Dedicated to Deposits: Deals, Data, and Discussion

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

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Wescom Credit Union is offering a 7.00% APY 7-month certificate of deposit special. The minimum deposit is $500, and the maximum deposit is $7,000. This requires opening a Premium Interest Checking Account. Without this checking account the maximum is only $1,000. This promo is called the "Lucky 7 Savings Certificate" and is being used to promote their new Sunday hours, and thus, it's only being offered for the next four Sundays (2/11, 2/18, 2/25 and 3/4). It's available at all of their branches.

This special is not listed at the Wescom's website. A reader spotted the ad in today's Orange County Register, and I called their toll-free number at 1-888-493-7266 for more details.

With a $7K deposit at 7% APY, you'll earn about $81 over what you would earn in a 5% savings account. So it's a good, but not a great deal. I was told that there's a limit of one per account rather than one per household, so a husband and wife could both open a $7K CD.

The Premium Interest Checking Account requires a $5,000 minimum combined daily balance to avoid a $7 monthly fee. However, the fee is waived for members 55 years and older. Also, I was told by the service rep that $5K or more in a CD can also qualify for this waiver. There is no minimum opening balance, and there is no closing fee. It does have some nice features like ATM fee reimbursements at other banks' ATMs.

Membership is open to those who live, work, worship or attend school in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara or Ventura counties. There is a one-time membership fee of $15, and a minimum required deposit of $1 into the regular share savings account. Note, the $15 membership fee is being waived for this Lucky 7 promotion.

The credit union is federally insured by the NCUA. It's a large credit union with $3.7 billion in assets and 283,129 members.

Thanks to the reader who emailed me info on this CD special.

[Edited 2/9/07: Added note about membership fee being waived.]
  Tags: California, CD rates

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Comments
7 comments.
Comment #1 by N.W. (anonymous) posted on
N.W.
I just found your site this afternoon --- and I'm still catching up on all the great info. I have a sizeable chunk in my money market account right now earning 5.15%. After reading just a few of your posts, it sounds as though I need to put at least a little bit into some CDs.

Keep up the great work. I'm anxious to read more on your site.

-N.W.
http://www.networthchallenge.com

1
Comment #2 by rate freak (anonymous) posted on
rate freak
Hey NW, interesting site you got up.

Your 5.15% is quite decent for a MMA.

1
Comment #3 by Anonymous posted on
Anonymous
I am a member of Wescom and love the service there! An added bonus is that they offer FREE (NO FEE) self service coin counting machines at the branches!

1
Comment #4 by Anonymous posted on
Anonymous
Also, I forgot to mention that they are giving away free coffee, donuts, pastries, and Sunday newspapers at all of their locations on Sunday to promote their new hours...

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info on Wescom. Sounds like they provide many nice perks.

1
Comment #6 by Anonymous posted on
Anonymous
The ad is now available at their web site -- and it says that the $15 membership fee will be waived when you open a Lucky 7 certificate.

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post with this this fee being waived.

1