This is the first time that I noticed Clearpath Credit Union. I'm surprised I haven't noticed it before since it has some competitive CD rates and it's available to Southern California residents. The best deal is its 5-year Clearly Better Savings Certificate. It has a 2.07% APY for a $50K minimum deposit and a 1.92% APY for a $10K minimum. These rates are listed in the credit union's rates sheet as of 2/27/2012.
The credit union's Clearly Better Savings Certificate is a CD with some nice features. First, it gives members the opportunity to "bump up" to the latest rate once per term. According to the credit union's disclosure, the early withdrawal penalties for an accounts with terms of one year or more is "equal 90 days dividends or $10 which ever is greater on the amount withdrawn subject to penalty." Also, the disclosure clearly states that early withdrawals are allowed: "You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty." Some institutions state that early withdrawals are only allowed if they consent.
Based on the credit union's membership page, it appears eligibility had been limited primarily to employees of Ralphs or Food 4 Less grocery stores plus a few other companies. However, they now include a way for anyone in Southern California to qualify. Members of Clear Giving Charitable Association are eligible to join the credit union. According to the Clear Giving Charitable Association page, any individual living in Southern California is eligible to join the association. Annual membership dues is $5.
The credit union has an online application that allows people to join and to open accounts including the CDs.
Clearpath Credit Union branches are located in the Southern California cities of Glendale, Compton, Moreno Valley and Fontana. Clearpath is also part of the CU Service Centers shared branch network.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 3.59% based on September 2011 data. Please refer to our financial overview of Clearpath Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 9556).
How This CD Rate Compares
The best 5-year CD rate that's nationally available is 2.30% APY at Andrews Federal Credit Union. This has an early withdrawal penalty of 6 months of interest, but the credit union also gives itself the right to refuse an early withdrawal (see review). Pentagon Federal Credit Union is close behind with a 2.25% APY. PenFed's 5-year CD has an early withdrawal penalty of up to 12 months of interest. These rates are accurate as of 2/27/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.