The bump feature allows you to make one request to bump up the rate during the term to the new advertised rate. It probably won't be useful for the next year or two. Nevertheless, a 4% APY is competitive now for a 48-month term regardless.
A more useful feature is the add-on option. The credit union is listing an add-on certificate with a 3% APY, $1K minimum and a term from 12 to 24 months. The add-on option allows you to add funds at any time which can be useful if you have CDs yet to mature and if rates continue to decline.
For a $100,000 minimum deposit, the credit union has a good deal on its Triple Advantage Certificate. These include a 3% APY 6-month CD and a 3.25% APY 12-month CD. This CD has both the bump and the add-on feature.
These rates are listed at the credit union's rate table as of 1/21/09.
Membership is open to anyone who lives, regularly works, or attends school in Alameda or Contra Costa Counties California. Please refer to the credit union's Membership Page for the full details.
Branches are located in the California cities of Alameda, Oakland, Berkeley, Pittsburg, Castro Valley, Pleasanton, Fremont, Rodeo, Hayward, San Leandro and Union City.
The credit union has some decent ratings for soundness: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 63958).