One important detail is that theses CDs have no grace period and will automatically renew at maturity. At first I thought this might make it impossible to close the CD without taking the penalty, but after I contacted the credit union, I was told that you can call the credit union before the maturity date to have it closed or changed. By default it'll renew into a 12-month CD.
Field of membership includes Arizona residents ages 55 or older, Arizona residents who currently hold, or have held, membership in an out-of-state credit union, members of the Baptist religion, or members of the Mormon religion. There's also a long list of Select Employee Groups. Seems like any Arizona resident could become eligible by joining an out-of-state credit union that's open to all. Membership requires a $5 one-time fee and a minimum $25 deposit into a savings account.
Branches are located in the Arizona cities of Chandler, Flagstaff, Glendale, Phoenix, Scottsdale, Show Low, Tempe and Tucson. The credit union is federally insured by the NCUA (Charter # 62881). It has $448.7 million in assets and over 77,235 members.
Yesterday I posted on another good Arizona CD deal at Pinal County Federal Credit Union (see post). This one has a 7% APY for a 7 month term with no maximum deposit limit. However, its membership is more restrictive and it's scheduled to end on July 17th.