/St. Louis Community Credit Union review: Black-owned credit union with low fees

St. Louis Community Credit Union review: Black-owned credit union with low fees


  • St. Louis Community Credit Union is a Black-owned credit union with branches around Missouri.
  • It’s part of a shared branch network, so you can access branches and ATMs around the US.
  • It doesn’t charge monthly service fees on most of its accounts.
  • See Insider’s guide to Black-owned banks and credit unions.

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  • Pros & Cons
  • Details

  • Pros
    • $1 minimum opening deposit
    • $1 minimum balance
    • Earn interest
    • No monthly service fee
    Cons
    • Interest compounded monthly, not daily
    • Black-owned credit union in Missouri
    • Become a member if you live in St. Louis; or in Franklin, St. Charles, or St. Louis counties in MO; or in Madison, Monroe, Jersey, or St. Clair counties in IL; or if you’re a relative of someone who is eligible for a membership
    • 17 branches in Missouri
    • Access your money at 5,000 shared branches in the CO-OP Connected Credit Unions network nationwide
    • Use 30,000 ATMs in the shared CO-OP Connected Credit Unions network nationwide for free
    • Earn 0.05% APY on balances up to $10,000.99; 0.10% APY on balances between $10,0001 and $25,000.99; 0.15% APY on balances of $25,0001 and over
    • Interest compounded monthly, paid monthly
    • Federally insured by the NCUA

    You must open a St. Louis Community Credit Union Regular Savings Account to become a member of the credit union. It’s a good savings account overall; there’s no monthly fee, and you’ll earn interest on your balance.

    St. Louis Community pays a higher rate than many brick-and-mortar institutions. But if earning a high APY is one of your main priorities, you still may prefer to bank with an online company. Online high-yield savings accounts will pay you more than most physical banks.

  • Pros & Cons
  • Details

  • Pros
    • No monthly service fee when you maintain a $500 minimum balance
    • Ability to earn interest
    • Automatic overdraft protection by linking to savings
    • Unlimited check writing
    Cons
    • $500 minimum opening deposit
    • Must maintain $500 minimum balance to earn interest
    • $5 monthly service fee if you don’t maintain a $500 minimum balance
    • $1 out-of-network ATM fee
    • Black-owned credit union in Missouri
    • Become a member if you live in St. Louis; or in Franklin, St. Charles, or St. Louis counties in MO; or in Madison, Monroe, Jersey, or St. Clair counties in IL; or if you’re a relative of someone who is eligible for a membership
    • Must first open a Regular Savings Account with $1 to become a member
    • 17 branches in Missouri
    • Access your money at 5,000 shared branches in the CO-OP Connected Credit Unions network nationwide
    • Use 30,000 ATMs in the shared CO-OP Connected Credit Unions network nationwide for free
    • Earn interest when you maintain a $500 balance
    • No monthly fee with a $500 balance; if your balance falls under $500, you’ll pay a $5 monthly service fee
    • Interest compounded monthly, paid monthly
    • Federally insured by the NCUA

    St. Louis Community Credit Union has several types of checking accounts. The Gold Checking Account could be a good fit if you intend to keep at least a $500 balance. You’ll earn interest with a $500 balance, and you won’t pay a monthly maintenance fee. You’re also automatically enrolled in overdraft protection.

  • Pros & Cons
  • Details

  • Pros
    • $300 minimum opening deposit
    • Competitive APY
    • Low-to-standard early withdrawal penalties
    Cons
    • Interest compounded monthly, not daily
    • Black-owned credit union in Missouri
    • Become a member if you live in St. Louis; or in Franklin, St. Charles, or St. Louis counties in MO; or in Madison, Monroe, Jersey, or St. Clair counties in IL; or if you’re a relative of someone who is eligible for a membership
    • Must first open a Regular Savings Account with $1 to become a member
    • 17 branches in Missouri
    • Access your money at 5,000 shared branches in the CO-OP Connected Credit Unions network nationwide
    • Term ranging from 3 months to 5 years
    • Early withdrawal penalties: 90 days dividends for terms of 1 year or less; 180 days dividends for terms over 1 year
    • Interest compounded monthly, paid monthly
    • Federally insured by the NCUA

    St. Louis Community has competitive share certificates, which are the credit union version of CDs. You only need $300 to open an account, and you’ll earn a high APY. If you need to withdraw money before the term ends, you’ll pay a lower penalty than you would with many institutions.

