Last October, 1st United Credit Union (1st United) offered 3.00% APY on its 36-month Fixed Share Certificate. At the time, it was an exceptional rate that only lasted for a few days. 1st United has just added another 3.00% APY Certificate, but this time it’s a 40-month Certificate Special. While not as competitive as the earlier offering, it's still a good deal. The minimum deposit is $1k, with no stated balance cap. While there is no indication on the Credit Union’s website that this is a limited-time offer, based on last fall’s offering, the 40-month Certificate Special may not be around that long.
According to the online application, the 40-month Certificate Special is described as,
A flexible certificate that provides a high yield, allows a one-time bump in rate,
and ability to add funds, or withdraw your interest penalty-free at any time.
The Certificate Special is also available as an IRA (Traditional and Roth), earning a slightly higher 3.10% APY with the same funding requirements.
As stated in the Member Account Agreement and Disclosure document, the Early Withdrawal Penalty reads as follows:
The early withdrawal penalty will be equal to the lesser of the dividends earned or 90 days dividends on the amount withdrawn which will be deducted from any certificate account if a withdrawal is made prior to maturity.
Headquartered in Pleasanton, California, 1st United Credit Union’s field of membership (FOM) is primarily residency based.
Residency: Individuals who live, work, or attend school in Alameda, Contra Costa, Kings, San Joaquin, Solano, or Stanislaus County are eligible to join.
Employment: Since I last wrote about 1st United, the number of SEGs has been reduced from 20 to three. Employees of Alameda County, Alameda Health System, Washington Hospital qualify for membership.
Relationship: Immediate family members of current members, related by blood or marriage, are eligible for membership.
Joining 1st United and/or opening a Certificate Special can be done online, or at any of nine northern California branches located in Alameda, Berkeley, Castro Valley, Fremont, Hayward, Oakland (2), Pleasanton, and San Leandro.
Credit Union Overview
1st United Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.31% (excellent) based on March 31, 2018 data. In the past year, 1st United has increased its total non-brokered deposits by $72.93 million, an excellent annual growth rate of 8.8%. Please refer to our financial overview of 1st United Credit Union (NCUA Charter # 63958) for more details.
Founded in 1932 as City & County Employees' Credit Union, 1st United Credit Union was one of the first credit unions in the State of California formed for the benefit of state and local government employees. The original FOM included Alameda County employees but was expanded to include employees of city and county hospitals and schools. Following a merger in 1996 with ALFA Federal Credit Union, the Credit Union's name was changed to better reflect the FOM. 1st United Credit Union became a community chartered credit union in 2001 and today has nearly 60,000 members and assets in excess of $1 billion.
How the Certificate Special Compares
When compared to the 261 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the FOM, 1st United Credit Union's 40-Month Certificate Special APY currently shares top billing with five other 3-year CDs offered by four credit unions and one internet bank.
These rates are accurate as of 7/12/2018.
Looking for the best CD rates, either nationwide or in your state? Please refer to our CD Rates Table page.