It's difficult finding short-term CDs with rates over 1.00% these days. This is especially the case if you prefer to open a CD at a brick-and-mortar branch. If you're searching for this CD, you might be interested in the CD special at Premier America Credit Union. It has a 13-month term with a 1.03% APY. Minimum deposit is $1,000. It's available for IRAs and business accounts. This is a limited time offer. The special CD rate is listed in the credit union's rates page as of 3/13/2013.
Premier America Credit Union also has a good deal on its Smart Savings Account. Account holders with eStatements and an active checking account (3 or more monetary transactions each month) earn 5.00% APY on balances up to $500 and the Regular Savings APY on balances over $500. You'll earn about $25 for a $500 balance over a year. The $500 balance cap limits the value of the 5% APY, but it's an easy way to earn $25 per year.
The credit union does offer a free checking account with no monthly service fee. Minimum deposit to open is only $100.
Even though the credit union makes it easy for anyone to join online, this special CD isn't an option in the online application. The ad for this special on the credit union's front page says to "open in your branch."
Premier America Credit Union branches are located in Southern California and in Houston, Texas.
Credit union membership is open to members of the Alliance for the Advancement of Arts & Education (AAAE). Anyone can join this organization. According to the membership page:
When you apply for membership, be sure to select "AAAE" on the company listing. Then complete the AAAE application that will be provided during online account opening.
I was able to select AAAE in the credit union's online application when I selected the radio button for "I am a member of an eligible company or organization". A link to an AAAE pdf document was listed. This document stated:
AAAE's one-time membership fee is $25. Premier America Credit Union will grant this fee on your behalf when you join AAAE to become a qualifying member with Premier America Credit Union. The funds will be sent to the AAAE office, and will be used to support arts and education mission.
You can qualify to join Premier without joining AAAE if you live, work, worship or attend school in parts of California or within 10 miles of our Westchase branch in Houston, Texas. In addition, you can be eligible if you're an employee or member of a long list of companies and organizations. Refer to the credit union's Become A Member Page for the full details.
Credit Union Overview
According to the credit union's About Us page:
Established in 1957 as Litton Employees Federal Credit Union, Premier America Credit Union today is one of the strongest credit unions in the nation, with over $1.3 billion in assets and approximately 76,750 members nationwide.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 13.84% (above average) based on December 2012 data. Please refer to our financial overview of Premier America Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68428).
How This CD Rate Compares
The 1.03% APY for a 13-month term is competitive, but there are still a few internet banks offering 1.05% APY for a 12-month term. These include CIT Bank, Nationwide Bank and Colorado Federal Savings Bank. CIT Bank's 1-year Achiever CD is the best deal since it allows for one add-on deposit. These rates are accurate as of 3/13/2013.
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: