Dedicated to Deposits: Deals, Data, and Discussion

7.00% 7-Month CD at a California CU - $7K Max (USA Fed)

POSTED ON BY

USA Federal Credit Union
USA Federal Credit Union is offering a promotional 7.00% APY 7-month share certificate at three of its California branches this month. The maximum deposit is $7,000 per primary member. The minimum deposit is $1,000. These will only be offered on one of three Saturdays at the three branches: 9/8 at the Escondido branch, 9/22 at the Eastlake branch, and 9/29 at the Lake Elsinore branch.

This special is not listed at the credit union's website. A reader mentioned these today in the comments, and I just called for additional information. I was told that you must visit one of those branches on those specific days to receive the CD. It does not require a checking account. You only have to qualify as a credit union member.

The $7K deposit cap lowers the potential return on this CD, but a husband and wife could both open a $7K CD if both have their own primary membership accounts. That would be about $160 over a 5% savings account for those 7 months.

You can qualify as a member by joining the Prime Meridian Association. Last year I was told by the credit union that anyone can join this association with a $10 membership fee. You can also be immediately eligible to join if you are an active or retired military member or if you are employed by one of its Select Employer Groups. Please refer to their membership eligibility page for more details. Membership into the credit union requires a $5 membership fee and a minimum opening savings deposit of $5.

This credit union has offered some competitive long-term CDs although their rates have gone down lately. Currently the best rate on their standard CDs is 5.48% APY for a 60-month term and a $100k minimum deposit. CDs with terms of 36 months and longer have a one-time step-up option.

For locations of these three branches, please refer to the credit union's locations page. Escondido and Eastlake are both in San Diego. Elsinore is in Riverside County about 40 miles southeast of Los Angeles.

The credit union is federally insured by the NCUA (Charter # 9005). It has $699.0 million in assets and 58,399 members.

Thanks to the reader who mentioned this special in the finding deals post.

  Tags: California, CD rates, USA Federal Credit Union

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Comments
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
$100 bonus for money market account is also available

A reader left this comment in another post:

USA Fed,Ca. besides offering --7-7-7 account 7mts-7%-7000Max they also
give a 100 bonus for money market account--1-day only specific locations.

1