Dedicated to Deposits: Deals, Data, and Discussion

5.64% to 5.75% 60-Month CD at Western FCU (Easy Membership)


Western Federal Credit Union
Western FCU recently came out with some competitve rates on its 60-month share certificates. The top yield is 5.75% APY on a minimum deposit of $100k. A yield of 5.69% APY is available for a $40k minimum and 5.64% APY for a $2.5k minimum. The same rates apply to an IRA certificate.

Western FCU had been tracking the CD rates of Northrop Grumman FCU for the last several months. These CDs rates had been very competitive for much of this year, however, the rates have gone down considerably over the last couple of months. This 60-month rate is a change to this trend.

In my last Western FCU post, I found some details regarding the certificates in the Truth-in-Savings Disclosure at this webpage. It appears that the early withdrawal penalty is 90 days of dividends for all terms (page 7). This is below average for long term CDs. Note, the penalty is only for withdrawals of the principal. It states that you may make withdrawals of earned dividends at any time. Dividends are compounded and credited monthly. The grace period when you can close the CD after maturity without penalty is 10 days.

Membership is open to members of two associations in which anyone can join with a $25 fee. Western FCU also has a long list of Select Employer Groups in which you can be immediately eligible to join. Please see their how to join page for more details. Membership requires a $5 membership fee and a minimum deposit of $5 into the primary savings account. I just noticed in the online application, that for a limited time your $5 membership fee and $5 membership deposit are compliments of Western.

Branches are located in Arizona, Arkansas, California, Colorado, Texas, Utah and Virginia. The credit union is federally insured by the NCUA (Charter # 15732). It's a large credit union with $1.15 billion in assets and 120,538 members.

  Tags: Western Federal Credit Union, California, Virginia, Utah, Colorado, Arizona, CD rates, Arkansas, Texas

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Comment #1 by Anonymous posted on
do they do a hard pull on your credit?

Comment #2 by Anonymous posted on
Regarding the Western FCU, the 5 yr. only 90 day penalty. If open as a trust acct., needs to be approved by main office (2 day delay). But will accept your monies. Interest must be taken monthly or it's subject to withdrawal penalty. Posted the opposite, previousily on this site. Their truth and lending appears to state that you can remove the interest at anytime without a penalty. Does anyone have any info on this? The bottom line, the 5.75% apy and the 90 penalty, it's a good deal! Can't see it lasting very long.

Comment #3 by Anonymous posted on
Just got vertification that you can remove the interest at any time without a penalty. Plus only one day to approve the trust agreement.

Comment #4 by Anonymous posted on
In answer to my emailed question, they've said they do not do a hard pull on your credit.

Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks everyone for the info.

This 5.75% deal seems to be continuing for at least another week. The 5.75% APY is now good on deposits down to $40K.

Comment #6 by artyap2000 (anonymous) posted on
I just applied to Surfrider. How do I get the membershi number so I can complete the Western FCU online application form?