Dedicated to Deposits: Deals, Data, and Discussion

6.00% 6-Month CD at a California Credit Union (Tech CU)

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Tech Credit Union
Technology Credit Union has started a certificate special with a yield of 6.00% APY and a term of 6 months. The minimum deposit is $10,000, and there is no maximum deposit. New money is required. Note, the promo page makes it look like you can extend the term to 270 days, but I called and was told that the term is only for 6 months.

My last report on this credit union was back in September 2006 when it was offering a 5.80% 10-month CD.

Membership is open to those who live, work, worship or attend school in any of the following California counties: Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz and San Francisco. You can also be eligible via select employer groups and via relatives. Please see their membership page for details. Membership requires a $25 deposit into a savings account and can be opened online.

Branches are located in Cupertino, Fremont, Milpitas, Moutain View, San Jose, Santa Clara and Sunnyvale. The credit union is federally insured by the NCUA (Charter # 68383). It's a large credit union with $1.3 billion in assets and 76,693 members.

Thanks to the reader SVG for mentioning this promotion in the comments of the finding deals post.

  Tags: California, CD rates, Tech Credit Union

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Comments
11 Comments.
Comment #1 by Anonymous posted on
Anonymous
I just looked at the NCUA financial summary and this CU looks to have alot of loans going bad in the last reporting month. Also, their investments went negative for whatever that means. But it sounds like they are in a credit crunc like alot of companies.

1
Comment #2 by SVG (anonymous) posted on
SVG
 
Anon,

>>this CU looks to have alot of loans going bad in the last reporting month<<

That is quite possible. I live in the general area where this CU operates and I do get a feeling that this will be the case.

Anyways, unlike Patelco, Tech CU has NCUA insurance, therefore if the folks stay within insurance limit then how good or otherwise the CU's loans are doing should be a non-issue.

- SVG
 

1
Comment #3 by Anonymous posted on
Anonymous
agreed with SVG..
the business and reliability point of view, TechCU is a pretty good one but its always our responsibility to keep under NCUA limtis so that we will not burn our own yasss..

1
Comment #4 by Anonymous posted on
Anonymous
Banking Guy, I filed out the online application last night and today I received a call from Tech CU. Tech CU is requesting $25. and copy of Drivers License to process the application. 6% 6-Mo CD sounds good to me.
Question: Is there anything to really worry about as long as a person does not exceed the $100K deposit?

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Also make sure to take into account the interest earned in addition to the initial deposit when making sure you stay below the NCUA limits (unless you have interest paid out rather than reinvested).

1
Comment #6 by Anonymous posted on
Anonymous
just opened CDs, pretty smooth process at branch
yes the need a copy of your DL
(surprisingly they never need the eligibility condition for membership.. just fill the application that you are local employee of any of the eligible company in the list on their site)

They refered me another good deal(5.50% 10 month CD, no new money needed) : http://www.techcu.com/resources/news_events/news/CD_Promo_0607.htm

Thanks for the original poster and for the bankign guy

1
Comment #7 by Anonymous posted on
Anonymous
oops!! the URL for 5.5% promo corrected here
http://www.techcu.com/resources/news_events/news/CD_Promo_0607.htm

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Comment #8 by Anonymous posted on
Anonymous
I just visited a branch office and opened this CD for a 270-day term. The CSR's data entry screen looked like any term from 181 to 270 days would be possible. FWIW, the CSR said they don't call it a 9-month CD because 270 days is one day short of 9 months.

1
Comment #9 by Anonymous posted on
Anonymous
yes, I opened this CD for 270days term with 6% APY. too. There was no problem.

1
Comment #10 by Anonymous posted on
Anonymous
I was told this deal will end on Monday, 9/10.

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Comment #11 by Anonymous posted on
Anonymous
Indeed, the promotion is no longer on their website...

1