7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
Mar 6, 2008 - 6:31 PM by Ken Tumin
Pacific Service Credit Union continues to offer a 7.00% APY 6-month certificate for new members. The maximum deposit is $5,000. The minimum is $1,000 for those over 23 and $100 for those 23 and under. My last report on this special was in January. I'm not sure if it had gone away or if it has always been available. It doesn't seem to be listed on the website anymore. I learned about it from a reader's email, and I confirmed with the credit union that it's available.
With a $5K cap, you'll earn about $50 more in this CD than a 5% savings account. In January a reader noted that he was able to open 3 of the 7% CD's for each family member. So that can help make it a better deal. He also pointed out that they will make the initial $5 deposit in the savings account as a 'thank you' for applying online.
Membership is open to anyone who lives, works, attends school, or worships in Alameda, Contra Costa, Fresno, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo, Santa Clara, Solano or Sonoma County, California. Please see their membership page for more details.
Branches are located in San Francisco, Pleasant Hill and Fresno. The credit union is federally insured by the NCUA (Charter # 68413). It has 68,734 members and $1.10 billion in assets.
Thanks to the reader who emailed me info on this special.
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Sree (anonymous) - #1, Thursday, August 16, 2007 - 7:50 PM
Banking guy:
" In January a reader noted that he was able to open 3 of the 7% CD's for each family member. So that can help make it a better deal. He also pointed out that they will make the initial $5 deposit in the savings account as a 'thank you' for applying online. "
That guy was me,
I did open up 3 A/cs, now closed them as they r mertured.. good deal..
one can open the CDs etc online, I never visited any branch till now.
(I opened another set of CDs for their 555 offer later)
Many thanks for adding more value for our money with your great effort
Anonymous - #2, Friday, August 17, 2007 - 1:03 AM
What do you do when the accounts are matured? Do you closed the accounts and keep your membership?
Anonymous - #3, Friday, August 17, 2007 - 1:55 AM
Any service fees for the Savings account or other fees and charges such as membership fees, etc. in order to open this CD?
Sree (anonymous) - #4, Friday, August 17, 2007 - 12:16 PM
Anynomous (11:03AM) - I just asked them to roll the amounts(from all three accounts) into my savings account(which is by default there for each member) and I asked them to issue a consolidated check in post, they just did that(you can live chat with them on their site)
Anynomous(11:55AM): No fees or charges what ever.. pretty smooth process..
Lance (anonymous) - #5, Saturday, August 18, 2007 - 2:44 AM
We just closed our account there too--CD matured 8/14/07. Exactly like what the other dude said. Easy as pie. As they are local, the check arrived in one business day.
Anonymous - #6, Saturday, August 18, 2007 - 12:58 PM
They do have a fee if all you are doing is keeping a savings account open. You must have a minimum of $100 in your savings account to avoid a monthly fee if you are over 23 years old. Of course, you also need to have a minimum of $100 to accrue interest on your savings account. I didn't think about this when I liquidated my CD and they sent me a check. Then I reviewed their schedule of fees on the internet and discovered that a minimum of $100 is required to avoid a monthly fee and also to accrue interest.
Sree (anonymous) - #7, Sunday, August 19, 2007 - 12:24 AM
Hi Anynomous,
sounds like there is no min balance fee for a basic savings account.
Pl see: http://www.pacificservice.org/ASP/cufees.asp
There is a min balance fee for the REWARDS CHECKING account if the min balance falls under $500.00
I will have to double check this by calling them on monday..
Pl correct me if I am wrong
Anonymous - #8, Sunday, August 19, 2007 - 8:29 PM
No mention of savings in http://www.pacificservice.org/ASP/cufees.asp but when I called on Friday they said the same thing: $5 in savings or another product such as a CD would waive the monthly service fees. However, there are some troublesome fees for ACH:
ACH - Outgoing $10 per request
ACH - Incoming (loan payment by phone) $10 per payment
I don't know if these applies to savings too.
Anonymous - #9, Sunday, August 19, 2007 - 8:35 PM
There is actually a reference to savings fees in http://www.pacificservice.org/ASP/cufees.asp
Low balance fee: $5 per month on single service savings accounts of less than $100
Anonymous - #10, Sunday, August 19, 2007 - 8:55 PM
ACH Fees Applicable to All Accounts. However, I wonder if I link their savings to my other bank and then initiate ACH from my other bank, I still will be charged for incoming and outgoing?
Anonymous - #11, Monday, August 20, 2007 - 1:01 AM
Actually, I'm getting 5.5% for my money at Umbrella bank till the end of year. I wonder if 1.5% is worth it? What'd you think Banking Guy?
(5000*(7-5.5)/200)-5 (membership?) = $32.5
Banking Guy (anonymous) - #12, Monday, August 20, 2007 - 7:52 AM
This credit union has offered other good CD promos in the past, so it may be a credit union you'll want to stick with for the long term. So that can be another factor to consider.
Anonymous - #13, Wednesday, September 5, 2007 - 10:47 PM
Is this promo still going on? The only 7% I can find on their site is "7 for 11" - minimum = $50k, and the first $10k of that gets the 7% at http://www.pacificservice.org/ASP/rates.asp#Certificates .
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