SESLOC Federal Credit Union is offering a special 5.55% APY 1-year share certificate. It's called the Building Block Certificate. It has a minimum deposit of $250, and it allows additional deposits of at least $25 during the term. A 5.55% APY IRA certificate is also available with a $500 minimum deposit.
The add-on deposit feature could come in handy if the Fed lowers rates today and continues to cut rates in the months ahead. If that happens, the 5.55% APY will likely be much higher than what's available elsewhere, and you can just add to this CD for the next year.
I last reported on this credit union in October 2006 when it was offering a 6% CD.
Membership is open to those who live, work, worship or attend school in San Luis Obispo County. The county is located on the central Pacific coast of California, between Los Angeles and the Bay Area.
The credit union is federally insured by the NCUA (Charter # 4980). It has $425.5 million in assets and 32,430 members.