Dedicated to Deposits: Deals, Data, and Discussion

7.50% 12-Month CD at a California CU - $1K Max - Also a $100 Checking Bonus (Meriwest)

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Meriwest Credit Union
Meriwest Credit Union is has two nice promotions. One is a special share certificate with a yield of 7.50% APY and a term of 12 months. The minimum and maximum deposit is $1,000. New membership and checking account are required. Existing members may open this CD if they refer a new member who opens this CD and a checking account.

The $1K cap applies to a member and not a household, so a couple could increase the cap to $2K. Earning 7.5% for a year will result in about $90 over what $2K would earn in a 3% account. This CD promotion seems very similar to what Patelco Credit Union is offering.

The other promotion is a checking account bonus in which you can earn up to $100: $50 for signing up for Direct Deposit and another $50 for setting up Online Bill Pay. Some of the important small print of this offer includes:

$1,000.00 per month minimum ongoing payroll Direct Deposit required to qualify for Direct Deposit bonus.

Active Bill Pay requires at least 2 bills paid with a 60-day period. Qualifying bill payments must be paid within 90 days of signing up for Online Bill Pay.

Limit one (1) Direct Deposit bonus and one (1) Bill Pay bonus per household.

Bonus may be reported as income to the IRS. Membership is required with a one-time, non-refundable $5 fee.

They had a similar checking account bonus in October 2007.

Field of membership includes those who live, work or study in Santa Clara, Alameda, Contra Costa, San Mateo, or San Francisco County. Select Employer Groups include IBM employees and retirees. Family members and other SEG's can also qualify. See site for details. Membership requires a one-time fee of $5.

Branches are located in California cities of San Jose, Milpitas, San Mateo, Mountain View, Palo Alto, Menlo Park, Dublin and San Ramon. There are also two branches in Tucson, Arizona.

The credit union is federally insured by the NCUA (Charter # 68394). It has $1.3 billion in assets and 91,244 members.
  Tags: California, Meriwest Credit Union, CD rates

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Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
You have to visit the branch to open this CD and apply for membership at the same time.

1
Comment #2 by John (anonymous) posted on
John
No, you don't, or, at least, IME you don't. Opened online and called to ask if I can send in funding check for the CD, checking account, etc. CSR said OK.

Offer is apparently good through end of May.

1
Comment #3 by Anonymous posted on
Anonymous
Tried to open online five times, and application would not complete.
Phone customer service will take app. but can not ach fund the account that way (only cash advance off your card).
Initial ACH funding must be confirmed by customer app. online, otherwise must mail check or visit CU branch or service center.
Finally had to print out all the essential forms w/ID, and fax to my phone rep.
She handled it from there.
$50 billpay bonus is an even better deal than 7.5%apy certificate($1000 only).
Both of them are even better especially if you can set up direct deposit(extra $50 bonus).
Pretty nice customer service once you can get your application done.
Good deal...

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read of the problems with the online application, but glad to read you were still able to apply.

1