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6.00% 7-Month CD at a California CU - Updated Promo (Cal State 9).

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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 has changed the 6% promotion that I reported on last week. The yield remains at 6% APY with a 7-month term and a minimum deposit of $5K. The maximum deposit has dropped from $100K to $50K. If you're already a Cal State 9 member, you're out of luck. This new promo is now only for new members. This special isn't listed on the credit union's website. A couple of readers provided the details in the comments based on info they received from the credit union.

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.

Thanks to the readers who mentioned this promotion change.

Update 4:00pm: Corrected the term from 10 to 7 months. Confirmed with credit union.

Update 9/22/07: CD still available. Please see new post for more info.

  Tags: California, CD rates

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Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
Bankrate.com ratings

CAL STATE 9
CONCORD, California

Bankrate.com Star Rating: **
Safe & Sound CAEL Rating: 4

That is "below peer group". Just thought everyone should know.

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Comment #2 by Anonymous posted on
Anonymous
i think it is 7-month CD

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Anonymous 1, Thanks for the bankrate note.

Anonymous 2, Thanks for the term clarification. I called and also confirmed that it's a 7-month term.

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Comment #4 by Anonymous posted on
Anonymous
On 8/9/07 I obtained 2 IRA certificates for less than the 50K allowed. They questioned opening 2 as it was 1 per customer per the CSR. Not true! You must stay under the 50K limit.

The closest branch was Hayward. I live in Santa Clara Cty. Drove via San Mateo bridge and finally found the campus. Parking was more than difficult it was metered (if you can find an empty one) and after putting in coins for 1hour 10 minutes I returned with 3 minutes left.

Just wanted to let those interested know if possible use another location.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. So you can open multiple of these CDs just so the total is under $50K?

1