Dedicated to Deposits: Deals, Data, and Discussion

6.10% 12-Month CD at a California CU (Golden Bay).


Golden Bay FCU is offering a special 6.10% APY 12-month share certificate. The minimum opening deposit is $5,000 of new funds. The 6.10% APY requires a new or existing checking account with direct deposit of paycheck of at least $1,000/month. Without the checking account and direct deposit, the rate is 5.60% APY. Offer ends on 3/30/07. A reader mentioned that no credit checks are done for opening deposit products - just ChexSystems report.

Membership eligibility includes those who live, work, worship or attend school in Santa Clara County, CA. Membership requires a minimum $25 deposit into a share savings account.

Branches are located in San Jose, Moffett Field and Sunnyvale, California. Golden Bay FCU is federally insured by the NCUA. It has $221.5 million in assets and 17,006 members.

Thanks goes to SVG who mentioned this special CD in the finding deals post.

[Update 4/21/07: The 6.10% CD has expired.]

  Tags: California, CD rates

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Comment #1 by SVG (anonymous) posted on
Banking Guy,

I mentioned the deal on 'finding deals' thread, but missed mentioning an important point, perhaps 'caveat emptor'. The rate 6.10% is applicable if the net pay is direct deposited in checking. The CU may decrease the rate if a) Direct Deposit is not received/maintained b) Checking account is closed etc.

Therefore 6.10% is not a done deal the moment the certificate is issued.

This is the first time ever that I've observed a clause whereby the financial institute can change the rate at its discretion after the certificate/CD is opened.

What if you change the employer and the direct deposit is interrupted ? What if the new employer does not offer direct deposit at all ? ... Well ... 'caveat emptor'.


Comment #2 by Raj (anonymous) posted on
I visited the golden bay FCU office today at Sanjose, They said direct deposit is not mandatory for retaining 6.10% promotion.
Even a checking account with 1000$ minimum balance is enough to retain the rates.