It's nice to see another CD promotion which is as competitive as their December special CD. 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 2008, 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).
Western FCU is also offering a $20.09 bonus when you open a Club Account and refer a new member to Western by January 31, 2009.
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.
Thanks to the reader who mentioned this new CD special in the comments.