  • Pros & Cons
  • Details

  • Pros
    • Competitive APY
    • No monthly service fee
    Cons
    • $1,000 minimum opening deposit
    • $1,000 minimum balance
    • Only 3 withdrawals per month
    • Minimum $100 withdrawal
    • Interest compounded monthly, not daily
    • No debit card or paper checks
    • Black-owned credit union in Missouri
    • Become a member if you live in St. Louis; or in Franklin, St. Charles, or St. Louis counties in MO; or in Madison, Monroe, Jersey, or St. Clair counties in IL; or if you’re a relative of someone who is eligible for a membership
    • Must first open a Regular Savings Account with $1 to become a member
    • 17 branches in Missouri
    • Access your money at 5,000 shared branches in the CO-OP Connected Credit Unions network nationwide
    • You won’t earn interest for the month if you go under a $1,000 balance or make more than 3 withdrawals
    • Earn 0.10% APY on balances up to $10,000.99; 0.20% APY on balances between $10,001 and $25,000.99; 0.25% APY on balances between $25,001 and $50,000.99; 0.30% APY on balances of $50,001 or higher
    • Interest compounded monthly, paid monthly
    • Federally insured by the NCUA

    You’ll need to open a Regular Savings Account to become a St. Louis Community member. But you may prefer to use the St. Louis Community Credit Union Money Market Account as your savings account if you have at least $1,000, because you’ll earn a higher interest rate.

    Keep in mind that you’re restricted to three monthly withdrawals with the money market account, though, whereas the savings account allows six. (Six is the normal savings monthly withdrawal limit, per federal regulation.) Your balance also shouldn’t fall below $1,000. If either of these things happen, you won’t earn interest for the month.

    St. Louis Community Credit Union is a Black-owned institution with 17 branches around Missouri. The branches in Flower Valley (Florissant), Wellston, Grace Hill, Benton Park, and Pagedale are closed right now due to the COVID-19 pandemic.

    The credit union is part of the CO-OP Connected Credit Unions network. This means you have 30,000 ATMs in the network you can use for free around the US. There are also 5,000 shared branches nationwide. You can’t open an account at a shared branch, but you can walk in to speak to a banker or make a transaction.

    As with any credit union, you have to become a member to bank with St. Louis Community. Here are the membership requirements:

    • Live in St. Louis; or in Franklin, St. Charles, or St. Louis counties in Missouri; or in Madison, Monroe, Jersey, or St. Clair counties in Illinois.
    • You can also join if you have a relative who is eligible for membership. They don’t have to be a member.
    • Open a St. Louis Community Credit Union Regular Savings Account with $1.

    St. Louis Community compounds interest monthly rather than daily. This is pretty common for

    credit unions
    , though.

    The credit union does have a mobile app, but it doesn’t have many online reviews yet. Of the existing reviews, the app has 4.1 out of 5 stars in the Google Play store, and 2.3 out of 5 stars in the Apple store.

    Contact customer support or visit a branch 9:00 a.m. to 5:15 p.m. Monday, Tuesday, and Thursday. Branches open at 10:00 a.m. on Wednesdays and close at 6:00 p.m. on Fridays. Saturday hours vary by branch.

    Your deposits are federally insured by the NCUA for up to $250,000, or $500,000 for joint accounts.

    The Better Business Bureau gives St. Louis Community an A+ in trustworthiness. A strong BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

    The credit union doesn’t have any public scandals.

    On its website, St. Louis Community says it prioritizes community outreach by having branches in underprivileged neighborhoods, providing free financial education, and offering low-cost loans and accounts. The credit union also has an annual Mission Giveback day when its staff volunteers to help out in local communities.

    We’ve compared St. Louis Community to two other credit unions in St. Louis and other parts of Missouri: First Community and Neighbors.

    St. Louis Community Credit Union review vs. First Community Credit Union review

    You’ll prefer St. Louis Community if you want to support a Black-owned institution. And although First Community has more branches, St. Louis Community is part of a larger shared network. This makes banking more convenient if you frequently travel outside of Missouri.

    Although St. Louis Community pays competitive share certificate rates, First Community’s are even higher, especially on longer terms. First Community is also a good option if you want a high-yield checking account.

    St. Louis Community Credit Union review vs. Neighbors Credit Union review

    St. Louis Community and Neighbors are both part of the CO-OP Connected Credit Unions network, so you can access shared branches and ATMs around the US. You’ll want to go with St. Louis Community if you’re looking for a Black-owned company.

    You may prefer Neighbors if you want to do all your financial work with the same credit union. Neighbors has numerous products, including insurance, credit cards, and business accounts.

    Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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