Dedicated to Deposits: Deals, Data, and Discussion

4.25% 7-Month CD at a California CU - with liquid option (Southland).

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Update 3/8/08: The special CD yield has fallen again. Please check the credit union's website for the latest rate.
Update 2/23/08: The 7-month CD special rate has fallen from 4.75% to 4.25% APY. The title has been modified to reflect this change.

Southland Credit Union is offering a special 4.75% APY 7-month certificate. The minimum deposit is $500. It has the following liquid features: two penalty-free withdrawals during the term and deposit $100 or more any time during the term. It's also availabe in an IRA.

The credit union also offers a reward checking account that pays 5.25% APY on all balances. I first posted on this checking account last July. The 5.25% yield has held since then.

Membership is open to those who live, work, attend school, or worship in; Orange County, Artesia, Bellflower, Cerritos, Downey, Hawaiian Gardens, La Habra Heights, La Mirada, Lakewood, Norwalk, Long Beach, Paramount, Santa Fe Springs, and Signal Hill. Please see the credit union's membership page for the full details. Membership requires a $25 minimum deposit into the Primary savings account. This $25 minimum deposit and balance can be waived if a new member chooses to pay a $15 new member entrance fee.

Branches are located in Los Angeles, Los Alamitos and Downey, California. The credit union is federally insured by the NCUA (Charter # 68415). It has $400.4 million in assets and 31,731 members.

Thanks to the reader who mentioned this CD special in the Finding-the-best-rates post.

  Tags: California, Southland Credit Union, CD rates, IRA rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
The 5.25% Reward Checking is a great rate. The only problem I fear is that the rate will go down after the Fed cuts rates again, and Reward Checking Accounts become less attractive at the lower interest rates, since there is work involved. One must remember to do the 10 debit card transactions each month, or else the interest rate will only be 0.25%.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Yup, I'm worried about the same thing. For me it has to be at least 50 basis points higher than the yield available in my online savings accounts.

1