Dedicated to Deposits: Deals, Data, and Discussion

4.05% 12-Month / 4.15% 24-Month CD at a California CU (Schools)

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Update 4/05/08: The CD rates have fallen. The new 12-month yield is 4.05% APY and the 24-month yield is 4.15% APY. These yields are for a $2K minimum deposit and without Platinum Reward relationship. The title has been modified to reflect this change.

Schools Federal Credit Union is listing some competitive certificate rates. The lowest rates without the Platinum Reward relationship and with only a $2,000 minimum deposit include 4.45% for 3 to 5 month terms, 4.50% APY for 6 to 11 month terms, 4.55% APY for 12 to 59 month terms and 4.65% APY for a 60-month term. An extra 10 basis points can be added if you have the Platinum Reward relationship. A minimum deposit of $50,000 adds 5 basis points to most terms, and a $90,000 minimum deposit adds 10 basis points to most terms.

The above rates also apply to IRA certificates. There's also a special 5.50% APY 18-month IRA certificate listed. This special requires the Gold or Platinum Relationship.

The rate table has a date of March 1, 2008, so hopefully these rates will last at least through March.

Membership is primarily limited to employees and students of several Los Angeles schools. The Who We Serve page also lists one organization for membership qualification. You can also qualify via non-immediate family members which includes nieces, nephews and cousins. Membership requires a one-time fee of $5 and a minimum deposit of $5 in the share savings account.

Branches are located in the California cities of Rancho Dominguez, Encino, Monterey Park, Carson, and Los Angeles. The credit union is federally insured by the NCUA (Charter # 3526). It has $118.1 million in assets and 23,353 members.

  Tags: California, CD rates, IRA rates

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