Dedicated to Deposits: Deals, Data, and Discussion

6.00% 7-Month CD at a California CU Continues (Cal State 9)

POSTED ON BY

Update 11/04/2007: Cal State 9 has been placed into conservatorship under the NCUA. Please refer to this post for more info.

Update 10/04/07: The rate has been lowered to 5.50% APY. See post for more info.

Cal State 9 Credit Union continues to offer a special 6.00% APY 7-month share certificate. The minimum deposit is $5K, and the maximum deposit is $50K. It's only available to new members. My last report on this was in early August. A reader in that post commented that you can also open the CD in an IRA.

This special isn't listed on their website. I called the credit union again today, and I was told it's still available. The customer service rep wasn't sure how much longer this would last. After the Fed rate cut, I have a feeling we won't be seeing too many new 6% deals with a high deposit cap.

Membership is open to those who reside, work or attend school in the following California counties: Alameda, Contra Costa, San Francisco, Sacramento, or Santa Clara. Membership is also open to students, employees and and those in alumni associations of certain universities. See the membership page for the full details. Membership requires a $5 membership fee and a minimum deposit of $10 in the regular share savings account. Note, a $200 minimum is required to avoid $5/month fee.

Branches are located in Berkeley, Oakland, San Francisco, Hayward and Pleasant Hill. The credit union is federally insured by the NCUA (Charter # 64449). It has $463.7 million in assets and 29,659 members. The credit union is rated 2 out of 5 stars at Bankrate.com (Below peer group).
  Tags: California, CD rates, IRA rates

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Can someone please confirm if this is really for new members only?

1
Comment #2 by Sree (anonymous) posted on
Sree
Yes!! its for new members only.
This ad has been there for many days on www.insidebayarea.com ads section. I got the original ad, uploaded imageshack for you.
I personally opened this around a month plus back.
here is the Imageshark URL
http://img488.imageshack.us/img488/4286/calstate9cunewmem7monthnr3.gif

1
Comment #3 by Anonymous posted on
Anonymous
i noticed that BofA is charging
$3 for outbound transfer and
also imposing daily limits.
i was going to transfer funds
into the Defender of Wildlife
account, but now have second
thoughts. have anyone else
notice this too?

1
Comment #4 by Anonymous posted on
Anonymous
Banking Guy, thanks for mentioning this CD. I opened a CD at Cal State 9 today after reading about it here. The CSR at the branch said that because I was opening a CD that there wouldn't be a monthly fee. My total amount paid was CD_Amount + $5 membership fee and $10 in the regular share savings account. She assured me there would not be a monthly fee and I did not have to put $200 in the savings account. This was at the Pleasant Hill branch.

1
Comment #5 by Sree (anonymous) posted on
Sree
conservatorship never hurt my funds in this CU, I just got the money off my mertured CDs with out any issue, conservatorship may be their internal but it didnt hurt any of the customer's confidance..

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad to read the credit union still seems to be running okay.

1