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5.00% 5-Month CD at Alta Vista Credit Union in Southern California

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Alta Vista Credit Union
Alta Vista Credit Union is having a Grand Opening CD with a 5.00% APY for a term of 5 months. The minimum deposit is $2,500, and new money is required. There's a link on the front page that points to the promotional page (pdf). The grand opening is November 8th. The offer expires November 13, 2008.

The new office of the grand opening is located at 1425 W. Lugonia Avenue, Redlands.

$100 Checking Account Bonus

The credit union continues to offer a checking account bonus of up to $100. The first $50 requires that you open the Checking Account and use your VISA check card 8 times during the first 30 days. The second $50 requires signing up for Direct Deposit. Offer expires 12/31/08. This checking account bonus was listed in this online ad.

Membership is open to those who live, work or worship in San Bernardino or Riverside County. You can also be eligible to join if you are associated with any branch of the US Armed Forces or Reserves. Please refer to the credit union's Becoming A Member Page for more details. Membership requires a $5 fee and a minimum $25 balance in the Regular Savings Account. It appears there may be a hard credit pull. The credit union states that they will run a credit report as part of the verification processs.

Branches are located in San Bernardino and Redlands, California. The credit union is federally insured by the NCUA (Charter # 64531).
  Tags: California, CD rates, Alta Vista Credit Union

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Is this a 5-month CD at 5% or an
11-month CD with an initial 5%
rate for five months and some undetermined but probably quite low rate for the next six months?
I think the former, but not sure.
Here is the language at the website:
https://www.altavistacu.org/Resources/PDFs/GrandOpeningFlyer.pdf
"• Take advantage of our Grand Opening CD rate –
5.00% APY for 5 months for 5 days only**..........At maturity, certificate will rollover to the current 6 month rate.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It's common for CDs with special terms (like 5 months) to renew at the comparable standard term CD. At the end of the initial term, there is typically a grace period which allows you to close the CD without any penalties. Nevertheless, it does make sense to confirm that they will allow you to close the CD at the end of the 5-month term without penalties.

1