Dedicated to Deposits: Deals, Data, and Discussion

7.00% 7-Month CD at a Texas CU - $7K Max (Premier America).

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Premier America Credit Union
Update 2/09/08: This credit union has a new promo. Please see this post for more info.

Premier America Credit Union is again offering a special 7.00% APY 7-month certficate of deposit. A reader mentioned seeing it advertised in the Houston Chronicle yesterday. It's not listed at their website, and I can't find it in any online ad. I called Premier today, and I was told that it's only available in Houston. The CSR didn't have any more details. It appears to have the same limitations and requirements as their previous 7-7-7 special: minimum and maximum deposit of $7,000, must be a new member, and a free checking account with direct deposit is required.

This promotion is similar to a checking account bonus. The 7% for 7 months with a $7K deposit will earn you about $71 over what you would get with a 5.25% CD.

Readers in previous posts have mentioned that Premier does a hard credit inquiry in addition to a ChexSystem verification as part of the account opening process. The hard pull can slightly ding your credit score.

Field of membership includes members of the Alliance for the Advancement of Arts & Education (AAAE). Anyone can join this organization. According to the membership page:
When you apply for membership, be sure to select "AAAE" on the company listing. Then complete the AAAE application that will be provided during online account opening.

I was able to select AAAE in the application when I selected the radio button for "I am a member of an eligible company or organization". A link to an AAAE pdf document was listed. This document stated:
AAAE's one-time membership fee is $25. Premier America Credit Union will grant this fee on your behalf when you join AAAE to become a qualifying member with Premier America Credit Union. The funds will be sent to the AAAE office, and will be used to support arts and education mission.

You can qualify to join Premier without joining AAAE if you live, work, worship or attend school in parts of California or within 10 miles of our Westchase branch in Houston, Texas. In addition, you can be eligible if you're an employee or member of a long list of companies and organizations.

Membership requires a one-time fee of $5 and a minimum deposit of $5 into the savings account.

The credit union is federally insured by the NCUA (Charter # 68428). It has $1.32 billion in assets and 72,172 members.

Thanks to the reader who mentioned this special certificate in the finding-the-best-rates post.

  Tags: CD rates, Premier America Credit Union, Texas

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
I missed reading yesterday's paper but the ad is right there.
However it is of no use to me as I still have a similar CD.

1
Comment #2 by A reader (anonymous) posted on
A reader
I read your post. Is it currently available for anyone nationwide or just in Houston? BTW, love your site. Thanks.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I think it's only available in Houston.

1