The Golden 1 Credit Union is offering a new certificate promotion called the Worry-Free Certificate with a yield of 5.70% APY for checking account holders with Direct Deposit or 5.50% APY for members without the checking account and Direct Deposit. The term is 8 months, and the minimum deposit is $1,000 or $500 for an IRA.
The worry-free feature comes into play at the first 8-month maturity date. You can decide to renew the account at either the initial rate or the rate that's in effect at maturity for an 8-month certificate. So this has the advantage of a 16-month CD with the liquidity of an 8-month CD. You can also choose to close the account at the first maturity during the 7-business-day grace period in which no penalty is charged. Early withdrawal penalty is 90 days of interest on the amount withdrawn.
Field of membership includes those who live or work in one of many counties of California. The FOM also has a long list of eligible employers. See site for details.
Branches are located throughout the state of California including the cities of Sacramento, Bakersfield, Los Angeles, Modesto, Napa, Oakland, San Francisco, Fresno and Jackson.
The Golden 1 Credit Union is federally insured by the NCUA (Charter # 61650). It's one of the largest credit unions in the US with $6.18 billion in assets and 676,722 members.