Dedicated to Deposits: Deals, Data, and Discussion

7.00% 7-Month CD ($7K Max) is Back at Premier America Credit Union

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Premier America Credit Union
Premier America Credit Union is again offering a special 7.00% APY 7-month certficate of deposit. The minimum and maximum deposit is $7,000. It requires a new membership and a free checking account with direct deposit. Like before, the special doesn't seem to be listed at the credit union's website. It was recently advertised in the Ventura County Star newspaper. The ad is available online here.

Premier America has branches in both Southern California and Houston, Texas. Earlier this month Premier America was advertising this same promotion in the Houston Chronicle (see post). I don't see it being advertised in Houston this time, so I'm not sure if it's available only in the SoCal branches.

This promotion is similar to a checking account bonus. The 7% for 7 months with a $7K deposit will earn you about $71 over what you would get with a 5.25% CD.

Field of membership includes members of the Alliance for the Advancement of Arts & Education (AAAE). Anyone can join this organization. According to the membership page:
Click on "join now" link above, select "AAAE" on the company listing. Then complete the AAAE application that will be provided during online account opening.
I was able to select AAAE in the application when I selected the radio button for "I am a member of an eligible company or organization". A link to an AAAE pdf document was listed. This document stated:
AAAE's one-time membership fee is $25. Premier America Credit Union will grant this fee on your behalf when you join AAAE to become a qualifying member with Premier America Credit Union. The funds will be sent to the AAAE office, and will be used to support arts and education mission.

You can qualify to join Premier without joining AAAE if you live, work, worship or attend school in Ventura County, the San Fernando Valley, the Santa Clarita Valley or most other areas of Los Angeles County, or live, work, worship or attend school within 10 miles of our Westchase branch in Houston, Texas. In addition, you can be eligible if you're an employee or member of a long list of companies and organizations.

Membership requires a one-time fee of $5 and a minimum deposit of $5 into the savings account.

The credit union is federally insured by the NCUA (Charter # 68428). It has $1.27 billion in assets and over 73,187 members.

  Tags: California, CD rates, Premier America Credit Union, Texas

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Comments
Comment #1 by Anonymous posted on
Anonymous
This ad was in the first section of the Houston Chronicle on 3/23/07. I did not note the page number.

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Comment #2 by Anonymous posted on
Anonymous
Anyone knows or can verify that this can be applied via mail or phone or does a visit to a branch is a requirement?

1
Comment #3 by BraveDave (anonymous) posted on
BraveDave
I exchanged emails with a Premier rep twice today. The 777 CD deal IS still available, and to out-of-state individuals. However, both a ChexSystems report and a "hard pull" of a credit report are part of the account opening process. (The $71 advantage doesn't meet my $100 minimum for a hard credit pull. Oh well.)

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Comment #4 by TM (anonymous) posted on
TM
In the agreement, one must sign up for primary savings with a min $5 deposit. But the terms say, "To avoid the combined average balance fee (see Schedule of Fees), you must maintain a $500 combined average deposit and loan balance." Does the $7,000 CD qualify as a deposit balance and thus no fees? Otherwise there is a $3.50 per month fee. Am I missing something?

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Comment #5 by Daysha (anonymous) posted on
Daysha
I just called the cust svc rep- the savings account doesn't count as a prelim account in order to get the 7% CD. You need to open a primary checking account with a $250 opening balance and either use 1 billpay or a direct deposit. There is no minimum requirement for the checking account once it's open so no fees. The CD is only open to new members.

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