California Coast Credit Union: 9% APY 5 Month CD

Looks like this is also available for people outside of CA, more information here.

Offer at a glance

The Offer

Direct link to offer

  • California Coast Credit Union is offering a 9% APY 5 month celebration CD. Minimum balance is $500 and maximum is $3,000. You also need a checking account with eStatements and at least one transaction per month to be qualified

The Fine Print

  • Offer excludes business and individual retirement accounts. New Money only.
  • A primary member is allowed to open one (1) Celebration Certificate Account under the same member name and related tax identification number.
  • The minimum deposit required to open the Celebration Certificate is $500.
  • Certificate opening deposit balance cannot exceed $3,000.
  • The following conditions also apply: A qualifying checking account with eStatements is required, and must remain active with at least 1 transaction per month, during the certificate term.
  • Eligible transactions include, but are not limited to, Direct Deposit, Preauthorized Payments, Checks, ATM, POS, Debit Card, and Bill Pay.
  • As an alternative, the following products existing or opened within 30 days of the Certificate Account date can be substituted for the checking account requirement: a consumer loan (excluding share secured loans and Mastercard credit card account), or a minimum balance of $5,000 in a money market account, a regular certificate account, or an IRA certificate account. The stated alternative deposit account must remain open for the certificate term period. You will have a 30-day grace period to meet the requirements. If the conditions are not met, the stated APY may be reduced to the APY in effect for a 3-Month Certificate Account for the remainder of the term.
  • Serving anyone who lives or works in San Diego or Riverside counties.
  • New members – a one-time $5 membership fee and savings account required.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The CD has no monthly fees. A checking account is also required, they offer a free checking account with no monthly fees as well.

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Update: Not worth doing due to the hard pull

If you fund the full $3,000 then you’ll earn $112.5. I basically just see this as a saving bonus for that amount, although a checking account does need to be opened and one transaction per month needs to be completed as well. The upside is the credit card funding which some people will find useful. If we can confirm this is a soft pull then I do think it’s worth doing. If anybody goes for this deal, please share your experiences in the comments below.

Hat tip to reader Matt K

Useful posts regarding bank bonuses:

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JK
JK

in case anyone else still following this – something’s changed on their end and credit card is now coding as cash advance. looks dead at this point

Lo
Lo

I can second this. Tried to fund via Ink on 11/15 and was hit with a cash advance. Was fun while it lasted.

Shirley
Shirley

Found the Fee Schedule and they do have an Early Account Termination Fee of $10 if account is closed within 90 days.

https://www.calcoastcu.org/files/Service_Charge_Schedule_for_Consumer_Accounts_SF0650_2016_05_18_final_V3.pdf

This offer also shows good until 9/28/2019

Chris
Chris

DP: Funded new accounts with US Bank Altitude Reserve ($2500 checking / $1000 savings) to help meet minimum spend on sign-up bonus.

Waited until I received my statement to post this – happy to confirm both transactions recorded as a purchases.

Fred
Fred

Anyone get the $50 checking bonus from them?

anthonyjh21
anthonyjh21

My account posted properly but I had to SM them several times to get the $50 posted to hers. Seems to be YMMV and may require a few messages.

Chris
Chris

Found out today that I forfeited my bonus because I left the “How did you hear about us” field blank. They told me had I brought up the missing bonus within the first 30 days they could address it, however it’s too late now. Pretty lame.

Fred
Fred

Do you think it actually was left blank, or they’re just giving you a story? They told me no promo code was attached, but I’m sure I entered the promo code (not sure if I filled in “How did you hear about us”). I am going to keep badgering them about it though.

Fred
Fred

Update: They gave it to me.

Chris
Chris

Nice!

Ven
Ven

Any updates from people that had their accts locked? Were you able to submit the docs online and get things resolved without going into the branch?

Ben
Ben

Sent in an application… I’ll be the guinea pig to check whether USAA Limitless processing funding as a purchase, since there don’t seem to be any existing DPs.

anthonyjh21
anthonyjh21

I can confirm that the USAA preferred cash rewards posts as a purchase. I’ve done this with my accounts and the wife’s as well. You should be good to go.

Ben
Ben

Got cashback from the USAA limitless just as you predicted.

Umar
Umar

Opened account online, 5k checking/saving funding through credit card as purchase. Went to branch for ID proofs, enticed with the 9% CD offer, tried to fund with credit card – that ended up as a Cash Advance. Rocky! Lesson learnt – apparently, in-branch funding is almost always CA. Not the banker’s fault, just plain commonsense.

Jacob
Jacob

Applied for me and SO, resulted in Experian HP. App status page says they need us to visit branch to provide ID, SSN card, and proof of residence. Not physically close to any branch, has anyone else run into this issue?

Ann
Ann

You should be able to send your documents through their secure message pseudo-email system, I just did (in response to a belated request weeks after opening my accounts, though). You might have to call them to request access to the secure message system, I’m not sure if you can get in without them sending you the first message.

Fred
Fred

Same thing happened to me. Very annoyed that they’ve locked my account.

Ann
Ann

Yeah, I thought I was all done with this deal (except for the small transaction requirements) and moved on to focus on other things. Now I get to worry about whether they’ll finish fixing this in time for me to get in the required transaction for this month. And getting a message from a “senior fraud analyst” about their mistake seems unnecessarily alarming.

Jacob
Jacob

Thanks! Were you able to create an account before you got approved? I don’t even know how to access this messaging system. They did send an email asking me to check my messages, but when I tried to register an online account it seems they don’t actually look up your email associated with the application. It just redirects you to security questions you never created. So the only reason I know I need to send docs is I used the app status check page, but that just directs me to call customer service. Customer service unhelpfully told me I need to visit a branch.

Ann
Ann

For me, I received an email notifying me of a secure message, and the email contained a link to a page on securemail.calcoastcu.org , which when I visited it for the first time prompted me to create a password to be associated with my email address. It is only for the secure message system AFAIK, not regular online banking access.

If the main call center is unhelpful, you could try looking up an individual branch to call. I haven’t had to do that with this company yet, but it has helped with others.

Jacob
Jacob

Thanks Ann. I created a secure message account and will try sending the docs that way, but it asks for an email address recipient. What email address did you use?

Ann
Ann

Since my message was sent as a reply, the address was prefilled with a specific employee’s. Their general contact email is support at calcoastcu.org – I’d use that if you aren’t already in touch with a specific employee.

Ben
Ben

Having exactly the same experience. Did they give you a way to continue online?

Fred
Fred

I opened checking and savings w/ $5k (funded w/ BofA CR). After this was approved and funded, I opened CD and a second savings w $5k. Funded this the same way, BofA texted me to verify the charges but let them go through. No problems. My S/O opened checking/savings/CD w/ $5k. BofA lets the membership fee through but nothing else. Verified the charges and assumed the transactions could be re-run. Then, the CD funding goes through, but not the checking/savings. Called BofA, who said they removed the hold. Tried to re-run checking/savings, but it was still blocked. Called BofA again, who says this time they really removed the hold. Called back CCCU, but now they have to re-review the application.

Ann
Ann

Thanks for kinda-confirming you can open a second savings account with them (barring CC hold issues).

Ann
Ann

Any updates?

Daniel
Daniel

How does Barclay fare with funding this account??