Offer has now ended, view the best CD rates by clicking here.
Offer at a glance
- Interest Rate:Â 5% APY
- Minimum Balance:Â $1,000
- Maximum Balance:Â $25,000
- Deposit length:Â 5 months
- Availability:Â CA only
- Hard/soft pull:Â Unknown
- ChexSystems:Â Unknown
- Credit card funding: Unknown
- Monthly fees:Â None
- Insured:Â NCUA
The 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
Confirmed that “fake” direct deposits from Capital One DID NOT work for purposes of the bonus. Been 12 weeks since making the last deposit and messaged them to check on the status of the bonus since I also made “real” DD’s of my social security after the fake DD’s.
They confirmed that I met the requirements for the bonus on 3/25, the day of my third real DD and I’ll receive the bonus within the next 8-12 weeks.
Can confirm that Fidelity doesn’t work either and like you, will see the bonus in 8-12 weeks because I’ve done the last three months with a real DD of my pension (confirmed with them via SM).
Expired
Opened an account with them yesterday. I got questions about my nine Chex inquiries, and the different addresses I had on my credit report. Ultimately I was able to successfully explain it away and opened the account. The deal ends December 31, and they tried to upsell me but when I mentioned I was a member of another credit union (Alliant), they backed off.
Any fake dd works for its echecking account?Thanks!
Too early to know, takes 3 months of DD’s and then 8-12 weeks before the bonus will be paid out. I’m trying Fidelity but am only on my second months deposit (I have a real DD starting next month just in case).
There are no DP’s that I could find, don’t think they’ve ever offered a checking bonus before.
Anyone knows when the 5% CD starts? Thanks!
What do you mean “when it starts”?
My concern with offers like this is the loss of interest upon maturity, specifically relating to the amount of time it takes to move the funds out and back into the external account. Recently a CD matured and I was only allowed to receive a check in the mail. It took a week. The 0% I received on my funds for that week is a consideration.
That’s one reason I also opened their eChecking account at the same time (along with the $100 bonus they still have going on).
Once the CD matures I can have them transfer the funds into the checking account and then transfer it quicker rather than wait for a check.
I’m also surprised that this credit union doesn’t require a share account be opened to become a member, first one that I have run across.
Funded 2 CDs for myself and P2. Account opening was a slight pain because identity verification kept failing. Other than that, straightforward.
Definitely not chex sensitive. I’ve been hitting banks hard this year (easily 20 over 12 months). I wasn’t asked any questions about ‘rate shopping’ as other DPs noted.
Easy and straightforward process. Reps are all very helpful, friendly and knowledgeable. Hope they have a follow up offer after the CD matures.
This is what I was wondering about. Is the 5% CD renewable or is it just a one time promotional offer for new accounts?
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.
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
reps friendly and trying to be helpful, but not always knowledgeable, some screens of online banking req. browser modifications from default settings.
I get trial deposits but they took money even before I verify it, and I was not able to verify deposits without person intervention.
IT system/department really strange at best
Has anyone opened more than one of the 5% CD accounts?
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.
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.