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