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Update on the 6% Money Market Account at Lockheed FCU

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Logix Federal Credit Union
Lockheed FCU continues to advertise its Rise and Shine Money Market Account. I first reported on this in early January. A reader had noted this money market account still being advertised in the LA Daily News. Since this account is still not listed at their website, I decided to contact the credit union to see if there has been any changes. The service rep now says that this account can be opened by mail, phone or online. Previously I was told that they intended for it to be opened at a branch. Also new is that the 6% rate is now guaranteed to last until May 1st. Previously it was only guaranteed through January. Below is a summary of this Rise and Shine Money Market Account features:
  • 6% APY from $2,500 to $10,000 balance (can't go above $10K)
  • Rate guaranteed through May 1, 2007
  • Limit of one account per household
  • $15/month fee if balance drops below $2,500
  • Has check writing privileges
  • Can be opened at a branch, by phone, by mail or online.

LFCU's field of membership includes members of the Achievers Club which anyone can join. According to the website, you can select "Achievers Club" from the Membership Eligibility menu. There is a one-time membership fee of $5 to join the Club. Please see the site for the full FOM details.

Membership requires a $5 deposit into the main savings account. Note, there's a $500 minimum balance requirement to avoid a $5/month fee. However, this is a combined balance requirement. So a $2,500+ balance in the money market account will allow this fee to be waived (according to the service rep). Another note about membership is that there is a hard credit inquiry when you join. For more info on fees, please refer to the credit union's schedule of service charges and fees (pdf)

Branches are located in California, Maryland, Virginia and New Hampshire.

The credit union is federally insured by the NCUA. It's a large credit union with $2.4 billion in assets and 100,919 members.

Credit for this update goes to Carol who mentioned this Lockheed ad in the finding deals post. Thanks!
  Tags: California, Logix Federal Credit Union, savings account

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Comments
9 comments.
Comment #1 by SVG (anonymous) posted on
SVG
For the folks who already have taken advantage of HSBC's 6% offer, this account from Lockheed FCU may not sound too attractive. It is just 1 day more than HSBC's. Disadvantage at Lockheed is that the account has upper limit of 10K.

I'll like to get a list of biggest to smallest CUs by assets that has reasonably recent data (say within past 3/4 months). If anyone has a link to such a list ... could you please post ?

- SVG

1
Comment #2 by Shanny (anonymous) posted on
Shanny
Would this help?

http://www.creditunions.com/data/cusearch/custom.asp

1
Comment #3 by SVG (anonymous) posted on
SVG
Shanny,

TYVM.

I like the 3rd, 10th, and 15th largest CU !

- SVG

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
SVG, One thing I forgot to mention is that there's a chance that this Lockheed promo will last past May 1st while the HSBC promo will definitely end on 4/30. I think Lockheed is just playing safe. Last month it only guaranteed the 6% to the end of January.

As you mentioned about the $10K cap, that hurts the deal. But it also makes it more likely that Lockheed will be able to continue it. Banks and credit unions are starting these kinds of accounts with high yields but a low cap to build relationships.

1
Comment #5 by Carol in California (anonymous) posted on
Carol in California
This AM I called the Westlake Village branch and specifically asked if I could open this account by phone or online and was told that I'd have to come to the branch. I previously had a similar account which I closed in '06 and expected the record work to be on file for an easy open now. Maybe it depends on which branch you call!?

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Comment #6 by Anonymous posted on
Anonymous
I haven't tried it out myself, but I thought you could apply for membership online by going to
https://apps.lockheedfcu.org/AccessPoint/FI/Info.aspx?CurrentTask=0474b961-57cf-45ce-adf3-334ef1d2332c
Pls post how it work out.

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Comment #7 by Loretta (anonymous) posted on
Loretta
Wouldn't this promo be better than the HSBC promo if I had most of my money sitting in HSBC to begin with?

1
Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Loretta, that's a good point. You only get 6% at HSBC if it's new money.

1
Comment #9 by Anonymous posted on
Anonymous
Lockheed 6% promo was only for 2 months. Can you please delete some of this old news? Thanks.

1