5.12% Money Market Account and $120 Checking Bonus

The American First Credit Union is offering a money market account with a rate of 5.12% APY. The rate is guaranteed till February 2006. It requires a minimum deposit of $10K with new money.

Based on rates of other accounts at this credit union, this might be just a teaser rate. Most of its CDs don't have rates this high. So there's a good chance that the rate will fall substantially next Februrary. But even considering this, it's a good deal. Just think of it as a 3-month 5.12% CD.

There's also a signup bonus for a checking account that can total $120. You can get $50 for opening a checking account with direct deposit, $25 for signing up for home banking, $25 for Bill Pay, and $20 for opening your checking account online. It looks like you can get $20 by opening either the checking or money market account online. An early account closure fee of $50 will apply if the account is closed within six months. The offer expires on December 31, 2005.

The credit union's field of membership is limited to those in Orange County, Corona and Chino Hills California.

For the commenter who left the note about this credit union, thanks!