Rates are current as of October 2016, but are subject to change. Check with each bank, specifically, for their most recent rates.
By Andre Wong and Megan Wells, Police1 Contributors
Want to save more money? Consider switching to a police credit union to take advantage of their special rates.
Credit unions and banks share many of the same functions. Both can make loans, issue checks and credit cards, and offer investment services. The main difference is that since credit unions are nonprofit organizations, they don’t pay income taxes and can pass the savings to their members. For example, you may pay fewer fees and lower interest rates on large purchases such as autos and homes.
Police credit unions are able to offer their members higher APY rates for savings deposits and IRA accounts. Depending on your banking needs, a credit union might be the best choice for setting up a retirement fund and long-term savings.
Police credit unions and APY
APY stands for annual percentage yield, or the amount of money your deposit will earn over a single year just for letting the bank use it. If you made a deposit of $1,000 and had an APY of 1 percent, you’d end up with $1,010 after one year.
| Wells Fargo savings account APY | 0.01 - 0.07 percent |
The vast majority of police credit unions on our list offer a starting APY of 0.05 percent for a savings deposit. That number may increase to 0.25, 0.50, and even 2.00 percent APY depending on the organization and how much money you deposit.
Police credit unions and IRA accounts
IRA accounts are meant for long-term savings. You can expect greater returns from an IRA, but they require more money to start and can’t be withdrawn without penalties until certain conditions (such as retirement) are met.
The rates offered by Wells Fargo are about what you can expect from a large bank, yielding a little over 1.00 percent annual growth when APY is maxed out.
| Wells Fargo IRA account APY | 0.10 - 1.05 percent |
Not all police credit unions offer the option of starting an IRA account, but many that do can offer even better rates for long-term savings. Of the 30 police credit unions on this list, seven offer an APY of 2.00 percent or higher for IRA and CD accounts.
Some of the APY rates for savings and IRA accounts offered by police credit unions can be found in this table:
| State | Credit Union | Savings APY | IRA and CD |
|---|---|---|---|
| All | PenFed | 0.05 - 0.15% | 0.05 - 1.26% |
| California | Los Angeles Police Federal Credit Union | .05 - 0.50% | 0.35 - 1.92% |
| California | SF Police Credit Union | 0.10 - 0.35% | 0.10 - 1.60% |
| California | Fresno Police Department Credit Union | 0.40 - 0.60% | Varies |
| Colorado | Aventa Credit Union | 0.05 - 0.30% | 0.35 - 2.02% |
| Connecticut | Bridgeport Police FCU | 0.10% | 0.10 - 0.40% (CD) |
| Connecticut | Waterbury Police Federal Credit Union | 0.10 - 0.15% | 0.50% (CD) |
| D.C. | Police Federal Credit Union | 0.06 - 3.04% | 0.15 - 2.50% |
| Delaware | Delaware State Police Federal Credit Union | 0.05 - 0.15% | 0.10 - 1.25% |
| Delaware | Wilmington Police & Fire Federal Credit Union | 0.05% | 0.10 - 0.95% (CD) |
| Florida | United Police Federal Credit Union | 0.05 - 0.45% | 0.40 - 1.25% |
| Hawaii | Hawaii Law Enforcement Federal Credit Union | Varies | Varies |
| Illinois | Illinois State Police Federal Credit Union | 0.01 - 0.30% | 0.25 - 1.25% |
| Indiana | Cincinnati Police Federal Credit Union | 0.10 - 0.55% | 0.45 - 3.00% |
| Indiana | Professional Police Officers Credit Union | 0.15 - 0.51% | 0.30 - 0.76% (CD) |
| Iowa | Des Moines Police Officer’s Credit Union | 0.15 - 3.04% | 0.60 - 2.00 |
| Iowa | Police Federal Credit Union of Omaha | 0.05 - 0.25% | 0.85% |
| Kentucky | Cincinnati Police Federal Credit Union | 0.10 - 0.55% | 0.45 - 3.00% |
| Maryland | Police Federal Credit Union | 0.15 - 0.50% | 0.60 - 2.50% |
| Maryland | Delaware State Police Federal Credit Union | 0.05 - 0.15% | 0.10 - 1.25% |
| Michigan | Toledo Police Federal Credit Union | 0.25 - 0.35% | 0.25 - 1.01% (CD) |
| Missouri | St. Louis Policemen’s Credit Union | Varies | Varies |
| Missouri | Greater KC Public Safety Credit Union | Up to 0.30% | Up to 1.87% |
| Nebraska | Police Federal Credit Union of Omaha | 0.05 - 0.25% | 0.25 - 1.40% (CD) |
| New Jersey | Trenton NJ Police Federal Credit Union | 0.10 - 0.75% | N/a |
| North Carolina | Emergency Responders Credit Union | 0.25 - 0.65% | 0.25 - 1.25% |
| Ohio | Cincinnati Police Federal Credit Union | 0.10 - 0.55% | 0.45 - 2.00% |
| Pennsylvania | Greater Pittsburgh Police FCU | 0.35 - 0.85% | 0.60 - 1.51% (CD) |
| Pennsylvania | Police and Fire Federal Credit Union | 0.10 - 0.50% | 0.50 - 2.00% |
| Texas | Houston Police Federal Credit Union | 1.01 - 2.02% | 1.01 - 2.02% |
| Virginia | Delaware State Police Federal Credit Union | 0.05 - 0.15% | 0.10 - 1.25% |
| Virginia | Richmond Virginia Fire Police Credit Union | 0.20 - 0.60% | 0.40 - 1.51% |
Are we missing a credit union? If you’re a member of a police credit union you don’t see named here, please let us know in the comments below so we can include your organization on our list.