Posted by William Charles on March 24, 2019
Savings Accounts

Published on March 24th, 2019 | by William Charles

47

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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Lo
Lo

Opening of a checking/savings account resulted in a hard pull on Experian.

Edit to add that approval can also take a few days to process. CC funding coded as purchase on CIP.

david190810
david190810

A hard pull kills it.

Jeremy
Jeremy

Hard Pull kind of kills this. Why did you use CIP, sign up bonus?

Fred
Fred

Lo, you opened a checking and a savings? Were the initial deposits separate charges? What about the $5 membership fee? I am kind of paranoid about the $5 fee charging as a cash advance and messing up the rest of my balance.

Lo
Lo

They all showed up as separate charges, but none were cash advance.

Thomas
Thomas

I opened a savings account earlier this week in branch. They gave me the $5 back after I downloaded their mobile app. The $5 won’t count as a cash advance since they just take out $5 from your account (it codes as a fee). For example, if your initial balance is $100 then once you open you’re account they will charge $5 directly to your Cal Coast Credit Union Account and you’ll be left with $95. To give me my $5 back they just cut me a cashiers check which I deposited right away. I’ve include my DP below for reference.

3/23: Applied online for a primary savings account. Funded $2500 (max) with CIC.

3/25: HP on EX. Received message to go in branch and verify ID.

3/26: Went in branch and opened up account, they told me there were some discrepancies with my DOB which is why I got hit with ID verification. Was charged a $5 new membership fee, they gave me this $5 back after I downloaded their mobile app.

3/28: $2500 posts as purchase

Frank

Lol the CC funding worth more than the CD interest…

Closertothesun
Closertothesun

Saves about 1% in liquidation fees give or take, plus some couple hours of hassle. Yeah, it’s about even.

Matt
Matt

Has anyone outside of San Diego been approved? On the app it says “that’s okay” if you don’t live or work there, so I’m unsure if it’s actually georestricted.

Mike
Mike

I live outside those counties and used them for a Car loan a few years ago so it probably works, although I can’t vouch for this offer

Ann
Ann

Hmm, interesting.

Ann
Ann

Ken at DepositAccounts just confirmed that this is NOT a CA-only CU/offer:

“Membership-eligible individuals fall into two categories: those who live or work in the California Counties of Riverside or San Diego, and those that don’t. If you’re in the “those that don’t” category, the only membership requirement is a $15 membership fee, slightly higher than the $5 fee that Riverside and San Diego residents pay.”

Too bad word of this offer didn’t get around sooner, it’s been running since Feb 4. Not much time left to pursue it now….

Ann
Ann

https://www.calcoastcu.org/special.htm

” New members—get $50 when you open an account!
Hurry—offer expires March 30, 2019!
You’ll score $50 when you open a Free Checking account with eStatements, deposit $25 into your new savings account and add direct deposit or online banking.
… Use the “REWARD” promo code when opening your account. ”

The 9% CD offer also expires Mar 30.

Ann
Ann

CD deadline has been extended 2 weeks, now ends Apr 13. Checking bonus deadline has also been extended to Apr 13.

veeRob

Extended again to Apr 27

ctj
ctj

for anyone curious, if you open a regular CD (6 month) or money market account for an additional $5000, the net return is roughly 3.2% APR (taking into account the $5 member fee, and that the alt account earns essentially nothing). if you have $8000 parked in an account earning 2.1%, this deal nets you about $37.

Ben
Ben

But why compare to a 2.1% account? The going rate for “parking” accounts (no transaction requirements) is 2.5% these days.

Fred
Fred

I funded $2.5K for checking and $2.5K for savings (Citi Double Cash, CA limit set to $0). I see authorizations for those, plus an additional one for $11. Don’t know if the membership fee is now $11 or what.

Ann
Ann

Local membership fee is $5 and non-local was supposed to be $15 according to DA. Perhaps they’ve reduced it a few dollars.

Fred
Fred

Thanks so much. I guess I need to be better at reading the fine print. CC funding makes it worthwhile, though.

John
John

Funded $5100 with CapOne Savor.

Ken
Ken

Do they allow funding with American Express?

qmc
qmc

The widget recognizes an amex card by the first digits, but accepts neither 15-digit card number nor 4 digit security code.

Ken
Ken

Thank you for the information!

Ann
Ann

I’m doing this now… misc notes that might help anyone else who decides to do it:

Application runs through loanspq.com (system used by many credit unions).

$3000 max funding on the certificate special, $2500 max funding on the checking, no stated max on the savings, but must stay within $5100 max total funding via credit card. I’m going with $3k certificate, $2k checking (must be at least $25), and $100 savings (must be at least $25 to get bonus, and since the membership fee apparently will get subtracted out of there, should probably be at least $40 to be sure it counts). I used Chase Ink Business Cash (CIC) credit card, based on prior DP here that CIP successfully coded as a purchase.

