Cabrillo Credit Union (Cabrillo CU) is currently offering the best 5-year CD rate available anywhere in California. The 5-year Share Certificate earns 2.41% APY on deposits of $10k or greater; deposits between $2,000 and $9,999 earn only 0.30% APY.
The 5-year Share Certificate is also offered as an IRA Certificate (Traditional, Roth), earning the same APYs with the same deposit requirements.
As stated in the Account Disclosure document, the Early Withdrawal Penalty reads as follows:
If the qualifying period is greater than one year, the member shall forfeit an amount equal to:
a. all dividends for 180 days on the amount withdrawn; or
b. all dividends on the amount withdrawn since the date of issuance or renewal, whichever is less.
If a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as in a. or b. above whichever is less, will be assessed on the entire amount in the account.
There is a 10-day grace period before a Share Certificate automatically renews. The Account Disclosure states that,
Dividends paid on a certificate account may be withdrawn without penalty only during the initial term of the certificate. Once the certificate is renewed, any previously paid dividends become a portion of the principal balance.
Headquartered in San Diego, California, Cabrillo Credit Union's field of membership (FOM) is quite varied.
Residency – Individuals who live or work in San Diego County are eligible to join.
Membership – Members of Fraternal Order of Retired Border Patrol Officers (FORBPO), regardless where they live, also qualify for membership.
Employment – Employees of Sharp Healthcare or the City of Carlsbad are also eligible for membership, as are federal government employees in the San Diego area.
Family Relationship – Relatives of anyone who is membership-eligible is welcome to apply.
All Cabrillo Credit Union branches remain open and ready to serve you. Effective May 1, San Diego County has mandated that anyone who enters a business must wear a face covering. For the safety of our members and staff, members will not be allowed to enter the branch without a face covering.
Opening a Regular Savings account with a minimum $5 deposit is required to establish a Cabrillo CU membership.
Cabrillo CU participates in both the CO-OP Shared Branch and ATM networks.
Cabrillo is a member of the Shared Branch Network (5,000 nationwide), which means you can walk into other Shared Branch affiliated credit unions nationwide, to make deposits and withdrawals at their teller windows.
We also belong to a network of more than 30,000 surcharge-free ATMs, so there's likely one near you.
Credit Union Overview
Cabrillo Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.77% (excellent) based on December 31, 2019 data. In the past year, Cabrillo CU has increased its total non-brokered deposits by $15.66 million, resulting in an excellent annual growth rate of 6.11%. Please refer to our financial overview of Cabrillo Credit Union (NCUA Charter # 68409) for more details.
Founded in 1955 as the Border Federal Credit Union (BFCU), the original FOM was exclusive to Border Patrol employees. Over the next ten years, the FOM expanded to include many federal government agencies, including Justice, Treasury, FAA, FCC, and Small Business Administration. BFCU rebranded as Cabrillo Credit Union in 1976, deriving its new name from Juan Rodríguez Cabrillo, the first European to explore the coast of California in 1542–1543. Currently the 98th largest credit union in California, Cabrillo Credit Union has nearly 25,000 members and assets in excess of $333 million.
How the Share Certificate Compares
When compared to 216 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a minimum deposit of $10k or less, Cabrillo Credit Union's 60-month Share Certificate APY currently ranks first.
The above rates are accurate as of 5/14/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.