California Coast Credit Union Adds 5-Month CD, 9.00% APY ($3k Max)

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Deal Summary: 5-month Celebration Certificate, 9.00% APY, $500 min/$3k max deposit, new money.

Availability: Easy membership requirement

California Coast Credit Union (Cal Coast) is celebrating its 90 years of service. As part of its year-long Anniversary Celebration, Cal Coast is offering a 5-month Celebration Certificate, which earns an eye-catching 9.00% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
9.00%$500$3kCalifornia Coast Credit Union5 Month Celebration Certificate - New Money
Rates as of May 22, 2019.

There is a limit of one Celebration Certificate per member, excluding business and IRA accounts. New money is required, with a minimum opening deposit of $500. Maximum opening deposit is $3k. CSR confirmed that funding the Celebration Certificate can be done by credit card, up to the balance maximum of $3k. While credit card funding may be tempting, remember that this type of transaction can sometimes be considered as a cash advance, triggering cash advance fees and interest charges.

To earn the stated 9.00% APY,

A qualifying checking account with eStatements is required, and must remain active with at least 1 transaction per month, during the certificate term. Eligible transactions include, but are not limited to, Direct Deposit, Preauthorized Payments, Checks, ATM, POS, Debit Card, and Bill Pay.

Other products (already existing or opened within 30 days of the Celebration Certificate opening) can be substituted for the checking relationship. These include,

a consumer loan (excluding share secured loans and Mastercard credit card account), or a minimum balance of $5,000 in a money market account, a regular certificate account, or an IRA certificate account. The stated alternative deposit account must remain open for the certificate term period.

According to CSR, the 5-month Celebration Certificate has no Early Withdrawal Penalty because no withdrawals are permitted. CSR also stated that maturing funds will automatically transfer to a Cal Coast savings account.

As DA reader, AnnO, pointed out, new Cal Coast members can easily earn a $50 bonus, now through March 30, 2019.

You’ll score $50 when you open a Free Checking account with eStatements, deposit $25 into your new savings account and add direct deposit or online banking.

The Credit Union’s Our Coast Into Cash referral program pays members $50 every time a family member or friend joins Cal Coast, up to a maximum of $500 per year.

Thanks to DA reader, AnnO, for her Forum post about the Celebration Certificate.

Availability

Headquartered in San Diego, California Coast Credit Union's field of membership (FOM) includes virtually all US citizens and resident aliens who have a valid Social Security number.

Membership-eligible individuals fall into two categories: those who live or work in the California Counties of Riverside or San Diego, and those that don’t. If you’re in the “those that don’t” category, the only membership requirement is a $15 membership fee, slightly higher than the $5 fee that Riverside and San Diego residents pay.

Joining Cal Coast and/or opening a Celebration Cerficate can be done online or at any of 26 California branches located in Chula Vista (2), El Cajon, Encinitas, Escondido, La Mesa, Menifee, Murrieta (2), National City, Oceanside, Poway, San Diego (11). San Marcos, Santee, and Temecula.

Credit Union Overview

California Coast Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.38% (excellent), based on December 31, 2018 data. In the past year, Cal Coast increased its total non-brokered deposits by $69.22 million, an excellent annual growth rate of 3.46%. Please refer to our financial overview of California Coast Credit Union (NCUA Certificate # 66584) for more details.

Founded in 1929 by a group of San Diego teachers, California Coast Credit Union is the longest-serving financial institution based in San Diego. Currently the 101st largest credit union in the country, Cal Coast has more than 181,000 members and assets in excess of $2.5 billion.

How the Celebration Certificate Compares

Obviously, the 5-month Celebration Certificate’s 9% APY far outstrips any rate offered on any CD tracked by DepositAccounts.com, regardless of length-of term. The rate loses a bit of its luster when you take into account the short term and the very low balance cap. If you do the math (0.09 x 3,000 x 5/12), the result is a maximum return of about $112. While the reality of $112 may not match the expectations of a 9% APY, consider that the same $3,000 in the current top-rated savings account (2.45% APY at Rising Bank) for five months would earn approximately $30.

When you take into account the required active checking relationship, the 5-month Celebration Certificate essentially becomes a $112 checking bonus. Add in the actual $50 cash bonus for opening a new checking account, and you’ve earned $162 without much effort.

