Bay Federal Credit Union is offering a 5.02% APY 5-year CD. The minimum deposit is $10,000. A yield of 4.92% APY is available for a $1,000 minimum. The 3 and 4 year CDs are also fairly competitive with a yield of 4.08% APY and 4.34% APY for a $10,000 minimum (see rate table). These CDs have a bump option which allows a one-time option to bump up the rate of the CD to the current rate. These rates are also available as an IRA CD. According to the Truth-in-Savings disclosure, the early withdrawal penalty is 180 days of interest on the amount withdrawn for CD terms of one year and up.
My last report on this credit union was in August 2007 when it was offering a 5.76% 60-month CD and a 5.50% 12-month CD.
Membership is open to anyone who lives, works, volunteers, worships or attends school in Santa Cruz, San Benito, or Monterey County. Please refer to their Membership Page for more details. Membership requires a one-time $5 fee.
Branches are located in Aptos, Ben Lomond, Capitola, Salinas, Santa Cruz, Scotts Valley and Watsonville. The credit union is federally insured by the NCUA (Charter # 12067). It has $633.6 million in assets and 62,568 members.