F&A Federal Credit Union continues to offer several very competitive checking, CD and IRA CD rates. I first reported on this credit union in 2010. I haven't been tracking it closely since it has a narrow field of membership. I thought it was worth another post for the few who can qualify to join.
The first noteworthy account is F&A's Hi Yield eChecking Account. It has an APY of 1.26%. This is listed in the credit union's rates page and Hi Yield eChecking page as of 5/7/2012. I don't see any balance cap, and according to the Hi Yield eChecking page, the only requirement is to receive your statements and disclosures electronically. There are no minimum balance requirements and no monthly fees.
Also noteworthy are F&A's Term Share Certificates (CDs). These are also available in an IRA. Minimum deposit is $1,000. Rates are very competitive. Below is a summary of the rates as listed in the credit union's rates page as of 5/7/2012. At the top of the page, there's a date range of 5/1/2012 to 5/31/2012.
- 1.06% APY 6 to 11 months
- 1.16% APY 12 to 17 months
- 1.26% APY 18 to 23 months
- 1.36% APY 24 to 35 months
- 1.61% APY 36 to 47 months
- 1.82% APY 48 to 59 months
- 2.12% APY 5 years
As I mentioned above, F&A FCU doesn't make it easy to join. Membership is primarily based on Select Employer Groups. Some of these include the County of Los Angeles Fire Department, the Office of the Farm Advisory and the Los Angeles County Lifeguards. The SEG also includes employees of several California cities. Please refer to the credit union's membership page for the full details.
Credit Union Overview
The credit union's main branch is located at Monterey Park, California. The credit union is part of the shared-branch cooperative, CU Service Centers. This allows you to make many transactions at shared branches across the nation as if it were your home branch.
F&A FCU is a sizable credit union with $1.17 billion in assets. It's in good financial shape with an overall health score at DepositAccounts.com of 5 stars (out of 5) and a Texas Ratio of 1.50% based on December 2011 data. Please refer to our financial overview of F&A Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1493).
How These Checking & CD Rates Compare
For nationally available checking accounts, the highest rate is 1.00% APY at Acacia Federal Savings Bank. You can get a little higher rate at EverBank which has a 1.05% rate guaranteed for the first 6 months for up to $100K. However, this rate goes back to the standard rate after 6 months. The standard yield currently has a range of 0.39% to 0.76% based on the balance. You can get higher rates with reward checking accounts, but this requires monthly debit card purchases.
For CDs that are available nationwide, the highest 1-year and 5-year CD rates are 1.15% APY at Doral Bank Direct and 2.22% APY at US Senate Federal Credit Union. These rates are accurate as of 5/7/2012.
Searching for the Best CD and Money Market Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: