6.00% 7-Month CD at a California CU (Cal State 9) - Update
Nov 4, 2007 - 3:26 PM by Ken Tumin
Update 11/04/2007: Cal State 9 has been placed into conservatorship under the NCUA. Please refer to this post for more info.
Cal State 9 Credit Union is offering a special 6.00% APY 7-month certificate. The minimum deposit is $5,000, and the maximum is $100,000. New money is required. It's available as a regular or IRA certificate. This special doesn't seem to be listed at the credit union's website. It was advertised in today's Inside Bay Area newspaper. The ad is available online here.
Membership is open to persons who reside, work or attend school in the following California counties: Alameda, Contra Costa, San Francisco, Sacramento, or Santa Clara. Membership is also open to students, employees and and those in alumni associations of certain universities. See the membership page for the full details. Membership requires a $5 membership fee and a minimum deposit of $10 in the regular share savings account. Note, a $200 minimum is required to avoid $5/month fee.
Branches are located in Berkeley, Oakland, San Francisco, Hayward and Pleasant Hill. The credit union is federally insured by the NCUA (Charter # 64449). It has $463.7 million in assets and 29,659 members.
Cal State 9 Credit Union is offering a special 6.00% APY 7-month certificate. The minimum deposit is $5,000, and the maximum is $100,000. New money is required. It's available as a regular or IRA certificate. This special doesn't seem to be listed at the credit union's website. It was advertised in today's Inside Bay Area newspaper. The ad is available online here.
Membership is open to persons who reside, work or attend school in the following California counties: Alameda, Contra Costa, San Francisco, Sacramento, or Santa Clara. Membership is also open to students, employees and and those in alumni associations of certain universities. See the membership page for the full details. Membership requires a $5 membership fee and a minimum deposit of $10 in the regular share savings account. Note, a $200 minimum is required to avoid $5/month fee.
Branches are located in Berkeley, Oakland, San Francisco, Hayward and Pleasant Hill. The credit union is federally insured by the NCUA (Charter # 64449). It has $463.7 million in assets and 29,659 members.
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Sree (anonymous) - #1, Monday, July 23, 2007 - 9:47 AM
just applied.. thanks Mr Ban-KING guy..
Sree (anonymous) - #2, Monday, July 23, 2007 - 12:25 PM
just found that they wont do a hard credit pull, just the Chex System enquiry which is a soft pull
Anonymous - #3, Monday, July 23, 2007 - 12:47 PM
I just mailed the membership application today with the $15 fee. I'm requesting my FNBODirect funds to be transfered to my home bank today (monday), so should have the funds available Thursday,7/26. Banking Guy, thank you so much for informing all of us of the 6% 7mo CD. I'm taking the funds out of FNBO a little early, but I raked in a nice amount of interest and "who knows" what the FNBO rate would be after 9/28.
SVG (anonymous) - #4, Monday, July 23, 2007 - 4:47 PM
Readers,
This CU allows folks from Santa Clara county to join, however they don't seem to have any branch within it. ... Interesting.
A while ago I had come across a 'certificate' product of Cal State 9, that was tied to prime rate. They call it 'Flex-Rate Certificates'.
Are their any other similar 'term deposit' products, where the priciple is FDIC/NCUA insured but the rate varies over the term of the deposit ?
- SVG
SVG (anonymous) - #5, Monday, July 23, 2007 - 5:01 PM
Banking Guy,
Interesting promotion by Cal State 9.
At present I'm getting 6.50% APY in Valley CU's Pinnacle Money Market account. I wonder if I should take-up this offer or if I should stay with Valley CU.
On one hand Cal State 9 is has assured APY of 6.00% for seven months, and on the other there is higher 6.50% APY that I'm getting currently, but it has no assurance that it will last even one more day.
Hmm ...
(By-the-way ... Valley CU stopped opening new Pinnacle Money Market accounts a while back. Existing account holders of Pinnacle Money Market are free to add more money into it and get 6.50% APY.)
- SVG
Sree (anonymous) - #6, Monday, July 23, 2007 - 6:03 PM
SVG,
If you want to invest a small amounts with a variable sizes (adding and withdrawing) of the money, better go with Valley. But in case if you have huge amount to keep in, better move that to Cal State 9.
Just my idea..
Lance (anonymous) - #7, Tuesday, July 24, 2007 - 6:48 AM
Hi Bank Guy, I contacted CS and the $200 minimum is waived if you have more accounts than just the savings account. The only time you're required to have $200 in the savings account is when that savings account is the only account you have with them.
This looks like a great offer. CS replies to email very quickly and very thoroughly. Looks good!
Sree (anonymous) - #8, Tuesday, July 24, 2007 - 2:56 PM
Adding to Lance comments above,
If you are enrolling for a memebership, you will get a "Regular Savings account" with a min of $10. If you are also opening one or more CDs, these CDs will be considered as MORE THEN ONE Account along with the Regular Savings account and thus the Min $200 or $5 monthly fee will be waived off
Anonymous - #9, Wednesday, July 25, 2007 - 12:22 AM
Does anyone konw which is better 6%-7 month or 6%-10 month?
Anonymous - #10, Wednesday, July 25, 2007 - 11:13 AM
Regarding 6% for 7 or 10 months. I have decided on the 7 mo because I used NAVYCU's 6% 15mo earlier in the year and those CD's mature in May and June. If I go for the 10mo now the CD's will mature pretty much at same time. The 7mo will mature in February, just a way of spacing out my funds. I may be sorry if rates collapse the first of the year and no good rates are available.
Anonymous - #11, Tuesday, July 31, 2007 - 10:11 PM
the 6% ad is no longer there. does it mean it has been ended?
Anonymous - #12, Wednesday, August 1, 2007 - 2:46 PM
Here is a response from Cal State 9:
Thank you for your email and interest in Cal State 9’s 7month CD with a 6.00 % APY. The promotion is currently in progress. As of July 30th, 2007 the certificate will yield 6.00 APY with a minimum deposit of $5,000.00 and a maximum deposit of $50,000.00. This promotion is for new members only and new money that is not currently deposited at Cal State 9.
Banking Guy (anonymous) - #13, Wednesday, August 1, 2007 - 7:32 PM
Thanks for checking on this. Glad to see it's still active.
Banking Guy (anonymous) - #14, Thursday, August 2, 2007 - 8:24 AM
Another reader mentioned that this new 6% CD now has a 10-month term? Any idea if it's 7 or 10?
I've posted on this update here. Thanks.
Anonymous - #15, Thursday, August 2, 2007 - 12:24 PM
Bankrate.com rates this credit union:
CAL STATE 9
CONCORD, California
Bankrate.com Star Rating: **
Safe & Sound CAEL Rating: 4
That is "below peer group"
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