5.54% 13-Month CD at a California CU

Golden Bay Federal Credit Union is offering a special 5.54% APY 13-month CD. The minimum is $5K and is available as a share certificate or IRA certificate. The offer expires on May 31, 2006. The CD requires funds new to the credit union.

The field of membership includes residents of Santa Clara County, California. Branches are located in the California cities of Moffett Field, Mountian View, San Jose and Sunnyvale.

Golden Bay is NCUA insured with $201 million in assets and 17,000 members. Credit for this find goes to the FW CD thread.

New Funds?

One thing I found interesting about this CD special was the following small print:

New funds are funds that are: 1) not already on deposit at GBFCU, and 2) cannot be traced, directly or indirectly, back to your GBFCU accounts within the last 120 days. GBFCU reserves the right to make the sole judgment as to whether or not the deposited funds are considered new funds.

This is the first time I saw a bank or a credit union define new funds this carefully. Hopefully, World Savings won't become this strict on new funds.