The way you enter your first/middle/last name on the first page should match the way your name appears on your credit card, as you can’t edit that name once you get to the CC funding page. (I had entered my full middle name, went back and changed it to just my middle initial so it would match the card.)

You don’t get to enter the “REWARD” promo code for the $50 checking bonus until the “Review and Submit” page.

(putting the rest into a reply so it doesn’t go into ‘hide all the paragraph breaks because of length’ mode…)

Ann
Ann

The review page displays my income as $0.99, but I went back to the employment info stuff on the first page, and there was no place provided to enter a higher amount (maybe because I selected self-employed, it didn’t bother asking me? idk). The good news about all this back-and-forth is the site does remember everything you’d entered so far, I haven’t had to redo any pages because of this. Make sure to use the “Go Back” button at the bottom of each page to do this, if you need to, rather than the browser’s back button.

Save a PDF of the review page before you submit it, if you want a copy, because the confirmation page afterwards just gives you an application number and says “Further details will follow in an email.”, it doesn’t show all the stuff you selected/entered again. (The summary reappears for a fraction of a second when you click the “Finish” button on the confirmation page, but then it redirects you immediately to the calcoastcu.org website.) Glad I decided to save that PDF just in case.

No opportunity yet to upload proof-of-identity documents (other than some thing on the first page of the app where you could optionally take a photo of the *back* of your DL if you were on a smartphone, but I was on a desktop). The concluding thank-you page it redirects you to has a link to check the status of your application, which has a messaging feature but no upload feature.

qmc
qmc

Both proof of identity, and your application with your answers are done via DocuSign. You can download a copy of your application and all the disclosures and terms then.

Ann
Ann

Good to know, thanks.

Ann
Ann

Got a phone call a little while ago to say I was approved (less than one day turnaround, nice) and they were emailing the Docusign stuff. Docusign just had the usual CU forms, still no request for me to upload anything myself (DL/utility bill/etc), and their forms already provided my account numbers. So maybe that’s it? (Some people get oddly infuriated at any bank/CU asking them to upload docs, but I’ve found it happens so often that I’m surprised when it doesn’t happen.)

Ann
Ann

The credit card charges went through today, right about 24 hours after approval. I now have 4 pending charges on my CIC: one for the CD funding, one for the checking funding, one for the savings funding, and a separate one for the $11 non-local membership fee (in addition to my $5100 in total funding to the 3 accounts, not subtracted from the savings funding like some of the info had made it sound like). They all say “CAL COAST-ONLINE ACCT OPE” for the description. Will check back tomorrow to see how they post.

Ann
Ann

“Tomorrow” was overly optimistic, lol. Still waiting for it to finish pending.

Ann
Ann

OK, there it is now! Everything did show up as a sale/purchase, not a cash advance, on my Chase Ink Cash card. Earned 1% back. The main Chase account page classified the transactions as “Miscellaneous”.

So that will be $112.50 CD interest + $50 Cal Coast signup bonus + $51 CIC UR 1% points + $500 CIC spending bonus.

Ann
Ann

So much for not needing those documents, lol, just took them two and a half weeks to realize it. My debit card already arrived earlier this week, and NOW they ask:

“An audit of your new account has revealed we are missing documents. In order to continue your membership, please email the following three documents:
– Scanned color copy of your Driver’s License
– Social Security card
– Copy of a recent utility bill”

Ann
Ann

A couple other DPs confirm the max CC funding for a savings account is $2500, same as the checking.

JC
JC

Looks like the $5000 cc funding is a daily limit only. But needs to wait until the cc fund has finished posting on credit card before attempting to cc fund again…

4/3: went in branch for their $50 promo for checking/savings. Was told by banker that the $5000 cc funding limit is a daily limit. Opened the checking + savings accounts with $5000 cc funding on citi double cash. They ran a hard pull.

4/4: $50 bonus posted. $5000 cc funding shows pending purchase on citi.

4/5: went to another branch, attempted to open 9% APY cd with $3000 cc funding using same citi double cash card. CC fund transaction declined.

4/6: Checked citi, the $5000 cc funding on 4/3 has finalized posting. Attempted to open 9% APY cd online with $3000 cc funding using same citi double cash card, got account approval email shortly afterwards. I see the $3000 as pending on citi.

Brandon
Brandon

would it be different if another cc is used to fund the second CD?

Ann
Ann

Presumably; I don’t think Cal Coast knows/cares on their end that your CC hasn’t finished processing the charge yet (unless the charge actually gets reversed later).

Daniel
Daniel

How does Barclay fare with funding this account??

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?

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.

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