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!