Update: New deal is from a different credit union, let me fix,
Update 11/10/19: Deal is back, $25,000 maximum this time. Hat tip to reader Pete D
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: Talks about filing out a form, so I doubt it
- Monthly fees: None
- Insured: NCUA
The Offer
- Credit Union of Southern California is offering 5% APY on a 5 month certificate. Minimum deposit is $1,000 and maximum deposit is $50,000
The Fine Print
- Limit one 5% APY share certificate per Member.
- Share certificate will automatically renew into a 6-month term fixed-rate share certificate upon maturity at the existing rate in effect
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Our Verdict
Looks like you need to visit a branch to deposit more than $5,000. Could be very useful for people that can max out that $50,000.
Hat tip to reader Donald B
Is now showing a max of $25k but offer still available
This is actually from North Island Credit Union, a Division of California CU. I tried going through the application and got to the funding page. Looks like it lets me fund the maximum amount of 25k using a credit card. The application process looks identical to CalCoast CU so i suspect a hard pull and have not completed the application yet.
The 5% rate is there, but it looks like it is being offered by a different bank this time. California Credit Union is not the same as Credit Union of Southern California.
Thanks for the heads up. Direct link: https://www.ccu.com/personal/accounts/certificates
Their website states 5% CD offer is no longer available.
Went in today 10/22/19 and they said they had suspended the 5% CD offer. Went to the Fullerton branch, will call around tomorrow to see if this applies to all branches.
Opened the 5% Promo CD today 10/21/19 in branch. Very friendly and informative banker – much better experience than the large money center banks. Looks like I got lucky because when the banker called the back office to confirm everything the corporate team member had said the promotion ended and there was an email that supposedly went out however it looks like it didn’t make it to the branches yet since my banker hadn’t received it and they were able to process my account anyways. They did pull PayChex which was interesting as my banker asked if I was a “rate chaser” but in the end it didn’t seem to be an issue. I’ve opened maybe 4 or 5 Checking/Savings in the past year. Also found out there is a 7 day grace period once the 5 month promo CD rolls into the new lower rate 6 month CD where you can go in branch or write them a letter to get your money + interest back fee free via a cashiers check.
Was able to open the 5% CD today. Process was pretty easy.
What’s your chex like? Did you apply online or in branch?
I applied in-branch because I wanted to do the full $50K. I guess my “chex” is pretty clean since I haven’t applied for a ton of accounts recently.
Is this the same Eric as above? The page works but it’s no longer mentioned off the home page, which leads me to believe it was pulled. Between Deposit Accounts and DOC it would have lead to a significant influx of cash, as this escaped everyone’s notice for over a month before I posted about it on Deposit Accounts.
Calwatch, thanks lot for posting about this ! This is effectively a ~$600 bonus, if you can max this out. DP: they are indeed chex sensitive; I was not flat out denied online, but I was asked why I had ~5 inquiries this year. So I called them and the rep told me I should have no problem opening in branch. I did just that and funded my CD with a check. Thanks again.
When I called on Friday about my denial, the rep asked if it was “just” for membership. I wonder what he would have indicated an interest in the CD at that time? I am supposed to get a call from a supervisor next week.
They pulled the offer from the webpage. I am glad I decided to move my butt on Friday.
Yep, now the direct link is no longer found; it was there earlier today when I looked.
It looks like they pulled the promotion early. Don’t know when but the lady at the branch said maybe it was this past Tuesday, 10/15. Its pretty disingenious that they ended the promotion so quickly. People needed time to be able to transfer a more significant amount of money over to open the CD in person.
EDIT: It looks like the branch manager was misinformed and that the 5% CD is still available for everyone.
No, it’s still ongoing.
chexx sensitive; I was denied, and another post on depostaccounts indicated denial with 5 accounts opened in last year.
Thanks for the DP.
Did you apply online or in branch?
On your reference to depositaccounts, I don’t see any comments on someone being denied, only one recent comment on being approved for this certificate, but no mention of his chex status.
There’s a DP from “Shelby” on the weekly thread.
I see now that “calwatch” got the hat tip for the posting on deposit accounts. Thanks!
Was not able to get my denial overturned. Manager never returned the message I left asking for a call back. No efforts beyond one phonecall. So perhaps if I had tried harder.
The only way this CD is worth it is if you contribute a decent chunk to take advantage of the 5%. Only being able to ACH $5K is not worth it. You can’t fund it via CC or multiple VGCs so its best to go into a branch and maximize this CD since you can’t keep adding funds after a CD is open.