Dedicated to Deposits: Deals, Data, and Discussion

7.00% 12-Month CD at Patelco - $1K Max (Easy Membership)

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Patelco Credit Union
Patelco Credit Union has started a new member special in which you can get 7% APY on a 12-month certificate with a minimum and maximum deposit of $1,000. Unfortunately, the cap is $1K which seriously hurts this deal. You would make about $17 over what a 5.30% 1-year CD would make.

Even though this promo may not be enough to entice you to join, Patelco has several other worthwhile accounts. They often have certificate specials without a maximum. They just ended a 5.75% CD last month. They still have a 5.75% APY 12-to-23 month IRA CD (see post).

Patelco's Treasury Income Account also has high rates. Currently it's paying 5.65% APY for a minimum balance of $25K. It's like a hybrid of a savings account and a CD (see post).

Patelco's Health Savings Account (HSA) is also very competitive. Currently, it's paying 5.12% APY. For more info on HSA's, refer to Patelco FAQ and this Fatwallet FAQ.

An important issue about Patelco is that it is NOT federally insured by the NCUA. It's privately insured by American Share Insurance (ASI) for up to $250K per account. For more discussion on this issue, please see this post.

Patelco is one of the few credit unions in which anyone can be eligible to join. See this Patelco page for the full eligibility list. Note at the bottom it states that anyone can join the California Association for Older Americans regardless of age or geographic location. You can apply for Patelco membership online here. In the Eligibility section of the membership application if you type "Older Americans", in the lookup field, this association should appear in the eligibility list of step 2.
  Tags: Patelco Credit Union, CD rates

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