Dedicated to Deposits: Deals, Data, and Discussion

5.50% 11-Month CD at a California CU

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Addison Avenue Federal Credit Union is offering a 5.50% APY 11-month CD. This is not advertised at the credit union's website, but was advertised in a newspaper and reported by a FW member on the FW CD thread. Here is what was posted:

Addison Avenue Federal Credit Union -- special grand opening certificate

5.30% APY (11-month term, $5000 min., compounded daily & paid monthly;
5.50% APY on same CD if you also open a Savings Plus, Premier Savings, Checking Plus, Visa or any loan product.

New money only; penalties for early withdrawal.

Determine eligibility by contacting credit union or visit www.addisonavenue.com
-- qualify for membership eligibility through a sponsor group, a specific family relationship or simply by joining the Financial Fitness Association for a one-time $5.00 fee.

For more information, visit the Santa Rosa (CA) branch or call 877-ADDISON.

offer expires 3/31/06.

This credit union seems to be another one in which anyone can join. It looks like the credit union created the non-profit organization, Financial Fitness Association, that allows anyone to join with just a one-time $5 membership fee.

Another nice thing about this credit union is that the membership application and account opening can be done entirely online. Accounts can be funded using credit cards, debit cards and electronic transfers.

Since this CD special is not listed at the credit union's website, it's not clear if the CD special is available to any member through the website or is just for the Santa Rosa Branch. Deposit rates listed at the website don't seem too competitive.

The credit union was originally for HP employees. Here's how the credit union got its name:

Our name comes from the garage--that legendary place on Addison Avenue in Palo Alto, CA where Bill Hewlett and Dave Packard began the startup known today as HP.

This seems to be the reason the credit union has branches through out the US in such places as Santa Diego California, Vancouver Washington, Corvallis Oregon, Boise Idaho, Fort Collins Colorado, Houston Texas, Atlanta Georgia, Andover Massachusetts, Nashua New Hampshire, Wilmington Delaware, and even in Puerto Rico.

As you would suspect, Addison Avenue is a large credit union with 126,000 members and over $1.8 billion in assets. It's NCUA insured.


Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Most of their branches are within HP campuses in the various cities listed.

1
Comment #2 by Anonymous posted on
Anonymous
We called them, and they told us that this 5.5% 11-Month CD is the local deal only. Pity.

1