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 DepositAccounts.com 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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