Western FCU has a new CD promotion for February. As you might expect, the rate is down from the credit union's January promotion, but it's still competitive. The current promotion is a 3.00% APY 10-month share certificate. Minimum deposit is $1,000. The special is listed in this credit union's promo page as of 2/8/09. The promotion is scheduled to last through February. The account can be opened online or at a branch.
Regular and IRA Certificates of Deposit
Western FCU continues to offer some competitive rates on its regular and IRA certificates. The most competitive rates include a 3.05% APY 12-month CD, a 3.58% APY 36-month CD and a 4.04% APY 60-month CD. Minimum deposit is $1,000. The rates for a $40K minimum are 5 basis points higher and 10 basis points higher for $100K minimum. These rates are listed in the credit union's rate table as of 2/08/09. These rates often change weekly. 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).
Money Market Account
I've long reported on Western FCU certificates, but another thing I just noticed is a competitive money market account. It's a tiered rate account with no minimum balance requirements or monthly service charges. Competitive rates begin at $10,000 with an APY of 2.22%. It goes up to 2.58% APY at $50K and 2.68% APY at $100K. These rates are listed in the credit union's rate table as of 2/08/09.
Western FCU has a new referral bonus promotion that's scheduled to last through April 30, 2009. The referral rewards members $15 for each new member for up to $45. The new member doesn't seem to receive a bonus, but they do receive free membership. However, the online application still waives this fee. The only other benefit for the new member is being entered to win one of four $500 prizes.
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.
Credit Union Overview
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.