Dedicated to Deposits: Deals, Data, and Discussion

4.15% 17-Month CD at Western FCU - Easy Membership


Western Federal Credit Union
Western FCU is offering a special 4.15% APY 17-month CD. The minimum deposit is $1,000. According to the credit union's promotional web page, this offer is scheduled to last through December which is a plus in the current interest rate environment. The account can be opened online or at a branch.

I had posted on Western FCU several times in 2007 when it was offering long-term CDs with yields as high as 5.75% APY. Its standard CD rates haven't been too competitive for most of this year, but they're actually fairly competitive now. One plus with these CDs is a mild early withdrawal penalty of 90 days of interest (see page 7 of the Truth-in-Savings disclosure).

Update 1:00PM PST: Western FCU has a $25 bonus for members who sign up for eStatements before the end of 2008. Also, they're offering a $20.09 bonus when you open a Club Account and refer a new member to Western by January 31, 2009. Hat tip to the commenter who mentioned this.

Membership is open to members of two associations in which anyone can join with a $25 fee. Western FCU also has a long list of Select Employer Groups in which you can be immediately eligible to join. Please see their how to join page for more details.

Membership requires a $5 membership fee and a minimum deposit of $5 into the primary savings account. In the online application, it states that the $5 membership fee and $5 membership deposit are compliments of Western. It warns that it's only for a limited time. However, it has been this way since my September 2007 post.

The credit union has its headquarters in California but it also has branches in Arizona, Arkansas, Colorado, Texas, Utah and Virginia.

Western FCU's ratings for soundness are good: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate. Both ratings are based on 9/30/08 data.

The credit union is federally insured by the NCUA (Charter # 15732). It's a large credit union with $1.43 billion in assets and 140,746 members.

  Tags: Western Federal Credit Union, California, Utah, Arkansas, Texas, Virginia, Arizona, Colorado, CD rates

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Comment #1 by Anonymous posted on
I opened a CD there back when you reported on the 5.75 rate.
They recently sent me an email indicating you can get a $25 bonus for signing up for estatements. This is also clearly posted on their home page. You can also get 20.09 for opennig a club account, but I don't think that would be available for 6 months due to the nature of the club account.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. Somehow I missed seeing these. $25 for switching to estatements is much more than what my banks and credit unions have offered me to switch.

Comment #3 by Anonymous posted on
That $25 for signing up for estatements is worthless. I tried to sign up for estatements but they said I was already getting them, even though they've been sending me paper statements. Then they sent me an email saying that they would stop sending me paper statements because I was getting estatements. Then I got a postcard saying they can't send me estatements because my email address doesn't work. When I logged on to check my email address it was correct but the screen said I had to change my login name.

When it stops raining I'm going to a branch to clarify this s**t.