First Entertainment Credit Union is offering a fairly competitive CD special: 1.75% APY 11-month CD. Minimum deposit is $1,000, and new money is required. This special is listed in the credit union's rates page as of 3/12/2010.
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 prevents this from being a great deal. You only can make about $30/year more than what you would make in a 1.00% savings account. You won't want 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 attractive CD deals. Last November they were offering a 2.09% 18-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."
Membership is open to most individuals who live, work, 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 Burbank, Hollywood, Culver City, Los Angeles, Santa Monica, Studio City and Valencia.
First Entertainment Credit Union's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 68373).