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Sound Credit Union (WA) Adds 19-Month CD Special - EXPIRED

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UPDATE 4/8/2019: These CD specials ended in April.

Deal Summary: Share Certificate Specials – 19-month, 3.19% APY, $1.9k minimum; 33-month, 3.33% APY, $3k minimum; some new money.

Availability: Residents of Washington.

For a limited time, Sound Credit Union (Sound CU) is offering two Share Certificate Specials: 19-month (3.19% APY, $1.9k minimum) and 33-month (3.33% APY, $3k minimum). The minimum opening deposit for either Share Certificate Special must be new money, defined “as currently not on deposit with Sound Credit Union." Any deposit beyond the required minimum can be in-house funds.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

The amount of the early withdrawal penalty will be the lesser of:

    1) all dividends earned (credited and accrued), on the date of the withdrawal, or

    2) one-half of the dividends that would have been earned during the full term of the certificate, which shall be calculated based on the current dividend rate applied to
    the current balance, without a withdrawal, for the full term of the certificate.

Availability

Headquartered in Tacoma, Washington, Sound Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, or attend school anywhere in Washington state eligible to join.

Employees of more than 30 SEGs companies are also eligible for membership.

Individuals who are “directly related” to any membership-eligible individual are welcome to apply.

Joining Sound CU can be done online or at any of 24 Washington branches located in Auburn, Bellevue, Bonney Lake, Bothell, Burien, Federal Way, Gig Harbor, Kent, Lakebay, Lakewood, Lynnwood, Olympia, Puyallup, Redmond, Seattle (3), Shoreline, Tacoma (4), Tukwila, and Turnwater.

While the two Share Certificate Specials are not listed on the online application, the promotion page states,

Call 800.562.8130 or visit your local branch today to open a Certificate or for more details.

CSR confirmed the Share Certificate Specials can be opened over the phone.

Credit Union Overview

Sound Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.63% (excellent) based on December 31, 2018 data. In the past year, Sound CU has increased its total non-brokered deposits by $56 million, an excellent annual growth rate of 4.46%. Please refer to our financial overview of Sound Credit Union (NCUA Charter # 66331) for more details.

Established in 1940 as the Tacoma Telco Credit Union, Sound Credit Union is currently the eighth largest credit union in Washington. With an initial deposit of $106.50 from 51 Pacific Telephone and Telegraph employees, the Credit Union has grown to more than 126,000 members and with assets in excess of $1.5 billion. The impressive growth is a result of FOM expansion and mergers with Watermark Credit Union (2011) and Port of Seattle Federal Credit Union (2015). According to a recent press release,

Sound Credit Union and Washington Bancorp, Inc. (OTC Pink “WGTB”), the holding company for the Bank of Washington, are pleased to jointly announce a strategic acquisition between the financial institutions – the first of its kind in Washington State history. The transaction will be structured with Sound Credit Union purchasing substantially all of the assets and assuming substantially all of the liabilities of the Bank of Washington.

The transaction has been unanimously approved by the boards of directors of both institutions and is subject to regulatory approval, approval by the shareholders of Washington Bancorp, Inc. and other customary approvals. The transaction is anticipated to be completed in the first quarter of 2019. The combined company will have approximately $1.7 billion in assets, $1.3 billion in loans, $1.5 billion in deposits and operate 29 branches throughout King, Pierce, Snohomish and Thurston Counties.

How the Share Certificate Specials Compare

When compared to 228 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Sound Credit Union's 19-month Share Certificate Special APY currently ranks second.

When compared to 281 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Sound Credit Union's 33-month Share Certificate Special APY currently ranks fourth.

The above rates are accurate as of 3/4/2019.

To search for the best CD rates, both nationwide and state specific, please refer to the CD Rates Table page.

Related Pages: Seattle CD rates, 1-year CD rates, 5-year CD rates

Sound Credit Union (WA) Continues Its $100 Checking Bonus
Comments
POSTED ON FRIDAY, AUGUST 7, 2015 BY KEN TUMIN
Availability: Residents of Washington State

Sound Credit Union (Sound) continues to offer its long-standing $100 cash bonus promotion when opening a new checking account. Sound has five different checking accounts (Free, Plus, Advantage, High-Yield, and Visions) and all five qualify for this promotional bonus.

Qualifying for the $100 Bonus is quite simple:

  • Open a new Sound Credit Union checking account.
  • Have a monthly payroll direct deposit of at least $250.
  • Receive $100.

Since I last wrote about this $100 Bonus in January 2013, Sound has changed one important detail. At that time,...

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Checking Account $100 Bonus Continues at Sound Credit Union - WA Only
Comments
POSTED ON TUESDAY, JANUARY 15, 2013 BY KEN TUMIN

Sound Credit Union has long been offering a $100 bonus for opening one of its checking accounts and establishing direct deposit of at least $250 per month. One small change in the qualifications since my last report is that the member must not have had a checking account at Sound in the last 12 months. This offer is listed in the credit union's checking promo page as of 1/15/2013. No expiration date is mentioned. Here's the small print of the offer:

Sound's free checking account qualifies for the promotion. It has...

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$100 Checking Account Bonus at Sound Credit Union - Washington State Only
Comments
POSTED ON THURSDAY, JANUARY 27, 2011 BY KEN TUMIN

Sound Credit Union is offering a $100 bonus for opening one of its checking accounts and establishing direct deposit of at least $250 per month. This offer is listed in the credit union's checking page as of 1/27/2011. No expiration date is mentioned. Here's the small print of the offer:

Sound's free checking account qualifies for the promotion. It has no monthly service charge or minimum balance requirement. One nice perk is free checks. Another perk is that it allows one free overdraft every year.

Membership Qualifications

Membership is open to anyone who...

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3.00% 24-Month CD at Sound Credit Union in Washington State - Local Only
Comments
POSTED ON SATURDAY, JULY 4, 2009 BY KEN TUMIN
Update 7/04/09: The CD rates have fallen. Please check the credit union's website for the latest rates.

Sound Credit Union is offering a very competitive 2-year CD with a rate of 3.00% APY. Minimum deposit is $500. There's also a competitive 18-month CD with a 2.50% APY. The 18-month is labeled as a flex CD, but I don't see where they describe the flex feature. These CDs are also available in an IRA. These rates are listed in the credit union's rate table as of 6/15/09.

My last post on this credit...



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4.25% 12-Month CD at Sound Credit Union in Washington State
Comments
POSTED ON FRIDAY, SEPTEMBER 12, 2008 BY KEN TUMIN
Sound Credit Union is offering a special 4.25% APY 12-month certificate. The minimum deposit is $500. The Jumbo 12-month certificate with a minimum of $100,000 has a yield of 4.35% APY.

My last post on this credit union was in April when it was offering a 3.90% 11-month CD. You can see how the rates have increased in the last few months.

Membership is open to anyone who lives or works in Washington State or who has a direct relative who is a member or would be eligible to be a member....



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