Dedicated to Deposits: Deals, Data, and Discussion

2.50% 30-Month Add-On CD at SchoolsFirst FCU in California - Local Only

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SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union continues to offer a promotional 30-month add-on CD with a 2.50% APY. Minimum deposit is $500, and it's also available in an IRA. The promotion is listed at the credit union's promotions page as of 3/31/2010. As stated below the table, "Multiple deposits allowed; Additional deposits will not affect the APY or maturity date." I had posted on this promotion in January, so it may not last much longer.

A reader who is a member of this credit union mentioned in an email that they allow unlimited deposits for this special CD. That's a very nice feature to have on a CD. If rates stay low or go lower, you can always fall back on the add-on CD. Typically, banks and credit unions which offer add-on CDs will limit the additional deposits to the amount of the initial deposit.

Membership eligibility is primarily employer based. Eligible employers include most schools in Southern California. Refer to the credit union's membership page for further details. There is a $15 one-time membership fee which seems expensive since it can be done online. A minimum $5 deposit in your share savings account is required for membership.

Branches are located throughout Southern California including the cities of Anaheim, Irvine, Cerritos, Fullerton, Cypress, San Bernardino and Santa Ana.

SchoolsFirst FCU's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 24212).


  Tags: California, SchoolsFirst Federal Credit Union, CD rates, IRA rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
For those wanting to open up one of these CDs, know that it DOES allow for adding UNLIMITED funds. This is different than most of OCTFCU/SchoolsFirst's recent add-on CDs, which only allowed you to add on funds up to double whatever your opening balance was. Because of this, the first telephone rep I spoke to told me "no... you can only add on up to double your opening initial balance" (because that's the only type of add-on CDs they've had recently), even when I mentioned that it didn't say this on their webpage. Instead of arguing, I simply called back and spoke to someone else at their Telephone Service Center, and was told (correctly) that there is (her words) "no deposit cap on this CD" and that you could add as much as you want to it.  Note that the rate isn't that great (2.5%), but it's still better than some other stuff, especially if you have funds at another bank that fails or rates continue to stay low. There are also some checking accounts at OCTFCU/SchoolsFirst that require you to have $500 in deposits at all times to avoid fees (the checking account that allows the most non-network ATM usage with no fees requires $500 balance to be kept) so since I was keeping $500 in a savings account to avoid these fees (at a dismal 0.15 apy) I figured this is the perfect way to move that $500 to an account that pays 2.5%. And who knows, with the unlimited add-on, it might (or might not) come in handy later, but it's still good I opened it up. Thanks for posting about this, I hadn't seen it before myself.

 

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