Patelco Credit Union has long offered their special new-member CD. As of 12/05/2010, it's a 5% APY 12-month CD with a maximum deposit of $1,000. It used to be 7%.
The 5% is about 3.5% higher than what you can get for a 1-year term these days. That results in $35 extra dollars for a $1K deposit.
Patelco used to offer some competitive standard CD and IRA CD rates, but these days, their CDs are not really competitive.
This new-member CD isn't enough reason to join, but if you live near Patelco and decide to join for other reasons, there's no reason not to open this new-member CD.
Perhaps one day there will be a reason for savers outside of Northern California to join. Patelco does make that easy with their field of member
. Any member of an easy-to-join association is eligible to join the credit union.