I had first reported on this in November. A reader mentioned today that he had just opened this CD and was able to avoid the direct deposit requirement because of self employed status and a reasonably large opening amount. I called for additional details and was told that it could end at any time. It's not available in an IRA.
The field of membership includes those who live, work or attend school in Ventura or Santa Barbara Counties. There are also several select employee groups through which you can be eligible. A one-time $10 membership fee and a $5 opening balance in the share savings account is required for membership. According to the CSR, there's no hard credit pull for joining and opening accounts.
The credit union is federally insured by the NCUA. It has $417.9 million in assets and 45,879 members.
Thanks to the reader who mentioned this special in the finding deals post.
[Update: The 6% 12-month CD is no longer available as of 1/30/07]