Dedicated to Deposits: Deals, Data, and Discussion

6.00% 15-Month CD at a Multi-State CU (open to all).

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Addison Avenue Credit Union is offering a special 6.00% APY 15-month certficate. The minimum deposit is $5K. The offer is only good until June 23.

The field of membership allows anyone to join. It appears that the credit union created the non-profit organization, Financial Fitness Association, which 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.

In March I had reported on this credit union's 5.50% 11-month CD special. With frequent CD specials, this credit union might be a good one to join for the long term.

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.

Thanks to the reader who emailed me this CD deal.

Edit 6/22: Please note, it's not advisable to fund CD with your credit card. A reader was charged a 3% cash advance fee for doing this.

Also note, you cannot fund the CD online, you must send a check.


Comments
17 Comments.
Comment #1 by Anonymous posted on
Anonymous
Banking Guy,
You said accounts can be also be funded using credit cards. Do you know if such transactions are assesed as a cash advance or a purchase? Thanks for working hard to find all these deals. Great work.

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Comment #4 by Anonymous posted on
Anonymous
#1 :
If you pay with Credit Card, my guess is it will be 99% cash advance.. you will be robbed by the CC company as Cash Advance..
I can say I am lucky, the Credit Union is just to the wall of my house, my buddy is alredy member.
Another thing... I got a huge amount paid after a long waiting in another deal.. right time to pack this up in the CD.. This banking guy always rocks.. Man!! ur indirectly adding money to my balance.. my bless for you.."Long life with lots of health and cool life..". Remember.. while you are spending time on this site.. your effort is directly or indirecly contributing for many pockets.. keep helping others
Thanks once again

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Comment #2 by Anonymous posted on
Anonymous
I tried the credit card funding option and it was a disaster. I would stay away from it.

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Comment #3 by Anonymous posted on
Anonymous
Can you be more specific than "it was a disaster"? What was the nature of the disaster?

1
Comment #5 by Anonymous posted on
Anonymous
This 6% cd can't be opened online. I tried and there is no option for opening a 15 month cd. Lame.

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Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info on opening this CD. In general, CDs and other accounts can be opened online, but I guess for this special CD it requires opening by phone or by branch visit.

About funding with credit cards, this is dangerous since it's difficult to know for sure if it'll count as a cash advance or as a purchase.

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Comment #7 by wizeguyz (anonymous) posted on
wizeguyz
I tried to open a membership account but I don't meet the eligembilty requirements. Any ideas on how to get past this?

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Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
wizeguyz, did the application include a checkbox for membership in the Financial Fitness Association? You might have join this first. Their field of membership page clearly states this will qualify you for membership.

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Comment #9 by Anonymous posted on
Anonymous
Here is my update again (I was the fourht poster above).
I went to the credit union branch, opened good amount of CD. Here is some notable points
1) the member services representative is very very friendly and informative(please email me to albert.johnn@gmail.com , will give you her contact details). She is cool, informative, and gave very valuable advise too.
2) If you open the CD in a minor's name, they wont report interest to the IRS (means interest free)
3) They dont need membership fee($5) for minor,
4) They instead gave a Free $5 deposit into the minor account as a promotion(you need to ask this, but my service lady went to her manager and got the permission to give this promotion $5)
5) In future, if you come across any better CD rate and can prove it, they will match that rate (she only told this)
6) Most Importantly... They didnt ask me for any eligibility requirement etc( I dont fall in any of the eligibility needs, still I didnt join that financial fitness club etc, they even didnt ask for any membership eligibility)
7) what you need to open a CD?
a) download the application form, print it, fill it
b) have a copy of Driver licence, another photo Id( I used my office ID card)
c) pay the money either by cash/check/ATM card/Check card. If you pay with credit card, it will be treated as CASH ADVANCE.
d) say thank you, grab a candy there and throw a smile at them come back..
:-)
(I feel only down side is.. 15 months too long, but being minor account, I dont bother.. sine no tax on the interest any more )

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Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the providing all of these details!

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Comment #11 by Anonymous posted on
Anonymous
I hear if you tell them you qualify to join through the Financial Fitness Association http://www.financialfitnessaccociasion.com you can get in no problem.

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Comment #12 by Anonymous posted on
Anonymous
I tried opening an account online with a credit card with Addison Avenue earlier this week and I just found out I was hit with a 3% cash advance fee! I would mention that in your posts on this credit union. Why would they offer an option like this if you were just going to get hit with fees? I'm going to call and break this cd and take my money elsewhere.

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Comment #13 by tomorrow03 (anonymous) posted on
tomorrow03
I just called their rep today and she said you can't fund through on-line. She told me to send a check in by Friday latest to get the deal. Anyone else get this?

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Comment #14 by Anonymous posted on
Anonymous
Thank you for a splendid find!

Would not have found this 5 day only gem without your site, and I am a member of this CU!!! :-)

You're the best!!!!!!!!!!!!!!!!!

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Comment #15 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the warning about using your credit card for funding the account. I added this note to the bottom of the post in case people don't review the comments.

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Comment #16 by wizeguyz (anonymous) posted on
wizeguyz
I just thought I would pass along my experience with Addison Avenue:
I opened my share account on line (no branches in my state) Tuesday evening using an ACH transfer. I applied as a member of Financial Fitness. On Wednesday I called to help move the process along, just wanted to make sure I was approved and able to open a CD in time for the deadline. On Thursday morning I received a call from a rep with my account information and I opened the CD. We also decided to dump the ACH transfer and fund both accounts with a single wire transfer. Today, Friday, I signed up for on line banking and all accounts are open and funded.
I have nothing but positive things to say about the staff an Addison Avenue and look forward to my future association with them, at least for the next 15 months.
Also my thanks to banking guy; I would have never found this on my own!

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Comment #17 by Banking Guy (anonymous) posted on
Banking Guy
Thanks wizeguyz for the info. Glad you were able to get this CD okay. Please let us know if you hear about any new Addison specials. Hopefully, it will be a common occurrence.

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