Dedicated to Deposits: Deals, Data, and Discussion

7.00% 7-Month CD at a Texas CU - $7K Max (Premier America)

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Premier America Credit Union
Premier America Credit Union is 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. The special doesn't seem to be listed at the credit union's website. It was recently advertised in the Houston Chronicle. The ad is available online here.

In addition to the Houston area, Premier has several branches in Southern California. Last June Premier was advertising this same special in Los Angeles. So this offer may be also be available to those in California.

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.

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

[3/2/07 6:50pm Edit: Updated membership eligibility information.]
  Tags: California, CD rates, Premier America Credit Union, Texas

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Comments
10 comments.
Comment #1 by Anonymous posted on
Anonymous
The "Membership" page on their website says that anyone who doesn't otherwise qualify for membership can join Premier America by joining the AAAE - the Alliance for the Advancement of Arts & Education. It says that you can apply for AAAE membership during the Premier America application. So, I guess this would open things up to nearly everyone.

On another note, this deal has been out there since June of last year (maybe longer), and doesn't seem to have an expiration date.

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Comment #2 by Anonymous posted on
Anonymous
I didn't find the ad in the 3/1/07 paper. Can someone give the section+page? Thanks.

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Comment #3 by Anonymous posted on
Anonymous
It's in the Memorial/Spring Branch neighborhood section (Z12 is the section number). It's on page 13 in that section. You can also access the ad via the Houston Chronicle website - Ken posted the link in his write-up.

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Comment #4 by Anonymous posted on
Anonymous
Ok, thanks for the page info. We are within the 10 mile radius but no ad in our Alief/Sharpstown/etc neighborhood section...

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Anonymous, thanks for noting that AAAE eligibility feature. I had initially missed it. I wonder if I had also missed this when I first posted on this credit union in June. I've updated the post with this info.

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Comment #6 by Anonymous posted on
Anonymous
The link for the ads no longer work. Is a promotion required for entry on the application?

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Comment #7 by Anonymous posted on
Anonymous
For those who applied on-line, can you specify and send in the money for CD at the same time as the AAAE form that is required to be printed and sent in at the end of the application?

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Comment #8 by Anonymous posted on
Anonymous
This is pretty quick promotion. I called and was told that it is over. Dead!

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Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to see it end so soon. It was first advertised in the Houston Chronicle just last Thursday. Perhaps there were too many Houston folks who decided to jump on this.

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Comment #10 by Anonymous posted on
Anonymous
Don't call the 800 number, CSRs seem to not know about this local deal. Call the local number on the ads - 713.972.9800. The only thing is that to qualify for membership, you apply online for the AAAE and the Share Savings account and then print out and send in the AAAE membership application. To apply for additional accounts which is the free checking and the CD you need member id and password which I'm assumming that I will have to wait for the package to arrive in order to open the free checking in order to qualify CD. I'm out of state from any of the branches so anyone know of a faster way to open the CD remotely, I would appreciate hearing about it.

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