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

Published by Business Insider on Tue, 30 Mar 2021


<p><img src="https://static3.businessinsider.com/image/605e4bca8e71b300185191d4-1667/St Louis Community Credit Union review 4x3.png" border="0" alt="St. Louis Community Credit Union review" data-mce-source="St. Louis Community Credit Union; Alyssa Powell/Insider"></p><p></p><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><bi-shortcode id="disclaimer" class="mceNonEditable" data-type="pfi">&nbsp;</bi-shortcode><h2>Should you use St. Louis Community Credit Union'</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">You might like St. Louis Community if you ...&nbsp;</td><td style="width: 50%;">You might not like St. Louis Community if you ...</td></tr><tr><td style="width: 50%;"><ul><li>Qualify for membership by living in certain parts of Missouri or Illinois</li><li>Want to bank with a Black-owned institution</li><li>Prefer a <a href="https://www.businessinsider.com/personal-finance/credit-union-vs-bank-how-to-decide-which-is-right-for-you" target="_blank" rel="noopener">credit union to a bank</a></li><li>Would like a credit union with a large shared branch and ATM network</li><li>Are looking for a credit union with low or no monthly service fees</li></ul></td><td style="width: 50%;"><ul><li>Don't qualify for membership</li><li>Prefer a bank to a credit union</li><li>Are looking for the highest savings rates, and are open to banking online</li></ul></td></tr></tbody></table><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> St. Louis Community is a good low-fee credit union in Missouri, especially if you want to bank with a <a href="https://www.businessinsider.com/personal-finance/black-owned-banks-credit-unions" target="_blank" rel="noopener">Black-owned credit union</a>.</p></aside><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="6061dfc60067080018af05e2">St. Louis Community Credit Union Regular Savings Account</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="6061dfc60067080018af05e2" data-type="undefined">St. Louis Community Credit Union Regular Savings Account</bi-shortcode><p>You must open a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="6061dfc60067080018af05e2">St. Louis Community Credit Union Regular Savings Account</bi-inline-shortcode> 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.</p><p>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. <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">Online high-yield savings accounts</a> will pay you more than most physical banks.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="6061e53a3d35010018fe0cde">St. Louis Community Credit Union Interest (Gold) Checking Account</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="6061e53a3d35010018fe0cde" data-type="undefined">St. Louis Community Credit Union Interest (Gold) Checking Account</bi-shortcode><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5ed7fc153ad861242a46bc2f" data-title="Here are the best checking accounts available right now" data-url="https://www.businessinsider.com/personal-finance/best-checking-accounts" data-thumbnail="https://i.insider.com/undefined">Related Article Module: Here are the best checking accounts available right now</bi-shortcode><p>St. Louis Community Credit Union has <a href="https://www.stlouiscommunity.com/accounts/checking-accounts" target="_blank" rel="noopener">several types of checking accounts</a>. The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Gold Checking Account" data-shouldlink="true" data-pid="6061e53a3d35010018fe0cde">St. Louis Community Credit Union Interest (Gold) Checking Account</bi-inline-shortcode> 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.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="product_editorial_name" data-customtext="" data-shouldlink="true" data-pid="6061e75d0067080018af05f5">St. Louis Community Credit Union Share Certificate</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="6061e75d0067080018af05f5" data-type="undefined">St. Louis Community Credit Union Share Certificate</bi-shortcode><p>St. Louis Community has competitive share certificates, which are the credit union version of <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">CDs</a>. 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.</p><h2><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="6061e8f33d35010018fe0cf3">St. Louis Community Credit Union Money Market Account</bi-inline-shortcode> review</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="6061e8f33d35010018fe0cf3" data-type="undefined">St. Louis Community Credit Union Money Market Account</bi-shortcode><p>You'll need to open a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Regular Savings Account" data-shouldlink="true" data-pid="6061dfc60067080018af05e2">St. Louis Community Credit Union Regular Savings Account</bi-inline-shortcode> to become a St. Louis Community member. But you may prefer to use the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="6061e8f33d35010018fe0cf3">St. Louis Community Credit Union Money Market Account</bi-inline-shortcode> as your savings account if you have at least $1,000, because you'll earn a higher interest rate.