Dedicated to Deposits: Deals, Data, and Discussion

12% 12-Month CD at a Texas / California CU - $1.2K Max (Premier America)


Premier America Credit Union
Premier America Credit Union is advertising a new special called the 12-12-12 certificate at its Texas branches. This one offers 12% APY for a 12-month term with a maximum/minimum deposit of $1,200. It's only for new members who also open a checking account with either Direct Deposit, Bill Pay or an auto loan. The initial deposit must be $250. This 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 March Premier America was advertising a 7-7-7 special CD (see post). I just called their toll-free number (800-772-4000) and the service rep told me that both the 7-7-7 and the 12-12-12 promotions are available to new members regardless of where they live. Sometimes these specials are specific to certain branches. For either CD you do have to be a new member and you can only choose one of the two CDs.

The $1,200 cap hurts this deals. Putting $1,200 into a 12% CD for 12 months will result in about $81 over a 5.25% 12-month CD. Putting $7,000 into the 7% CD for 7 months will result in about $71 over a 5.25% 7-month CD. The credit union has some decent rates on its standard certificates. There's a 5.40% APY 24-month CD with a minimum deposit of $25K.

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. A commenter mentioned in my last post that both a ChexSystems report and a hard pull of a credit report are part of the account opening process.

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

[Edit 12:44pm: Updated with info from CSR.]

Related Pages: California, CD rates, Premier America Credit Union, Texas

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Comment #1 by Anonymous posted on
I called about the 7-7 deal, it's available to all and can be opened by mail in.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I wasn't sure if they would be opened today. I also called and it looks like both the 7-7-7 and the 12-12-12 deals are available to any new members.

Comment #3 by Anonymous posted on
Sounds like a great deal. Do you know if I can create accounts for each of my kids and spouse also, or is it limited to 1 account per household. (I couldn't find that info in their ad, but often times it seems limited to 1 per household with other banks). Also, do you know if there is a minimum amount I can use for Direct Deposit - i.e. $1 per month?) I saw no minimum quoted either.