Dedicated to Deposits: Deals, Data, and Discussion

4.50% 9-Month CD at a California CU - Easy Membership/ASI-Insured Only (Christian Community).

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Christian Community Credit Union
Update 3/15/08: The 9-month CD yield has fallen again. Please check the credit union's website for the latest rate.
Update 2/13/08: The 9-month CD yield has fallen from 5% to 4.50% APY. The title has been changed to reflect this.

Christian Community Credit Union is offering a special 5.00% APY 9-month certificate. The minimum is $10,000, and the maximum is $250,000.

The credit union also has some additional specials for new accounts:
  • 5.50% APY 7-month certificate: minimum deposit: $1,000, maximum deposit: $10,000
  • 5.00% APY Money Market Account guaranteed for 6 months for balances between $1,000 and $10,000. $8 monthly fee if balance drops below $1,000.
  • $50 bonus for opening Interest Checking with Rewards. Requires direct deposit.

If you deposit the $10K max in the 7-month CD, you'll earn about $87 over what you would earn with a 4% CD.

Membership is open to those who affirm a personal Statement of Faith. Please see their Membership page for more details.

They have an online membership application in which you can select the statement of faith and select the accounts to open. The new-member 5.50% CD and 5.00% money markets are listed in the selection, but the 5.00% 9-month CD isn't listed. When you select "continue" after selecting the accounts, a popup window states that there's a limit of $5,200 for funding the accounts from your existing checking or savings account.

The credit union has offices in San Dimas and Covina, California.

This credit union is NOT federally insured by the NCUA. It has private insurance through American Share Insurance (ASI). This was the same private insurance that Patelco Credit Union had before this year. Like NCUA, the ASI does provide access to each credit union's financial data. Here's the ASI page for this credit union. It has a 3 out of 5 star rating (performing) at Bankrate.com based on 9/30/07 data.

Thanks to the reader who mentioned these specials in the Finding-the-best-rates post.
  Tags: California, Christian Community Credit Union, CD rates

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Comments
7 comments.
Comment #1 by Anonymous posted on
Anonymous
This is surely one of your more intriguing and thought provoking postings, Banking Guy. Thank you for making us aware. I have never gone with ASI in the past, though I did look at them a while back and thought they appeared OK. Of course, looking is one thing and actually putting my money on the line is quite another thing. There is not a dull moment in this life!

If this question is out of line or inappropriate just ignore it and please forgive me for asking. But you are a banking guru and gurus often are pestered with questions. Would be curious to know if you have any of your personal funds beneath ASI, or is everything NCUA and FDIC? Thanks.

1
Comment #2 by Lover of the Statement of Personal Faith (anonymous) posted on
Lover of the Statement of Personal Faith
signing a Statement of Personal Faith as a condition for membership? I love it! If only all CU's were that easy.

My two cents: I, too, checked out ASI and all seemed OK. The issue I would take is the speed of payment of claims. The NCUA and FDIC government site states that a person's funds will be mailed out in just a few days after bank or CU failure. Would private insurance pay as fast?

And obviously, a private insurance company could declare bankruptcy at any time, no matter how strong, if a huge crises arises. (While the government could simply print more money. Yes, I know that would cause inflation.)

Me personally: If I had a large balance at a bank or CU, I would only do it if NCUA and/or FDIC coverage applied.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
That statement of faith is interesting. Unfortuantely, it also requires some faith in ASI.

I've been avoiding posting ASI-only credit union deals, but this one with 5% APY was too good to ignore. But I made sure to at least give more info and links on ASI and the Bankrate's safety so everyone can make up their own minds. I don't know how ASI would hold up if the economy gets really bad.

It's interesting to note that several recent NCUA-insured credit union failures first went into NCUA conservatorship before liquidation. This gave members time to react to make sure they were under the NCUA limits. I haven't seen any ASI-only credit union failures so I'm not sure how that would be handled.

1
Comment #4 by Bozo (anonymous) posted on
Bozo
I planted a good deal of cash in Patelco when they were with ASI.

But, I must admit, I felt a whole lot better when they got "real" insurance.

Yours,

Bozo

1
Comment #5 by Bill (anonymous) posted on
Bill
I had an account with another CU that was ASI, seems they are pretty reliable. I checked the financials on ASI. seems good to me, the financials for CCCU seems more impressive than alot of other CUs and/banks. if you look at the asi financials, 29,000 members are 376 million in deposits, that averages to about 12k in each acct. just my 2 cents

1
Comment #6 by Anonymous posted on
Anonymous
According to their website, these two CD rates have now fallen by 0.50% to 4.50% and 5.00% APY. (The money market rate appears unchanged for now.)

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated the post with this change. Sorry to see the rate fall so quickly.

1