Lockheed Federal Credit Union is advertising this CD special for its Southern California branches. It's a 10% APY 6-month CD with a minimum deposit of $1,000 and a maximum of $2,500 with a limit of one per household. An additional new account relationship is required. This can include a checking account (with $250 ore more), a money market account ($2,500 minimum deposit) or any new loan. New funds are required. The offer ends on July 31, 2010.
Like a Checking Account Bonus
These very high-yield CDs with low maximum deposits which require a new account are more like a checking account bonus than a CD. In this case, a 10% yield on $2,500 for 6 months comes out to be about $125. That's about $100 more than what you could earn in a 2% account for 6 months.
Their best checking account appears to be the Advantage Checking. It does have a $2.95 monthly fee, but you can have this waived with e-statements.
Credit for this find goes to FW member AbbaZabba who mentioned this promo in this FW thread.
In addition to employees of Lockheed Martin companies, credit unioin membership is open to members of the Achievers Club. According to the credit union's eligibility page:
You can join online as part of the LFCU membership process. Simply select "Achievers Club" from the Membership Eligibility menu. There is a one-time membership fee of $5 to join the Club.
Membership requires a $5 minimum balance in a share savings account.
The credit union's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of Lockheed Credit Union). These ratings are based on March 2010 data. It's a sizable credit union with $2.88 billion in assets. The credit union is federally insured by the NCUA (Charter # 1999).