North Carolina State Employees' Credit Union Review

North Carolina State Employees' Credit Union (SECU) is a member-owned, not-for-profit cooperative. SECU has a wide range of financial products and services for government employees and their family members who work in North Carolina. Read our full SECU review below to learn about whether it's a good fit for you.

North Carolina State Employees' Credit Union

Rating image, 3.50 out of 5 stars.

3.50/5

Bottom Line

SECU is North Carolina's largest member-owned credit union and the second largest in the nation. It is specifically for federal, state, and local employees, retirees, and immediate family members who are North Carolina residents. It has 274 locations across the state and offers 24/7 customer support. SECU offers a wide range of competitive financial products, including loans, credit cards, bank accounts, insurance, investments, and more. The credit union offers numerous benefits for its members. However, it does not have a presence outside of North Carolina.

Pros

24/7 customer service and 274 branches in North Carolina
Wide range of financial products and services
Low fees

Cons

Membership eligibility is limited to certain North Carolina residents
No presence outside of North Carolina
Higher savings accounts rates offered elsewhere

North Carolina State Employees' Credit Union savings accounts review

To first establish membership with SECU, an individual must open a Share Account, which is its version of a savings account. SECU offers six different types of Share Accounts.

If you meet one of the eligibility requirements to become an SECU member, you'll start by opening a Share Account with a minimum deposit of $25. There is also a $25 minimum balance required to maintain membership with no monthly service charge. However, if the account falls below the $25 minimum, there is a $1 monthly fee. SECU offers a savings interest rate that is below the national average.

Account holders can access their Share Account via ATM or ASK SECU (an automated voice response service that allows members to access their accounts 24/7). Accounts can be accessed online through the website, mobile app, a physical branch, and the credit union's 24/7 Member Services. Funds in a Share Account can be used as collateral on SECU loans. Account holders cannot write checks, use BillPay, or ACH on a Share Account.

A Zard Share account is for members aged 13 to 19. The Zard program is focused on helping teens develop solid money management skills and provides a variety of products and services tailored to meet a teen's needs, including a separate Zard website. There is a $25 minimum opening deposit and a $25 minimum balance requirement to avoid the $1 monthly maintenance fee. Teens can earn Zard CashPoints for ATM transactions. The account doesn't offer checks or ACH debits. The account automatically converts to a regular Share account when the owner turns 20 years old.

Those who meet eligibility requirements to become an SECU member and are under age 12 can become a member by opening a FAT CAT Share account with a minimum deposit of $5. The FAT CAT program helps young members gain knowledge of banking and basic financial concepts, plus learn the importance of money management early. The account must be joint with a parent, grandparent, or other responsible adult who is an existing member with a regular Share account.

When the child reaches age 13, the account automatically converts to a Zard Share account. No withdrawals are allowed until the account reaches the $25 minimum balance, which must be maintained while the account is open. New members receive a FAT CAT Goody Bag with specialty items, including a passbook for transaction records. Other FAT CAT resources include a dedicated FAT CAT website for both kids and parents, and a quarterly Paw Prints newsletter with fun and educational information and activities.

In addition, SECU offers the child a $1,000 Group Term Life Insurance at no cost. This coverage can be increased to $10,000 for $18 per year if the additional coverage is purchased within 30 days of account opening.

Summer Cash

Summer Cash is a Share Account available to public school, university, and community college system employees who have a full-time or part-time job and are paid nine, 10, or 11 months per year. The Summer Cash account allows account holders to save money during the school year to prepare for the summer months when they don't receive a paycheck.

Account holders choose an amount to transfer from each paycheck during the school year to their Summer Cash account, typically by payroll deduction. Account holders will choose which share or deposit account will receive their summer cash payments: Share, Checking, Money Market Share, or CashPoints® Global.

Funds from the Summer Cash account are transferred automatically to the designated share or deposit account in one or more payments based on the account holder's salary schedule. There is no minimum opening deposit or service charges. The monthly transfer amount can be changed at any time and there is no early withdrawal penalty.

Holiday Cash Club

SECU's Holiday Cash Club account allows account holders to save money throughout the year in anticipation of holiday shopping. Account holders can make deposits to the account through October. On the last business day in October, the account balance is automatically transferred to a specified Checking, CashPoints® Global, Share, or Money Market Share Account. There is no minimum deposit required to open and the account may be funded through Payroll Deduction or Funds Transfer. There are also no service charges.

This is SECU's Money Market Account, which generally offers higher dividend rates than regular Share accounts, and is more flexible than a CD account. There is a $250 minimum opening deposit and account holders need to have a $250 minimum balance to earn dividends. There is no monthly service charge, unless the account falls below $250. If it falls below $250, SECU charges a $2 monthly fee.

Account holders can access their Money Market Share Account via ATM, ASK SECU, the website, mobile app, a physical branch, and the credit union's 24/7 Member Services. Funds in a Share Account cannot be used as collateral on SECU loans. Account holders cannot write checks, use BillPay, or ACH debits on a Money Market Share Account.

Compare savings rates

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 Member FDIC. 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.	up to 4.60% Rate info Min. to earn: $0	New customers can earn up to a $300 bonus with qualifying direct deposits!	Open Account for SoFi Checking and Savings
Open Account for Capital One 360 Performance Savings Member FDIC. 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.	4.25% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings
Open Account for American Express® High Yield Savings Member FDIC. 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.	4.25% Rate info Min. to earn: $1	N/A	Open Account for American Express® High Yield Savings

North Carolina State Employees' Credit Union CD accounts

SECU CD accounts are known as Share Term Certificate (STC) Accounts. Members have the option to open regular STCs with 6- to 60-month terms or a series of five laddered STCs with graduated maturity dates. Laddering means purchasing different CDs at different maturity time lengths. This can help protect against interest rate fluctuations and provide a reliable flow of interest income.

