Dedicated to Deposits: Deals, Data, and Discussion

7.00% 6-Month CD at a Premier America CU - $5K Max - Easy Membership.

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Premier America Credit Union
Premier America Credit Union has a new 7.00% certificate promotion. Unlike the previous ones that I've recently reported on, this one is listed at the credit union's website. It's a 7.00% APY 6-month certifcate with a minimum deposit of $1,000, and a maximum of $5,000. A checking account is required, and funds must be new to the credit union. There's a limit of one certificate per member/social security number.

Update 2/15/08: This promotion has been extended and is now scheduled to last through February 29, 2008.

Update 2/6/08: I called the credit union today, and I was told that the last day for this special is February 15, 2008. The special CD cannot be opened online. If you don't live near a branch, I was told that after you have joined and opened a checking account, you should be able to mail a check with instructions to open this 5-6-7 CD. Please contact the credit union for specific instructions.

This promotion is similar to a checking account bonus. The 7% for 6 months with a $5K deposit will earn you about $75 over what you would get with a 4% account. A couple should be able to open two of these to make a net gain of $150. Their best checking account is the Basic Checking which requires only a $25 minimum opening deposit and has no monthly fees.

In January, their Houston branch was offering a 7% 7-month $7K Max certificate promotion.

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 credit union's online 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.

  Tags: California, CD rates, Premier America Credit Union, Texas

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Comments
10 Comments.
Comment #1 by Anonymous posted on
Anonymous
Hi - this CD wasn't listed as an option when I tried to open the CD &checking accounts online. (They only had regular CDs.) Do I have to become a CU member first in order to get the 5-6-7 Certificate promo?
Thank you, always, for posting great deals on your blog.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
You're right, it looks like they don't have this special CD listed as a selection in the online membership application. It's going to require a call to see how members are suppose to apply for this special.

1
Comment #3 by Anonymous posted on
Anonymous
Hello, you wrote

"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."

Does that mean they are paying the fee, or that they are paying on my behalf and then taking it out of the funds in my account?

1
Comment #4 by jts (anonymous) posted on
jts
please answer this previous comment, anyone?
Hello, you wrote

"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."

Does that mean they are paying the fee, or that they are paying on my behalf and then taking it out of the funds in my account?

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
I interpret this as they are paying the fee with their money. Otherwise, there would most likely be a specific fee listed for this membership in the online application. Both Agriculture FCU and Pentagon FCU had the association membership fee listed in their online applications.

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Comment #6 by Jammie/Wan (anonymous) posted on
Jammie/Wan
I opened an account Tuesday. They did waive the $25 AAAE fee, and instead of mailing a check, they suggested that I deposit the funds into an associated CU branch and just call to open the CD. Pretty simple.

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Comment #7 by Jammie/Wan (anonymous) posted on
Jammie/Wan
After I rushed to a nearby CU to deposit 5K before it closed, I found out they've also extended the CD promotion for another 2 weeks due to high interest. Still, it was a quite a painless process, so I would recommend it.

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Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Thanks jammie/wan for the info. Glad to read they've extended it, and nice to see they're making the process easy.

1
Comment #9 by Anonymous posted on
Anonymous
5k 6 months 7% still listed here:

http://www.premier.org/home/misc.567

1
Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
I have a feeling that might be an old page that they haven't removed. They currently are only linking to this new 555 certificate that I posted on last week.

1