Best Long-Term CD Rates in California at SchoolsFirst FCU

A few weeks ago I reported on the special 2.50% APY 30-month add-on CD that's offered by SchoolsFirst Federal Credit Union. The promotion is still listed at the credit union's promotions page as of 4/21/2010. One thing I forgot to mention is that this credit union also has some very competitive long-term CDs. The best one is the 5-year Jumbo CD which has a 3.35% APY as of 4/21/2010. This requires a $100K minimum deposit. According to the account disclosure, the early withdrawal penalty for terms of 18 months or more is 180 days of dividends on the amount withdrawn. This is more favorable than some other CD rate leaders such as EverBank.

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).