St Paul Federal Credit Union is our focus here. We’ll be going over important details like its history, membership eligibility, offerings, and give some thoughts on how it lines up with other CUs.
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Routing #: 296076013*
A Little History
This CU was started a little bit later than the average one in Minnesota. It was set up in the ’50s in order to serve members of the union International Brotherhood of Electrical Workers. Only recently did they open up to all members of the Saint Paul community in 2005.
As I just mentioned, if you want to be a member at St. Paul Federal Credit Union, you will need to be in St. Paul or (more recently) Minneapolis. That’s all people who live, work, worship, or do business in any St. Paul neighborhood. That includes east, west, north and south.
If you’re from downtown Minneapolis, you can also be eligible to join. There are a number of other ways to be eligible, too. There are too many to list, so check out their qualifications to see if you are a fit here.
St Paul Federal Credit Union Offerings
This credit union stays focused on personal offerings. A lot of other ones offer personal and business services together, so, this isn’t the place if you wanted to do both.
You can get student loans, mortgages, auto loans, Visa credit cards, and consumer loan products here. They also offer various investment accounts and college savings options.
For personal banking, you can choose from checking and savings options, certificates, money markets, ebanking, mbanking, shared branching, and safe deposit boxes at St. Paul Federal Credit Union.
For clarity’s sake, “mbanking” just means mobile banking. They have an app that you can download for Apple or Android products. That’s iPhone, iPod Touch, iPad, and devices running android. Let’s look a little more at that checking account product.
St Paul Federal Credit Union Checking
They offer one main checking account here called Simply Checking. It’s an interest-bearing account with no monthly minimum balance requirements.
You get a free VISA debit card to use at any ATM that accepts VISA and 24/7 account access through ebanking.
Along with having an option for direct deposit, your account is also insured up to $250,000 by the US Government. St. Paul Federal Credit Union is part of the NCUA.
Something really unique about this account are the interest rates. A lot of the bigger credit unions seem to have interest rates around .125% APY for their checking accounts. How about 4.99% APR? That’s right, Simply Checking pays that much on balances up to $20,000 when you make 60 debit card purchases every month.
They also have other tiers, like 3.99% APR and 2.99% APR. The only thing that I would be wary of here is that APR is traditionally used to describe what you pay on a loan you take out, not dividends being paid on a checking account. Either way, it is still a lot.
You will also need recurring direct deposit each statement cycle and receive eStatements monthly (plus log in to ebanking monthly).
St. Paul Federal Credit Union – Final Thoughts
If you live in the St. Paul area or qualify through their many organizations, consider the St. Paul Federal Credit Union for personal banking (no business). They have a very impressive APR on their checking accounts and are competitive with other banks/credit unions in terms of technology and account features.
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*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
*This site is not affiliated with the Credit Union mentioned in this article.