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Palmetto Health Credit Union Savings Account

The bottom line: Palmetto Health Credit Union Savings Account is a good option if you live in Richland County, SC, or work for Prisma Health, because it doesn't charge monthly service fees.

Overall credit union rating

Feature	Insider rating (out of 5)
Savings	4.25
Checking	4.5
Share certificate	4.25
Trustworthiness	5
Total score	4.5

Pros and cons

Pros	Cons
Minority-led credit union No monthly service fees Low minimum opening deposits High interest rates on share certificates	Membership is mostly limited to Prisma Health employees and Richland County residents Low savings interest rate Only compounds dividends quarterly, not daily or monthly

Savings Palmetto Health Credit Union Savings Account

You must open a Palmetto Health Credit Union Savings Account to become a member of the credit union. It's a good savings account overall with a $5 opening deposit and no monthly service fees. The interest rate is a little higher than what you'll earn with most brick-and-mortar institutions, but you can earn a better rate with an online savings account.

Checking Palmetto Health Credit Union Checking Account

Palmetto Health Credit Union Checking Account is an affordable checking account with no minimum opening deposit and no monthly service fee. The main down side is that there's no free overdraft protection. You'll either tap into a line of credit that charges interest, or pay $2 to transfer money from savings into checking.

Share certificate Palmetto Health Credit Union Share Certificate

Palmetto Health Credit Union pays high interest rates on certificates, especially compared to other brick-and-mortar institutions. The $500 minimum deposit is also pretty low.

How Palmetto Health Credit Union works

Palmetto Health Credit Union Savings Account is a minority-led credit union in South Carolina. There are three branches in Columbia and one branch in Easley.

The credit union has eight ATMs in Columbia and Easley. You can also use 30,000 free ATMs around the US in the CO-OP Shared Branch Network.

Related Article Module: 32 Black-owned banks and credit unions, sorted by state

The Palmetto Health mobile app has 4.9 out of 5 stars in the Apple store, and 4.8 out of 5 stars in the Google Play store.

To speak with a representative, call or visit a branch from 8:30 a.m. to 5:00 p.m. ET, Monday through Friday.

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

How to join Palmetto Health Credit Union

To bank with Palmetto Health Credit Union Savings Account, you'll need to become a member. You can join if you meet any one of the following criteria:

• Live, work, or study in Richland County
• Be an immediate family member of someone who lives, works, or studies in Richland County
• Are a Prisma Health worker
• Are a worker of a medical center affiliated with Prisma Health, or a center on a Prisma Health campus
• Have a family member who is a Prisma Health employee
• Have a family member who is a Palmetto Health Credit Union member

You also must open a Palmetto Health Credit Union Savings Account with $5 and pay the $5 membership fee.

Is Palmetto Health Credit Union trustworthy?

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

A good BBB score doesn't guarantee you'll have a smooth relationship with a company, though. You may still want to read online reviews or talk to friends or family members about their experiences with Palmetto Health.

Palmetto Health doesn't have any public controversies, so you may decide you're comfortable banking with this credit union.

How Palmetto Health Credit Union compares to similar institutions

Palmetto Health Credit Union Savings Account is mainly in Columbia, so we've compared it to two Black-owned institutions you can access in Columbia: Optus Bank and OneUnited Bank.

Palmetto	Optus	One United
Locations Columbia, Easley	Locations Columbia	Locations CA, FL, MA, online
Monthly fees None	Monthly fees $10 (unless waived)	Monthly fees Up to $10 (unless waived)
Palmetto Health Credit Union Savings Account	Open an account	OneUnited Bank BankBlack Checking Account

Palmetto Health Credit Union vs. Optus Bank

Optus Bank is a bank, not a credit union, so you don't have to qualify for membership to bank with the company. If you're ineligible to join Palmetto Health Credit Union, Optus is the clear choice.

Palmetto Health is the more convenient option, though. It has three branches in Columbia and one in Easley, whereas Optus has just one branch in Columbia. Palmetto Health is also part of a shared ATM network so you can use 30,000 ATMs around the country for free. Optus has just three ATMs in Columbia.

Palmetto Health Credit Union vs. OneUnited Bank

OneUnited doesn't have any branches in South Carolina, but you can open accounts online from anywhere in the US. You may prefer OneUnited if you're comfortable banking online, especially if you don't qualify for Palmetto Health Credit Union membership.

Laura Grace Tarpley is the 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.

Related Content Module: More Savings Coverage

See Also:

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