Dedicated to Deposits: Deals, Data, and Discussion

7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)

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Pacific Service Credit Union
Update 3/6/08: The maximum deposit has been lowered from $5,000 to $1,500 on this new-member CD special.

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.

  Tags: California, Pacific Service Credit Union, CD rates

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Comments
13 Comments.
Comment #1 by Sree (anonymous) posted on
Sree
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

1
Comment #2 by Anonymous posted on
Anonymous
What do you do when the accounts are matured? Do you closed the accounts and keep your membership?

1
Comment #3 by Anonymous posted on
Anonymous
Any service fees for the Savings account or other fees and charges such as membership fees, etc. in order to open this CD?

1
Comment #4 by Sree (anonymous) posted on
Sree
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..

1
Comment #5 by Lance (anonymous) posted on
Lance
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.

1
Comment #6 by Anonymous posted on
Anonymous
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.

1
Comment #7 by Sree (anonymous) posted on
Sree
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

1
Comment #8 by Anonymous posted on
Anonymous
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.

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Comment #9 by Anonymous posted on
Anonymous
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

1
Comment #10 by Anonymous posted on
Anonymous
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?

1
Comment #11 by Anonymous posted on
Anonymous
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

1
Comment #12 by Banking Guy (anonymous) posted on
Banking Guy
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.

1
Comment #13 by Anonymous posted on
Anonymous
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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