Premier America Credit Union has a new 5% certificate promotion called the 5-5-5 Certificate. It has a yield of 5.00% APY and a term of 5-month 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.
This promotion is similar to a checking account bonus. The 5% for 5 months with a $5K deposit will earn you about $40 over what you would get with a 3% account. A couple should be able to open two of these to make a net gain of $80. Their best checking account is the Basic Checking which requires only a $25 minimum opening deposit and has no monthly fees.
Special CD May Not Be Available Online
In February Premier America had a similar CD special. At that time, I was told by the credit union that 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 special CD. A reader mentioned that he was able deposit money into his Premier America savings account via a nearby shared branch and then called the credit union to open the CD. Please contact the credit union for specific instructions.
Hard Credit Pull
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.
Qualifying For Membership and Joining
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.
Turned Down in the Application?
Note, some readers have reported their applications were turned down without explanation. If this happens to you, I recommend calling. Online applications often have issues.
The credit union is federally insured by the NCUA (Charter # 68428). It has $1.38 billion in assets and 67,597 members.
Another 5% 5-Month CD, but with a $25K Cap
For those who have larger savings, Xceed Financial Credit Union is also offering a 5% 5-month CD, but it has a much larger cap of $25,000. Like Premier America, there are easy ways for anyone to join. This special CD from Xceed was scheduled to end on April 15th, but a reader just informed me that it has been extended to May 30th. Please see this post for more details.