Competitive Long-Term CD and IRA CD Rates at Bay FCU in CA - Local Only


0.50*%$1k-Bay Federal Credit Union5 Year CD
0.50*%$1k-Bay Federal Credit Union5 Year IRA (Traditional, Roth, CESA, SEP)
0.45*%$1k-Bay Federal Credit Union4 Year CD
0.45*%$1k-Bay Federal Credit Union4 Year IRA (Traditional, Roth, CESA, SEP)
Rates as of April 22, 2021.

Bay Federal Credit Union is offering competitive rates on two of its long-term CDs and IRA CDs: 3.05% APY for 5 years and 2.53% APY for 4 years. Minimum deposit is $10,000. The rates are 5 basis points less for a $1,000 minimum. These yields are listed in the credit union's rates page as of 8/17/2010.

When I last posted on this credit union in 2008, I mentioned that these CDs have a bump-up option. I wasn't able to find this mentioned on the current website except for the Truth-in-Savings Disclosure which still mentions this feature:

The Certificate Bump Up Option refers to the Credit Union's offer to adjust the interest rate on any 3, 4, or 5 year IRA Certificate or Regular Certificate of $1,000 or more, one time only during the original term of the certificate.

Also mentioned in the disclosure is the early withdrawal penalties. According to the disclosure, it's 180 days of interest for terms of 1 year and over. I appreciate it when institutions include their truth-in-savings disclosure online. I just hope it's up-to-date.

Membership is open to anyone who lives, works, volunteers, worships or attends school in Santa Cruz, San Benito, or Monterey County. Please refer to their Membership Page for more details. Membership requires a one-time $5 fee.

Branches are located in Aptos, Ben Lomond, Capitola, Salinas, Santa Cruz, Scotts Valley and Watsonville

The credit union has an overall health score of 4 out of 5 at based on March 2010 data (see our financial overview of Bay Federal Credit Union. It's federally insured by the NCUA (Charter # 12067).

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Tiffany Zachmeier
  |     |   Comment #1
Dear Ken,

Thank you very much for posting information about Bay Federal Credit Union's Certificates. I appreciate your confidence in Bay Federal and I thank you for your recommendation.

I wanted to make sure you received the most current information about the Certificate bump-up option. While the Truth in Savings (TISA) Disclosure posted on our website includes the bump-up option, we have discontinued the option on Certificates opened or renewed after February 28, 2010. 3, 4, and 5-year Certificates opened before that date will be eligible for the option until maturity. The Addendum A to the TISA Disclosure is posted immediately after the TISA on our website and included as part of our printed disclosure materials. To make sure website visitors have this information, we have added "Important Changes to our Certificate Accounts" to the Addendum A title.

Thank you again for posting this information and please don't hesitate to contact Bay Federal at 831.479.6000 if you have any questions.

Tiffany Zachmeier
Communications & Development Manager
Bay Federal Credit Union
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