La Financial Credit Union continues to offer a promotional 11-month certificate. The new rate is 3.50% APY which is down from last month when it was 4%, but it's still very competitive. Minimum deposit is $1,000. It's also available as an IRA certificate. This promo is listed in the credit union's rate table as of 1/27/09. The CD will automatically renew as a 12-month term. As is common with CDs, I would assume you can close the CD at the end of the 11-month term during the grace period.
Membership is open to those who live, work, worship, volunteer or attend school in Los Angeles County, California. Membership is also open to anyone who lives or works in Lake Havasu City, Arizona through Havasu Community Credit Union (a division of LA Financial CU). Please refer to LA Financial CU's membership page and Havasu Community CU's membership page for more details. The credit union has a $5 membership fee, and there's a $5 minimum deposit required for the savings account. A minimum $100 balance in the savings account (or $2.5K combined balance of all savings and loans) is required to avoid a $3/month fee (see savings account info).
Branches are located in Los Angeles, Pasadena and Norwalk, CA, and in Lake Havasu, AZ.
The credit union has mixed ratings for soundness: 4 stars (excellent) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 2024).
Other Top CD Rates for California
Hanmi Bank is offering 3.50% internet CDs with terms of 3, 6, 9 and 12-months for California residents. These rates had been 4%, but they just went down yesterday (see post).
For other top CD rates, refer to my weekly nationwide CD list and my list of the Best CDs and Deals by state.