According to the service rep the CD may require a checking account. Note, the free checking qualifies and it doesn't require direct deposit. You can also get an additional $50 for opening the checking account and adding direct deposit. The first direct deposit must post by June 30th.
These promotions are only available at the credit union's Santa Barbara-Milpas branch and it's only available through this Sunday, April 1st.
With a $1K deposit at 10% APY for 7 months, you'll earn about $29 over what you would earn in a 5% savings account. Both a husband and wife could open one for a total of $58 extra dollars.
Wescom seems to have these types of deals often. The last one was a Sunday special promoting their new Sunday hours (see post). That ended on March 4th.
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 of California. There is a one-time membership fee of $15, and a minimum required deposit of $1 into the regular share savings account. During this promotion you can get the $15 membership fee waived. According to the service rep, they don't do a hard credit inquiry when you apply for membership or accounts.
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 mentioned the certificate in the finding deals post.
[Update 3/30/07: Added link to promo with some changes based on promo page.]