California-based ECCU (formerly known as Evangelical Christian Credit Union) has re-branded as AdelFi and is currently offering a promotional High-Yield Money Market (HYMM) account for new members only. The 12-month HYMM currently earns 1.01% APY on balances up to $100k; the portion of balances greater than $100k do not earn any interest.
A HYMM promotion for new members was available last fall, but the 1.01% APY applied to balances up to $25k and an active checking account was required. The improved balance cap and no checking relationship are a definite improvement, but there’s still no rate guarantee. According to the Terms and Conditions disclosure, the promotion rate and the balance cap are subject to change, but the HYMM account has a guaranteed term-length of 12 months before it will be converted to a standard money market account. The promotion page makes it sound like the rate and cap have a 12-month guarantee, but that is not the case. I confirmed this with an AdelFi official.
The details of how to qualify for the promotional rate are stated in the “Terms and Conditions” disclosure.
- Be at least 18 years old and become a new member on or after March 1, 2022.
- Open a new High-Yield Money Market Savings account.
- Agree to the terms and conditions of this Promotional Offer by using the promotional code MMA2022 in the account application.
- Funds deposited in the High-Yield Money Market Savings account must be new funds. Minimum opening balance of $25.00 required.
- Limit ONE High-Yield Money Market Account per member.
If the above terms are not met, the promotional rate will not be paid, and the account will earn the standard money market product rates.
The HYMM account does not have a maintenance fee. All other fees are the same as the standard money market savings account. The standard money market savings account has a $10 monthly maintenance fee, but it will be waived by opting out of paper statements or by maintaining a minimum $1k daily balance. Both the HYMM and the standard money market savings account only allow four free withdrawals per month (three may be by check). Each additional withdrawal is charged a $6 fee. A HYMM account will convert to a standard MMA following the 12-month promotion term.
Thanks to DA reader, ichaelm, for the Forum post about the HYMM promotion.
Headquartered in Brea (Orange County), California, AdelFi’s field of membership (FOM) is not based on geographic boundaries or Select Employee Groups (SEG). Although any U.S. citizen/resident alien is eligible for member, AdelFi isn’t exactly an “easy membership requirement” credit union. If you are not an immediate family member of a current AdelFi member or AdelFi employee, you can qualify for membership by agreeing to the AdelFi Statement of Faith.
Joining AdelFi and/or opening a High-Yield Money Market account can be done online using promotional code MMA2022. In May 2021, AdelFi became an “internet only credit union.” The sole branch location in Brea no longer offers member services and only functions as AdelFi’s corporate headquarters. AdelFi participates in the CO-OP Shared Branch and ATM networks, as well as the Visa® Plus ATM network.
Membership in AdelFi is free and no membership share account is required to establish a membership.
Credit Union Overview
AdelFi has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.74% (excellent) based on December 31, 2021 data. AdelFi has an excellent capitalization level (11.66%), the result of holding $581.6 million in assets with $61.5 million in equity. Please refer to our financial overview of AdelFi (NCUA Charter # 63837) for more details.
Founded in 1964 as the Conservative Baptist Credit Union, the credit union re-branded as the Evangelical Christian Credit Union, following the 1984 merger with the Association of Christian Schools International Credit Union. As stated on the credit union’s About Us page,
The root of our new name is the Greek word “adelphos/adelphoi” that is used throughout the New Testament to mean brothers and sisters in Christ. This word occurs over 300 times, including Mark 3:35 and Hebrews 2:17. In addition, “adel” is Hebrew for “God is eternal; noble.” The suffix “-fi” is a nod to financial stewardship—gathering God’s gifts for good.
Currently the 86th largest credit union headquartered in California, AdelFi has more than 14,000 members and total deposits in excess of $505 million.
How the High-Yield Money Market Compares
When compared to the nationally available Money Market Accounts tracked by DepositAccounts.com, AdelFi’s High-Yield Money Market APY currently ranks first, regardless of minimum or maximum balance requirements.
The above information and rates are accurate as of 3/10/2022.
To search for the best Money Market Accounts, both nationwide and state specific, please refer to DepositAccounts.com’s Money Market Account Rates page.