Dedicated to Deposits: Deals, Data, and Discussion

6.00% 6-Month CD at a San Antonio CU (Generations).


Generations Federal Credit Union

Update 3/15/08: The special CD is no longer listed at the credit union's website.

generations community federal credit union is celebrating the change of its name from San Antonio City Employees FCU to generations community FCU by offering a special 6.00% APY 6-month share certificate or IRA. The minimum deposit is $1,000, and the maximum is $250,000 per member.

This is such a good deal that I gave a close look at the small print. One sentence stipulates that "All proceeds will be deposited to a regular 12-month term share certificate upon maturity." I called and asked about this. The CSR said that you are free to close the CD when the 6-month CD matures without penalty. There is a 10 calendar day grace period.

Unfortunately, this is such a good deal, that it probably won't last long. The CSR said that he didn't expect it to last past today due to the demand.

Field of membership includes all those who live, work, worship, attend school or volunteer in Bexar County, Texas. Membership requires a $5 deposit in the share savings account.

Branches are located through out San Antonio. The credit union is federally insured by the NCUA (Charter # 4015). It has $314.2 million in assets and 45,125 members.

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

Related Pages: CD rates, IRA rates, Generations Federal Credit Union, Texas

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Comment #1 by Anonymous posted on
This is an absolutely mind bending, pedal to the metal deal. Has anyone outside Texas found a way in that we all could use??

Comment #2 by Clinet Number 10 (anonymous) posted on
Clinet Number 10
No way, Jose. Out of state, out of the running. So sad. If not, can you imagine just how much money in deposits this bank would have received today? I'll tell you this, I would have run to the bank with a six-figure deposit.

Unfortunately, we are all SOL as the Fed might just get that rate down to 1% sometime this year.


Client Number 10

Comment #3 by Anonymous posted on
This scintillating deal remains alive at this writing. I'm shocked nobody outside Bexar County has found a way in, a way to join. This deal reminds me of Fort Knox:

It's a really rich, valuable, deal. But it's simultaneously all but impregnable.

Comment #4 by Anonymous posted on
I dropped in to verify that the deal was still on before pulling the money out of my money market... WHOAA! Every retiree within miles was there trying to figure out how to sign in on their electronic podium sign-in thingy. That was at least amusing. I sat next to a woman who was from Kerville, several miles away. I asked how she expected to qualify, she replied sheepishly that she attended church in San Antonio. Interesting since it is an hour drive.

BTW, what kind of network do the retirees have set up to always know of these deals?

Never the less, they managed to write me up and get things going so that I only had to come back to make the deposit and not hassle with the wait. They were out of transaction envelopes and were passing out water bottles to the folks there. A few people gave up, lessening my wait time.

Anyway, many thanks for the tip, I only had a few days left on my 4.3% money market account.

Comment #5 by Anonymous posted on
I'm kicking myself for not pursuing this with more effort. I spent maybe two hours on it, but I didn't make the telephone calls I should have made. Laziness is annoying, especially when I'm the lazy one. Anyway, I "pumped up" another CD I had opened back in January, instead of going after this Bexar County deal. Ended up with only 5.25% APY for the next seven months or so, plus a generous helping of egg on my face. Oh, well. :-(