Credit Union of Southern California Offers Competitive 5-Month CD Special
Now through February 28, 2023, Credit Union of Southern California (CU SoCal) is offering a 5-month CD Special earning 5.00% APY. The 5-month CD Special has a minimum $1k opening deposit, with no stated balance cap. According to the landing page, “Additional deposits are allowed through February 28, 2023.” While the phrase “new money” is not used, the landing page states, “Deposits cannot originate from a CU SoCal account.”
As stated in the fine print of the landing page, the Early Withdrawal Penalty reads as follows:
90 day interest penalty will be imposed for early withdrawals.
CSR stated that partial withdrawals are allowed as long as the CD Special balance does not fall below the $1k minimum level. The landing page fine print states this limitation:
Deposits made to the promotional certificate through electronic transfer (ACH) originating from Credit Union of Southern California will not be available for withdrawal for 60 days from the date of deposit.
Thanks to DA reader, calwatch, for the very informative Forum post about this hot California deal.
Availability
Headquartered in Anaheim, Credit Union of Southern California’s field of membership (FOM) is community-based, with those who live, work, worship, or attend school in the California counties of Los Angeles, Orange, Riverside, or San Bernardino eligible to join.
Employees of nearly 500 Select Employer Groups (listed on the online application) are eligible for membership, regardless of where they live.
Family members of current CU SoCal members are also welcome to apply. “Family members” is generously defined as “spouse, child, sibling, parent, grandparent, grandchild, aunt/uncle, niece/nephew, cousin or legal guardian and includes step, in-law and adoptive relationships.”
Account Opening
Joining CU SoCal and/or opening a CD Special can be done online or at any of 20 California branches located in Alhambra, Anaheim (2), Brea, City of Industry, Costa Mesa, Covina, El Monte, Fontana, Fullerton, Garden Grove, La Habra, Los Angeles, Ontario, Orange, Pico Rivera, Pomona, and Whittier (3). Appointments are available and can be scheduled online.
Existing CU SoCal members can open a CD Special using Quick Apply in Mobile or Online Banking, by calling 866.287.6225, or in-branch at any of the above-mentioned branch locations.
The Membership Application is available as a fillable PDF, which can be return by mail or in-person at any branch location.
Every Member is required to have a Regular Savings Account. When you join, you
make a $10 initial deposit into this account to establish your “share” in the Credit Union.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH (maximum $100k), wire, check, shared branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Additional Deposits – can be made in-branch or by calling Member Care Center.
- Dividends – Compounded/credited monthly and must remain on deposit in the CD Special.
- Maturing Funds – 5-month CD Special will convert to a Soar Money Market Account upon maturity.
- Beneficiaries – Unlimited, equal shares, Social Security numbers not required.
- Grace Period – None, the 5-month CD Special will convert to a Soar Money Market Account upon maturity.
- Credit Check – ChexSystems.
Credit Union Overview
Credit Union of Southern California has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.70% (excellent) based on September 30, 2022 data. In the past year, CU SoCal has increased its total non-brokered deposits by $42.91 million, an excellent annual growth rate of 2.19%. Please refer to our financial overview of Credit Union of Southern California (NCUA Charter # 68456) for more details.
Founded in 1954 as Whittier Area Schools Federal Credit Union, Credit Union of Southern California is currently the 27th largest credit union in California, with more than 133,000 members and assets in excess of $2.3 billion. In the past ten years, CU SoCal has completed mergers with 14 other California credit unions: California Bear FCU, California Center CU, Family 1 FCU, Federal West Employees FCU, FedONE Federal CU, Golden West Cities FCU, Inland Empire CU, Newport Beach City Employees FCU, North Orange County CU, Pacifica Community CU, Pomona Postal FCU, San Gabriel Valley CU, Western Gear FCU, and WestWorks CU.
How the 5-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Credit Union of Southern California 5-Month CD Special. The following table compares the 5-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 1/10/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
