First Entertainment Credit Union is offering a special certificate with a yield of 3.25% APY for a 12-month term. Minimum deposit is $1,000. This special doesn't seem to be listed on the credit union's website. A reader emailed me news of this, and I received more info from the credit union rep via their online chat system. According to the CSR, these promos typically last for 3 weeks. It began on Monday (2/2/09). However, the promo is subject to end at any time.
This credit union regularly comes out with some nice CD deals. Last May they were offering a 3.70% 7-month special CD and in 2007 they were offering a 6% CD. A reader commented about opening these certificates in 2007 and thought "they were easy to deal with and pleasant."
First Entertainment Credit Union also has a new savings account called Firt500 Savings in which you can earn 7% APY on your first $500. To qualify for this yield, you're required to have a checking account with eStatements and either Online Billpayer or Direct Deposit. The low cap does hurt this deal. You only can make about $25/year more than what you would make in a 2% savings account. It's probably not worth it to join the credit union for this, but if you join for the CD, it may be worthwhile to add this.
The credit union has an online CD application which allows you to select how the funds should be treated at maturity, how interest is to be paid and which First Entertainment account is to be used for funding. It also allows you to add up to two POD beneficiaries.
Membership is open to most individuals who work, live, attend school or worship in the Greater Los Angeles Area. You can also be eligible via select employee groups and via family members (and not just immediate family). Please refer to the credit union's Becoming a Member Page for more details. Membership requires a one-time fee of $5 and a minimum deposit of $5 into the savings account.
Branches are located in the California cities of Hollywood, Burbank, Culver City,
First Entertainment Credit Union has some decent ratings for safety and 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 # 68373).
Other Certificate of Deposit Deals
Hanmi Bank continues to offer 3.56% APY internet CDs with terms of 3, 6, 9 and 12 months (as of 2/05/09). These are only available to California residents. Refer to my Hanmi Bank review post for more details, and refer to my California Deals Page for other recent CD deals in California
For other states, refer to my index of State CD Deals. Refer to this page for recent CDs available nationwide, and my weekly rate summary for the best CD rates available nationwide.