First Entertainment Credit Union is offering another CD promotion with two competitive rates: 2.09% APY for 18 months and 3.00% APY for 3 years. The 3% also applies to 4- and 5-year CDs which are not quite as competitive. These rates are listed in the credit union's rates page as of 11/20/2009.
First Entertainment Credit Union also has a 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 it's an extra bonus if you join for the CD.
This credit union regularly comes out with some nice CD deals. Last September they were offering a 2.09% 12-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."
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 First500 Savings Account.
Branches are located in the California cities of Hollywood, Burbank, Culver City, Los Angeles, Studio City, Santa Monica and Valencia.
First Entertainment Credit Union's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 68373).
Thanks to the reader infirm who mentioned this promotion in the bank deals hub page.
Other Competitive Certificate of Deposit Rates