BluPeak Credit Union Has Nationally Available Rate-Leading 9-Month CD Special
California-based BluPeak Credit Union (BluPeak) recently added a 9-month CD Special earning 5.75% APY. This limited-time offer can be opened with a $1k minimum deposit, with no stated balance cap. The 9-month CD Special offers the highest and most competitive APY in the BluPeak CD product line.
Early Withdrawal Penalty
As stated on the landing page, the Early Withdrawal Penalty (EWP) reads as follows:
Original term of less than one year: 90 days’ worth of dividends.
CSR stated that only an early closure is possible: partial withdrawals are not allowed. In addition to the 90 days EWP, if a CD Special is closed within 90 days of opening, there is a $15 early account closure fee.
Availability
Headquartered in San Diego, BluPeak Credit Union’s field of membership (FOM) includes a way for virtually all U.S. citizens and resident aliens to join. Although not included in the “Who’s eligible to join BluPeak Credit Union?” section on the Become a Member page, being a member of or willing to join KPBS (the PBS member station in San Diego) qualifies for BluPeak membership.
Those who live, work, or worship in the California counties of Alameda, Sacramento, San Diego, Santa Clara, or Yolo are also eligible for membership.
Employees of the State of California, including all its administrative offices, are eligible to join.
Any employee, retiree, student, or alumnus of the University of California or California State University system the qualify for membership, as do University of San Diego employees, retirees, students, or alumni.
Immediate family and household members of current BluPeak members are welcome to apply.
Account Opening
Joining BluPeak can be done online or at any of six California branches, located in Berkley, Davis, La Jolla, La Mesa, and San Diego (2).
While opening a Member/Regular Share account is not required when joining, there is a $5 new membership fee.
As stated in the Savings FAQs section,
What is the process for opening a Term Certificate?
It’s easy! If you’re already a member, simply give us a call at 866.873.4968. Not yet a member? You’ll need to join the Credit Union before opening your certificate account. Click here to get the ball rolling, or call us at 866.873.4968. We’re here to help!
While the online membership application does include Term Certificates (CDs), CSR stated that opening a CD over the phone is easier than doing it online.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH or wire ($10 fee).
- CO-OP Shared Branch Participate – Yes.
- Ownership – Individual or joint; no trusts allowed.
- Dividends – Compounded daily/credited quarterly; can be withdrawn penalty-free.
- Maturing Funds – Transferred to a BluPeak savings/checking account.
- Beneficiaries – Up to 3, with equal shares; Social Security numbers are preferred but not required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull.
Credit Union Overview
BluPeak Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 1.31% (excellent) based on March 31, 2023 data. In the past year, BluPeak CU’s total non-brokered deposits decreased by -$103.59 million, a below average annual growth rate of -8.79%. Please refer to our financial overview of Meritus Credit Union (NCUA Charter # 60801) for more details.
Established in 1936 as the California State Employees Credit Union #17, the original FOM was exclusive to San Diego’s Division of Highway employees. After years of having a cumbersome and completely forgettable name, the credit union rebranded in 1971 as University and State Employees Credit Union. Better known as USE Credit Union, the new name described an expanded FOM, which included several California universities. According to a November 2022 Credit Union Times article,
The $1.2 billion USE Credit Union unveiled its new name, BluPeak Credit Union, to better represent the broad and diverse communities within the five counties it serves, the San Diego-based financial cooperative said Tuesday.
In addition to the new name, BluPeak also introduced a new logo and updated messaging that better embodies the credit union’s Californian roots and gives a special nod to the majestic ocean and mountains that make up the Golden State’s unique landscape.
BluPeak Credit Union is currently the 49th largest credit union headquartered in California, with nearly 57,000 members and assets in excess of $1.4 billion million.
How the 9-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that nationally available and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the BluPeak Credit Union 9-Month CD Special. The following table compares the 9-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 8/24/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
Connexus offers 5.76% for 12 months with $100K. They charge $20 for a wire going into them! If Ken had it, I must've missed it. I think this is a pretty good one now that interests again are sliding down? :)
Total Direct Bank's 5.65% for 12 months isn't bad either but after reading its super multiple horrible reviews...I'll pass up. Perhaps they offer a nice rate to mitigate their bad reviews?
BluePeack's 5.75% 9-Month CD Special with $1K deposit not bad but....9 months go by too fast. True, also 12 months fly by jet. lol!
Thanks.