Dedicated to Deposits: Deals, Data, and Discussion

5.50% Money Market Account for 6 Months at a California CU (Meriwest)

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Meriwest Credit Union
Meriwest Credit Union has a promotion for its Premium High Yield Money Market account in which you can earn a blended yield of up to 5.50% APY. Meriwest will pay a bonus based on your initial deposit to the money market account. The bonuses include $300 for deposits from $25K to under $50K, $600 for deposits from $50K to $100K, and $1,050 for deposits over $100K. You are required to maintain at least the Qualifying Deposit Amount in your money market account for six months to retain the bonus.

Here's an example of how this would result in a 5.50% APY. If you deposit $50K into the account, you'll receive a $600 bonus. The bonus is suppose to be credited the next business day. This $50,600 would then earn the standard money market yield of 3.10% APY. At the end of 6 months, the total would be about $51,384. This would be roughly equivalent to a 5.50% APY account for 6 months. This assumes the standard money market yields don't fall during those 6 months. Since the standard rates of the Premium High Yield Money Market are rather low (currently range from 1.50% to 3.40% APY), there will probably be better places for your money after the 6 months.

Field of membership includes those who live, work or study in Santa Clara, Alameda, Contra Costa, San Mateo, or San Francisco County. Select Employer Groups include IBM employees and retirees. Family members and other SEG's can also qualify. See site for details. Membership requires a one-time fee of $5.

Branches are located in California cities of San Jose, Milpitas, San Mateo, Mountain View, Palo Alto, Menlo Park, Dublin and San Ramon. There are also two branches in Tucson, Arizona.

The credit union is federally insured by the NCUA (Charter # 68394). It has $1.1 billion in assets and 74,989 members.

  Tags: California, Meriwest Credit Union

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