7.00% 7-Month CD at a California CU - $2.5K Max (USE)

USE Credit Union is having a 70th anniversary promotion with a special a 7.00% APY 7-month certificate of deposit. It requires an exact deposit of $2,500. The money must be new to the credit union. A $100 minimum deposit in a USE Checking Account and a separate $5.00 Ownership Share Account (money held on deposit) are also required. Due to the low maximum, it's not a great deal. The credit union also has a 5.75% APY 18-month CD. I had reported on both of these deals in June. At that time the 18-month CD had an APY of 6%. This 5.75% CD has a minimum deposit of $5K. It has the same new-money and checking account requirement as the 7% CD. It also states that it "may not be combined with other offers." One nice feature about the 5.75% CD is that you are allowed additional deposits of $1,000 or greater before maturity. This can be a useful hedge against falling interest rates.

The field of membership includes all those who live, work or worship in any of the California counties of Alameda, Sacramento, San Diego, Santa Clara or Yolo. In addition there's a long list of eligible employers and organizations. Members of the KPBS, Public Broadcasting Station, San Diego, CA are also eligible to join. Basic membership is available for $45.

Membership and account applications can be done online. There's a $10 membership fee and a $5 deposit is required in a no-interest, no-fee account.

Branches are located in California cities of San Diego, La Jolla, La Mesa, Chula Vista, San Jose, Davis, Berkeley, Oakland and Sacramento.

USE Credit Union is NCUA insured. It has $792 million in assets and 73K members.

Thanks to the reader who emailed me info on this promotion.