Posted by William Charles on November 11, 2019
Savings Accounts

Published on November 11th, 2019 | by William Charles

36

[CA only] California Credit Union – 5 Month 5% APY CD

Offer at a glance

  • Interest Rate: 5% APY
  • Minimum Balance: $1,000
  • Maximum Balance: $25,000
  • Deposit length: 5 months
  • Availability: CA only
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • California Credit Union is offering 5% APY on a 5 month certificate. Minimum deposit is $1,000 and maximum deposit is $25,000

The Fine Print

  • None

Our Verdict

We’ve seen a similar deal for Credit Union of Southern California. Need to know if this is a hard/soft pull to open. Obviously one of the best rates, but the five month term is a bit annoying.

Hat tip to reader Pete D



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MPE
MPE

Very interested — curious if anyone has had any experiences with them

Jon
Jon

yes, they’re the credit union for some of the school districts in socal. no issues with them at all.

Rick
Rick

Mostly for SoCal people unless you’re employed in the education field.

Eligibility requirements:
You must live or work in San Diego, Riverside or Orange County, CA or
Live in California and be one of the following:
Los Angeles Unified School District (LAUSD) Employee
Los Angeles County Office of Education (LACOE) Employee
Retired Educator
Charter School Employee
College / University Employee
Private School Employee
Alumni Association Member
Parent Teacher Association Member or
Have a family member that is a Credit Union member.

Jason
Jason

deleted

Frank

Alumni Association Member should be pretty easy

qmc
qmc

or PTA member

ra
ra

Simply “LA County” doesn’t qualify. Wondering if anyone has tried it.

SMan
SMan

I live in North California. I used “Alumni Association Member” and succesfully opened the account.

SpicyPadThai
SpicyPadThai

Does anybody know if this is a softpull?

SMan
SMan

For me it was not Hard Pull.

qmc
qmc

$25000 at 5% APY for 5/12th of the year is about $520.

If your alternative is 2.50% APY, then this would double your earnings during the 5-month period from $260 to $520.

tigerzof1
tigerzof1

When you go in the application, there appears to be an option for a $100 bonus for an echecking account. I assume it’s the same as the one I found on this website (https://www.ccu.com/eChecking):

“$100 offer applies to NEW eChecking accounts for NEW members only, who enroll in Digital Banking and establish a recurring Direct Deposit with a minimum of $500 per month. Recurring Direct Deposit must be a Direct Deposit or Payroll Deposit. Limit one (1) bonus per member. Direct Deposit must be established within 120 days of membership opening to qualify for bonus. Three (3) months of recurring Direct Deposits must be credited to the account before qualifying for the bonus. The bonus will be added to the checking account within 8-12 weeks from the qualifying date and will be reported as income. Refer to the current rate sheet for regular dividends to be paid on eligible balances. The bonus is not included in the calculations of regular dividends and is not recurring. The bonus will be forfeited by the member if the account does not remain open for a minimum of 6 months.”

KDR
KDR

any data points on credit card funding & fees and what they coded when processed?

calwatch
calwatch

I’m wondering this myself. Just dropped the whole $25,025 in and we’ll see what happens. Not holding my breath – CUSOCAL had a $1,010 maximum for their account. It said “be on the lookout shortly” but no authorization posted on my credit card. I highly, highly doubt they will allow this, but there’s only one way to find out.

calwatch
calwatch

Got a call from them during lunch, called back but no response. My credit card has an authorization for $25 not $25,025. I passed on the $50k CUSocal deal but will do this one.

calwatch
calwatch

I called the CSR back and she said that my bank declined the $25,025 charge so there apparently is no maximum. She offered to do a ACH transfer but I told her I would deposit a check instead, so the application was cancelled.

Jeremy
Jeremy

Seems like it’s time to get a CapOne Spark card!

Anthony Paganini
Anthony Paganini

Attempted to use Citi Doublecash to fund the checking account. Was declined, called CCU and was told they do code as cash advance (which I have blocked on my Doublecash)

Jeremy
Jeremy

Does BoA Cash Rewards code as online? Even at $2500, at 5.25% that’s still $131.25, not too shabby.

RD
RD

Maximum CC funding is 5k. Even though the app accepts 25k the back office will call you and tell you to fund the account differently

Vince
Vince

Tried CC funding with 5k, but was told on the phone that the max funding for credit card is $500 and needed a different funding method.

ithrowpoop
ithrowpoop

no love for northern cali

RD
RD

Plenty of love for Northen Cali. I just opened an account, just say that you’re part of the PTA

newbie
newbie

Just applied online. My application is under review. Now I have to wait 2 business days to find out. I live in San Diego.

Shirley
Shirley

Applied online yesterday and received two emails approving the application for both the 5 Month 5% CD and eChecking for the $100 bonus today. Was able to setup online access with SSN and the secret word I picked during the application. Chose to fund both accounts from another bank.

Called back in response to a voicemail I received after the emails. Received my account numbers and was also told that I have to wait until test deposits are sent to my bank before CCU will make the transfer of the funds to each account. Once the funds are received, the 5 Month CD will start.

No hard pull, only chexsystems checked. She did ask about the large number of inquiries on my report but she asked if they were because I was rate shopping and I agreed with her so that explanation was acceptable.

SpicyPadThai
SpicyPadThai

Rate shopping for CD?

Shirley
Shirley

Sure, why not CD’s, I do that all the time though believe she was referring to rates in general for all kinds of financial products to explain the number of inquiries on my chex report.

Matt
Matt

opened account on 11/12, as of 11/16 still haven’t seen 2 small test deposits…anyone has successfully has the account opened?

Shirley
Shirley

Did you ever get your test deposits Matt? Mine showed up the next day and was verified without any problem. The CD was fully funded the day after that so pretty quick overall.

SMan
SMan

Using Credit card, is it purchase or Cash advance ? I opened the account few days ago and did not get any alerts from my credit report checking, so I am assuming there is no Hard pull of credit check.

I am unable to transfer funds into my new CD.

Ferd
Ferd

Has anyone opened more than one of the 5% CD accounts?

Shirley
Shirley

I asked my banker and she said it is one per member’s social security number though if you have a spouse or child, they can open the CD’s and you can be added as a joint owner.

Banker
Banker

Easy and straightforward process. Reps are all very helpful, friendly and knowledgeable. Hope they have a follow up offer after the CD matures.

Andrew
Andrew

This is what I was wondering about. Is the 5% CD renewable or is it just a one time promotional offer for new accounts?

Looney Tunes
Looney Tunes

Does say “limited-time offer” so doubt that it would be around for too long. We can always hope though.

I was told that when the CD matures in 5 months, it would rollover into their one year CD at the prevailing rate at that time (unless you notify them otherwise) so that also indicates that it isn’t going to be renewable.

SpicyPadThai
SpicyPadThai

I enrolled in their $100 promotion for the checking account and asked about the 5% 5month CD and they said it expires on the last day of this month/year

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