</p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5e8b370bd5873a3c8d3cda2b" data-title="Here are the best money market accounts for March 2021" data-url="https://www.businessinsider.com/personal-finance/best-money-market-accounts" data-thumbnail="https://i.insider.com/undefined">Related Article Module: Here are the best money market accounts for March 2021</bi-shortcode><p>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.</p><h2>St. Louis Community Credit Union features</h2><p>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.</p><p>The credit union is part of the <a href="https://co-opcreditunions.org/locator/'ref=co-opatm.org&amp;sc=1" target="_blank" rel="noopener">CO-OP Connected Credit Unions network</a>. 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.</p><p>As with any credit union, you have to become a member to bank with St. Louis Community. Here are the membership requirements:</p><ul><li>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.</li><li>You can also join if you have a relative who is eligible for membership. They don't have to be a member.</li><li>Open a <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="6061dfc60067080018af05e2">St. Louis Community Credit Union Regular Savings Account</bi-inline-shortcode> with $1.</li></ul><p>St. Louis Community compounds interest monthly rather than daily. This is pretty common for credit unions, though.</p><p>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.</p><p>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.</p><p>Your deposits are federally insured by the NCUA for up to $250,000, or $500,000 for joint accounts.</p><h2>Is St. Louis Community Credit Union trustworthy'</h2><p>The Better Business Bureau gives St. Louis Community an <a href="https://www.bbb.org/us/mo/saint-louis/profile/credit-union/st-louis-community-credit-union-0734-300772500" target="_blank" rel="noopener">A+ in trustworthiness</a>. A strong BBB grade indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.</p><p>The credit union doesn't have any public scandals.</p><p><a href="https://www.stlouiscommunity.com/community/mission-giveback" target="_blank" rel="noopener">On its website</a>, 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.</p><h2>How St. Louis Community Credit Union compares to similar institutions</h2><p>We've compared St. Louis Community to two other credit unions in St. Louis and other parts of Missouri: First Community and Neighbors.</p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 33.3333%;"><img src="https://static1.businessinsider.com/image/60624355c9d73b00186e90ca-1200/St Louis Community credit union logo.jpg" border="0" alt="St. Louis Community credit union logo" data-mce-source="St. Louis Community Credit Union"></td><td style="width: 33.3333%;"><img src="https://static1.businessinsider.com/image/606243c7c9d73b00186e90cc-1200/First Community Credit Union logo.jpg" border="0" alt="First Community Credit Union logo" data-mce-source="First Community Credit Union"></td><td style="width: 33.3333%;"><img src="https://static4.businessinsider.com/image/60624440c9d73b00186e90cd-1200/Neighbors credit union logo.jpg" border="0" alt="Neighbors credit union logo" data-mce-source="Neighbors Credit Union"></td></tr><tr><td style="width: 33.3333%;"><p><strong>Branches</strong></p><p>17, plus shared branches</p></td><td style="width: 33.3333%;"><p><strong>Branches</strong></p><p>38</p></td><td style="width: 33.3333%;"><p><strong>Branches</strong></p><p>9, plus shared branches</p></td></tr><tr><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>Black-owned</p></td><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>High APYs</p></td><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>Variety of products</p></td></tr><tr><td style="width: 33.3333%;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Get started" data-shouldlink="true" data-pid="6061dfc60067080018af05e2">St. Louis Community Credit Union Regular Savings Account</bi-inline-shortcode></td><td style="width: 33.3333%;"><strong><a href="https://www.firstcommunity.com/personal/personal-savings/share-savings-accounts.html" target="_blank" rel="noopener">Get started</a></strong></td><td style="width: 33.3333%;"><strong><a href="https://cs.loanspq.com/consumer/v2/login/landing.aspx'enc2=CjDDGQgp6ViDEpMSQAmj1EJCS7qhKafgFIsWmgFL4ikOU3r1NyLUIJBnonXgOCHlweNu8IkHjK-23Hsd8_-ujJ8KcnIF_D5Pb0TExHUZYSw45DCtIhCymskm0WptSpjR" target="_blank" rel="noopener">Get started</a></strong></td></tr></tbody></table><h3>St. Louis Community Credit Union review vs. First Community Credit Union review</h3><p>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.</p><p>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 <a href="https://www.businessinsider.com/personal-finance/best-high-yield-checking-accounts" target="_blank" rel="noopener">high-yield checking account</a>.</p><h3>St. Louis Community Credit Union review vs. Neighbors Credit Union review</h3><p>St. Louis Community and Neighbors are both part of the <a href="https://co-opcreditunions.org/locator/'ref=co-opatm.org&amp;sc=1" target="_blank" rel="noopener">CO-OP Connected Credit Unions network</a>, 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.</p><p>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.</p><p><em>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.</em></p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/st-louis-community-credit-union-review#comments">Join the conversation about this story &#187;</a></p>
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