Regular STCs

SECU offers STCs with term lengths of 6, 12, 18, 24, 30, 36, 48, or 60 months. The minimum principal amount is $250 and the interest transfers monthly to an SECU deposit account selected by the owner. The early withdrawal penalty is equal to 90 days of interest, or all interest accrued, whichever is less. Funds in an STC can be used as collateral on SECU loans only; funds cannot be used as collateral on loans at other financial institutions

Laddered STCs

To start "laddering" STCs, account owners divide the total sum they wish to invest by five and open five STCs with different maturity dates: 12, 24, 36, 48 and 60 months. When each STC matures, regardless of the term, it is automatically renewed/converted to a 60-month STC. At the end of five years, they will own five 60-month STCs with one STC renewing each year thereafter.

If the STCs are canceled before the maturity/renewal date, there is an early withdrawal penalty equal to 90 days of interest, or all interest accrued, whichever is less. If an STC is canceled, the laddering structure will be incomplete.

Compare CD rates

SECU has low minimum deposit with competitive rates, but better CD rates can be found with online banks, including some market-leading CD offerings below.

Rates as of June 7, 2024


Bank & CD Offer	APY	Term	Min. Deposit	Next Steps
Discover® Bank CD Member FDIC.	APY: 4.70%	Term: 1 Year	Min. Deposit: $2,500	Open Account for Discover® Bank CD
Western Alliance Bank CD	APY: 5.25%	Term: 1 Year	Min. Deposit: $1	Open Account for
Western Alliance Bank CD	APY: 5.10%	Term: 9 Months	Min. Deposit: $1	Open Account for

North Carolina State Employees' Credit Union checking accounts review

SECU offers two types of checking accounts.

SECU Checking

There is no minimum balance required to open an account or earn dividends. Members can either choose to make a $1 monthly contribution to the State Employees' Credit Union Foundation or pay the $1 monthly maintenance fee. Checking accounts are variable rate accounts, which means the dividend rate and annual percentage yield (APY) may change.

Account holders will receive a debit card and can write up to a total of 50 checks each statement period; each check after that will incur a $0.20 service fee per item. Account holders can access their account via ATM, ASK SECU, the website, mobile app, a physical branch, and the credit union's 24/7 Member Services.

Zard Checking

A Zard Checking account is for members ages 13 to 19. There is no minimum balance required to open a Zard Checking account or earn the dividend. The monthly maintenance fee is $1 and account holders get a Zard Visa debit card for purchases and ATM transactions. Those under the age of 18 will require a parent, grandparent, or other responsible to open a joint account.

The account automatically converts to a regular Checking account when the owner turns 20 years old. Teen Zard account holders are eligible to receive $1,000 of Group Term Life Insurance at no cost and coverage can be increased to $10,000 for $18 per year.

Compare checking accounts

SECU is not part of the CO-OP Shared Branch network, which allows members of one credit union to access their account at another credit union. Members will only be able to visit a branch or ATM in North Carolina. Our experts compiled a list of the best checking accounts in the industry -- if you're looking for alternatives to a SECU checking account, this list is a great place to start.

North Carolina State Employees' Credit Union customer service and experience

Those who are eligible for membership can take advantage of SECU's auto loans, mortgages, and personal loans. SECU also offers auto, home, health, and life insurance, including annuities. The credit union offers financial counseling and retirement planning at local branches and members can open tax-advantaged accounts like IRAs, taxable brokerage accounts, and SEP IRAs for small business owners.

The credit union also offers an Estate Planning Essentials Program, which allows members to meet with participating attorneys and have estate planning documents prepared at a predetermined price. In addition, if members lose their job or encounter financial difficulties, SECU has a mortgage assistance program and other debt counseling services to help during a challenging time.

Community involvement

SECU is actively involved in North Carolina and invests in schools and local communities across the state. It provides financial education and participates in outreach efforts through a variety of community events.

SECU offers education for elementary, middle, and high school students, and regularly gives financial management presentations to groups including state government, university, public school, and community college employees. SECU also takes an active role in assisting schools, organizations and communities across North Carolina through programs, scholarships, and philanthropy.

Alternatives to North Carolina State Employees' Credit Union

If SECU isn’t the right fit or you don’t qualify for membership, try one of these alternatives instead.

Bank of America

Bank of America is another large brick-and-mortar bank that's known for offering some of the best relationship benefits around. In addition, it is one of the largest banks in the U.S. with about 3,900 branches and 15,000 ATMs. However, SECU offers higher APY on savings accounts than Bank of America.

Ally Bank

Ally Bank is a nice alternative if you want great customer service and high APYs. The online-only bank doesn't have any branches, but because its overhead costs are lower, it can offer you much higher interest rates. The Ally Savings , for example, offers one of the highest APYs with no monthly maintenance fees. You won't find any relationship benefits here, but Ally Bank offers a wider range of products than you usually see with an online bank. It also fared well in recent J.D. Power customer satisfaction surveys.

Is North Carolina State Employees' Credit Union right for you?

SECU is a good choice for you if:

You live in North Carolina and are eligible for membership.
You enjoy banking in person and also want 24/7 customer service.
You want a local bank that can provide a one-stop shop for financial products and services.
You also want robust digital and mobile banking solutions.
You're interested in the credit union's commitment supporting North Carolina through statewide initiatives.

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North Carolina State Employees' Credit Union Review: Great Option for North Carolina Residents Who Qualify for Membership