5.55% 7-Month CD at a California CU (San Francisco)
Apr 17, 2007 - 7:08 PM by Ken Tumin
San Francisco FCU is offering a special 5.55% APY 7-month certificate. The minimum deposit is $1,000, and the maximum deposit is $50,000. The offer ends on April 30th.
The special 7-month certificate also has a one-time bump option that allows you to increase the rate to the current 6-month CD rate during the term. The current regular 6-month certificate rate is only around 5% APY so it's unlikely this bump feature will be useful. Nevertheless, the 5.55% APY is good enough that it doesn't really need a bump feature.
Field of membership includes those who work, live, worship or attend school in San Francisco. Membership requires a $5 fee and a $5 initial deposit into your share savings account. Note, there's a monthly low balance fee if your total combined balance of all your deposit accounts is less than $100 (and you don't have a loan).
The credit union is federally insured by the NCUA (Charter # 24542). It has $577.6 million in assets and 30,506 members.
Thanks to the reader wordswithgrace who mentioned this special in the finding deals post.
[Update: corrected monthly fee exemption.]
The special 7-month certificate also has a one-time bump option that allows you to increase the rate to the current 6-month CD rate during the term. The current regular 6-month certificate rate is only around 5% APY so it's unlikely this bump feature will be useful. Nevertheless, the 5.55% APY is good enough that it doesn't really need a bump feature.
Field of membership includes those who work, live, worship or attend school in San Francisco. Membership requires a $5 fee and a $5 initial deposit into your share savings account. Note, there's a monthly low balance fee if your total combined balance of all your deposit accounts is less than $100 (and you don't have a loan).
The credit union is federally insured by the NCUA (Charter # 24542). It has $577.6 million in assets and 30,506 members.
Thanks to the reader wordswithgrace who mentioned this special in the finding deals post.
[Update: corrected monthly fee exemption.]
Tags: California, CD rates
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Sam (anonymous) - #1, Tuesday, April 17, 2007 - 5:39 PM
It seems like the wording on this one is a little ambiguous. I'm guessing that the intent was to say
"Note, there's a monthly low balance fee if your total combined balance of all your deposit accounts is less than $100 (and you don't have a loan)."
That is, there is no fee if either (1) your deposits total at least $100, or (2) you do have a loan.
Otherwise, that's a terrible way to get loan business!
However, if I'm mistaken, please clarify that, since I think many people will construe it the way I've stated above.
Banking Guy (anonymous) - #2, Tuesday, April 17, 2007 - 7:10 PM
Yup, good catch. I was thinking about the no-fee case.
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