service fee and deposits will earn a small interest payment paid out monthly.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Golden 1 Credit Union offers regular certificates of deposit (CDs), which it calls "term savings certificates." These certificates have a variety of terms, ranging from three to 60 months, and a low $500 minimum opening deposit. Like most regular CDs, these savings certificates have early withdrawal penalties and will automatically renew at maturity if you don't withdraw the money.
As far as APYs go, Golden 1 Credit Union CDs earn more than its own savings accounts, but pale in comparison to today's top-paying CDs. That said, it does have a competitive APY on a 16-month savings certificate. This is one of the highest APY we've seen for a term of this length and could be worthwhile, especially if you're sure a CD is the right investment for you.
For perspective, here's how Golden 1 Credit Union's savings certificates compare with today's best CDs.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Golden 1 Credit Union has quite a few checking accounts, some of which pay interest. Below we'll take a closer look at your options.
The Easy Checking account is a free checking account with no minimum opening deposit or daily balance requirements. The account comes with a debit card, which you can use for free banking at over 30,000 ATMs. It also gives you access to mobile and online banking services, including mobile check deposits.
Golden 1 Easy Checking
The Easy Checking is just that: An easy-to-use, no-frill checking account for simple banking. It's free, has no daily balance requirements, and even comes with a debit card.
This checking account earns interest when you keep a minimum daily balance of $1,000. While it's always nice to earn a little extra from your checking account, don't bank on this one making you rich. To get a decent APY, you need to maintain a six-figure daily balance. Even then, your APY would still be lower than other more lucrative investments, such as a certificate of deposit or money market.
The MarketRate Checking has a $25 minimum opening deposit and $15 monthly service fee. This fee is waivable if you keep a minimum daily balance of $10,000 or more (if you're age 62 or older, you can waive the fee by joining Golden Prestige). The account also comes with a debit card and free box of checks.
Golden 1 MarketRate Checking
The MarketRate Checking has a high APY, but you need to keep a six-figure daily balance in order to get it.
The Premium Checking is another interest-bearing checking account. Like the MarketRate Checking, this account's APY is based on your minimum daily balance, with higher balances getting a better APY. However, unlike that account, the interest rates on Premium Checking are super low, much lower than the best checking accounts.
Though you only need $25 to open an account, maintaining a daily minimum balance of $1,000 will earn you interest. The account has an $8 monthly service fee, which you can waive in one of three ways:
The headliner perk on the Premium Checking is its ability to earn interest on minimum daily balances of $1,000 or more. That said, this account doesn't have the best APY and may charge a $8 monthly fee if you let your balance get too low.
The Student Checking is a basic checking account for students between the ages of 13 and 24. The account doesn't have monthly fees or minimum deposits, but, unlike top student checking accounts, it also doesn't earn interest. It comes with a contactless debit card and also gives you the option to get paid two days early with Golden 1 Direct Deposit.
Golden 1 Student Checking
As a basic student checking account, this one checks all the boxes: no monthly fee, no minimum deposit, and a debit card for on-the-go payments.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Golden 1 Credit Union has an A+ rating on the Better Business Bureau website. At the same time, it also has 111 complaints in the last three years and a 1.11 out of 5 star rating. Its Trustpilot rating isn't much better: 1.9 out of 5, based on 19 reviews. While this doesn't mean that every Golden 1 Credit Union branch in California has poor customer service, the low ratings are certainly something to consider.
Golden 1 Credit Union offers a special Golden Prestige package for members age 62 or older. This package automatically gives you no monthly maintenance fees and doesn't have a per-check charge. You also get two free boxes of checks, up to 10 free cashier checks, and free domestic wire transfer service.
Golden 1 Credit Union isn't for everyone. If you're looking to earn a higher APY on your savings -- or you don't qualify for Golden 1 membership -- here are a few alternatives to consider.
Alliant is an online credit union with decent yields on CDs and savings accounts. Like Golden 1, it offers a variety of fee-free savings and checking accounts, along with a vast network of 80,000 ATMs. It doesn't have physical branches, but it also doesn't require you to live in a certain state for membership.
SoFi® is an online bank that boasts competitive APYs for savings and checking accounts. The bank is home to a savings-checking account hybrid -- the SoFi Checking and Savings (member FDIC) -- which has one of the highest APYs for a checking account. Even though SoFi® is a bank, it has relationship benefits, such as free financial planning assistance and rate discounts on loans.
If you want to support a credit union and you're eligible for Golden 1 membership, Golden 1 Credit Union might be right for you. Although the APYs on its savings accounts don't compare with other top banks, its community focus might be more important to you than earning high interest.
In addition to its savings products, Golden 1 Credit Union also offers the following services:
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
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To become a member of Golden 1 Credit Union, you must live or work in California, or have a family member who is a current Golden 1 member. If that sounds like you, your next step would be to open a savings account with $1.
Yes, your money is safe at Golden 1 Credit Union. Golden 1 is insured by the National Credit Union Administration (NCUA), which provides up to $250,000 in coverage to its members.
Yes, Golden 1 Credit Union offers its members webcasts, podcasts, online videos, and tutorials to help them with money management and planning. To learn more, you can visit its Financial Wellness Center on Golden 1 Credit Union's website.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
