KeyPoint Credit Union is offering a yield of 4.00% APY on its certificates for terms of 12 months and longer. The yield for correspending IRA certificates is 4.20% APY. These require a minimum deposit of $25,000 and direct deposit of net pay. Without direct deposit, the yield is 25 basis points lower. They also have a liquid access option in exchange for a 0.25% lower rate. This option allows you to make 3 deposits or withdrawals during the term. A maximum 50% increase or decrease from the original deposit will be allowed during the term of the account.
I last reported on this credit union in November 2007 when these CD rates were around 5.50%. So this credit union has a track record of offering competitive CD rates.
Membership is open to those who live, work, worship or attend school in one of the following California counties: Alameda, Contra Costa, Sacramento, San Mateo, Santa Barbara, Santa Clara and designated areas of Ventura County. You can also be eligible to join through select employer groups or family relation. Please see the credit union's eligibility page for details. One downside with this credit union is a $35 one-time membership fee. Remember to try to get this waived if you join to open a CD. Often these fees are negotiable.
Branches are located in Concord, Cupertino, Milpitas, Pleasanton, Santa Clara, San Jose, Sunnyvale, Folsom and Goleta. KeyPoint is federally insured by the NCUA (Charter # 65299). It has $845.7 million in assets and 62,787 members.
Credit for this find goes FW member Hall0 who mentioned this special in the FW CD thread.