Update 5/3/08: A new 4% APY 7-mo CD promotion has replaced the 9mo CD.
Christian Community Credit Union is offering a special 3.75% APY 9-month certificate. The minimum is $10,000, and the maximum is $250,000. New money is required.
The credit union also has some additional specials for new accounts:
- 4.00% APY 7-month certificate: minimum deposit: $1,000, maximum deposit: $10,000
- 4.00% 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 $58 over what you would earn with a 3% 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 4.00% CD and 4.00% money markets are listed in the selection, but the 3.75% 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.
I last reported on this credit union in February when these rates were 0.75 to 1.5% higher. Even though they're much lower now, they're still competitive in the current interest rate environment.
Unique Credit Union
The two unique features about this credit union is the eligibility via the statement of faith and its lack of federal insurance.
It would be nice if more credit unions allowed membership via statements of faith. Consumers would have more choice. However, I guess it could create a difficult dilemma for some.
Several readers were concerned about the lack of federal NCUA insurance coverage. The credit union only has private insurance via American Share Insurance (ASI). I have to admit that I prefer NCUA over ASI. In my opinion, it's hard to know how well ASI would hold up if we go into a depression. One of my credit unions has both NCUA and ASI. The ASI is used to cover deposits over $100K and under $250K which would otherwise be uninsured. The CSR told me that ASI places additional financial requirements on credit unions (I don't have any details supporting this.) Christian Community Credit Union still has a 3 out of 5 star rating (performing) at Bankrate.com based on 12/31/07 data.
Like NCUA, the ASI does provide access to each credit union's financial data. Here's the ASI page for this credit union.
Thanks to the reader who mentioned these CDs in the finding-the-best-deals post.