Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
F & A Credit Union2.02%$1k-60 Month Term Share Certificate
F & A Credit Union2.02%$1k-60 Month IRA Term Share Certificate (Traditional,Roth,SEP)
F & A Credit Union1.71%$1k-48 - 59 Month Term Share Certificate
F & A Credit Union1.71%$1k-48 - 59 Month IRA Term Share Certificate (Traditional,Roth,SEP)
F & A Credit Union1.51%$1k-36 - 47 Month Term Share Certificate
F & A Credit Union1.51%$1k-36 - 47 Month IRA Term Share Certificate (Traditional,Roth,SEP)
F & A Credit Union1.31%$1k-24 - 35 Month Term Share Certificate
F & A Credit Union1.31%$1k-24 - 35 Month IRA Term Share Certificate (Traditional,Roth,SEP)
F & A Credit Union1.11%$1k-18 - 23 Month Term Share Certificate
F & A Credit Union1.11%$1k-18 - 23 Month IRA Term Share Certificate (Traditional,Roth,SEP)
F & A Credit Union1.06%$1k-12 - 17 Month Term Share Certificate
F & A Credit Union1.06%$1k-12 - 17 Month IRA Term Share Certificate (Traditional,Roth,SEP)
F & A Credit Union0.90%$1k-6 - 11 Month Term Share Certificate
F & A Credit Union0.90%$1k-6 - 11 Month IRA Term Share Certificate (Traditional,Roth,SEP)
Accounts mentioned in this post. Rates as of April 16, 2014

Top Checking & CD Rates at F&A Federal Credit Union in California - Limited Membership

POSTED ON BY

F & A Credit Union

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

Membership Eligibility

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:

  Tags: CD rates, money market accounts, CD rates, IRA rates, California, F & A Credit Union

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Comments
3 comments.
Comment #1 by me1004 posted on
me1004
Its a sorry world when 1.16% is a "top rate" for a 12 month to 17 month CD, and 1.26% is tops for an 18 month to 23 month CD. Woe be us all.

6
Comment #2 by R C Presclein (anonymous) posted on
R C Presclein
That's why those 10 yr. CD's still in the mid to upper 2.00%'s look real good right now.  Worth the risk that rates may go up soon.

1
Comment #3 by Anonymous posted on
Anonymous
I finally got this account opened today.  As Ken mentioned, they don't make it easy to join.  However, I mailed a large check to F&A FCU early in May. They held onto the funds for about 10 days and then placed the money in the regular savings, at the rate of 1.00%.  Today, they finally opened the Hi Yield Checking acct. and I transferred the money from the savings over to the checking, which has the rate of 1.25%. They make sure you qualify to join their CU, we did, by belonging to a County  Farm Bureau.  I had to mail them a copy of my membership card. So perseverance paid off, now please don't lower the rate. :)

2