3.70% 7-Month CD at a CA/NY Credit Union - plus a Savings Account Promo (First Entertainment).
First Entertainment Credit Union is offering a special certificate with a yield of 3.70% APY for a 7-month term. The minimum deposit is $1,000.
This isn't a great rate, but it's very competitive in this current rate environment. The best nationwide 6-month CD currently available at a federally insured institution is 3.75% APY at Corus Bank and Countrywide Bank (see my rates summary for more CD rates).
The credit union also has a new savings account called Firt500 Savings in which you can earn 7% APY on your first $500. To qualify for this yield, you're required to have a checking account with eStatements and either Online Billpayer or Direct Deposit. The low cap does hurt this deal. You only can make about $20/year more than what you would make in a 3% savings account. It's probably not worth it to join the credit union for this, but if you join for the CD, it may be worthwhile to add this.
This credit union regularly comes out with some nice CD deals. Last August they were offering a 5.60% 7-month CD and last May they were offering a 6% CD. A reader commented about opening these certificates last year and thought "they were easy to deal with and pleasant."
The credit union has an online CD application which allows you to select how the funds should be treated at maturity, how interest is to be paid and which First Entertainment account is to be used for funding. It also allows you to add up to two POD beneficiaries.
Field of membership includes most individuals who work, live, attend school or worship in the Greater Los Angeles Area. You can also be eligible via select employee groups and via family members (and not just immediate family). See site for details. Membership requires a one-time fee of $5 and a minimum deposit of $5 into your Prime Share savings account.
Branches are located in the California cities Hollywood, Burbank, Culver City, Pasadena, Santa Monica, Los Angeles and Valencia. There's also a branch in New York, New York.
The credit union is federally insured by the NCUA (Charter # 68373). It has $652.5 million in assets and 53,726 members.
Thanks to the reader who mentioned this credit union in the finding-the-best-deals post.