Related Pages: Los Angeles CD rates, San Diego CD rates, 1-year CD rates, nationwide deals

Comments


#1 - This comment has been removed for violating our comment policy.
Anonymous
Anonymous   |     |   Comment #2
Another website reports that opening this account involves a hard pull on your credit. If so, it may not be worth it.
willy12
willy12   |     |   Comment #3
I think I fear a chexsystems inquiry more than a hard pull.

I compute $81.25 "gain" compared to 2.50% plus the $50= $131.25 less the $15 membership fee=$116.25

(.09 minus .025= .065 x $3000= $195 divided by 12=16.25 per month x 5.)

If you figure 60-90 minutes for opening, closing, ach set up & everything, its a nice hourly wage but I feel like I already have too many darn accounts.

Now, if they had a history of top CD rates I might be more willing to do it.
willy12
willy12   |     |   Comment #4
I just saw below where they had a similar deal back in 2007.
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9.00% 7-Month CD at a CA Credit Union - $2K Max and $100 Checking Bonus (California Coast)
Comments (2)POSTED ON THURSDAY, SEPTEMBER 20, 2007 BY KEN TUMIN
California Coast Credit Union is advertising a 9.00% APY 7-month certificate. The minimum and maximum deposit is $2,000, and it must be new money. The 9% yield requires an active checking account with e-statements or a new loan of $10k or more. Without the qualifying account the yield is 7% APY. This promotion doesn't seem to be listed at the credit union's website. It was advertised in the San Diego newspaper. The ad is available online here.

The credit union is also offering a $100 checking account bonus
deplorable 1
deplorable 1   |     |   Comment #5
The cap is too low to make any real money and they know it. Better off just doing a simple bank bonus. I look at bank bonuses just like a short term CD. Once you figure out the APY on the bonus or CD then you can compare them and see which one is worth the effort.
Robb
Robb   |     |   Comment #6
Pretty much a teaser rate given the low cap. I agree with D1 you likely could do better in bank bonuses. Not worth it for me to open up another account only to have to deal with closing it out in 5 months.
#7 - This comment has been removed for violating our comment policy.
AnnO
AnnO   |     |   Comment #9
Thanks for confirming that this is open nationwide, Ken. I heard about this CD from the DoctorofCredit site this past weekend, and was surprised it hadn't gotten more attention already, so I shared all the info here that I could find. There was some suspicion that the CU might accept non-local accounts, but nobody on DoC had actually confirmed it yet. The funny thing is, this CD promo started nearly 2 months ago!
Mona
Mona   |     |   Comment #12
I really appreciate all the posts here - big. or small. There is a perfect fit for everyone. Personally I would never know about as many opportunities if it weren't for this site. Thanks to Ken and all who post the positive.
bluhbluh
bluhbluh   |     |   Comment #15
If it wasn't clear, I think our critiques against "deals" like this aren't in any way directed at Ken. I'm glad too that he puts everything up to let people decide. The critiques for useless deals like this (not anywhere near worth it unless you're already a member) are aimed squarely at the financial institutions and their come-on "deals". As I wrote below, I'm waiting for the 2-day 20% CD with the $20.00 max...
Gary
Gary   |     |   Comment #13
3K max for 5 months? Nothing to get excited about.
bluhbluh
bluhbluh   |     |   Comment #14
Stupid and useless.
But how about 10% for another stupid and useless deal?
There's another useless "promo" I saw advertised today in the LA Times -- 10%... but only for 10 months, with a max of $1k. Must be at the Long Beach branch only, not any of the other branches. Don't remember the name of the CU because deals like this are nothing but useless come-ons (unless you already belong to that particular credit union). It was some small CU I had never heard of before. Certainly not worth the paperwork, a hard pull, credit score hit (and having to live local) all for $1k max. Still waiting for that 20% CD with the $20.00 max. Maybe it'll come next Tuesday.
#16 - This comment has been removed for violating our comment policy.
AnnO
AnnO   |     |   Comment #17
The CD deal and the checking bonus have now both been extended 2 weeks, through Apr 13, 2019.
AnnO
AnnO   |     |   Comment #18
I signed up. Non-local membership fee apparently is now $11 rather than the stated $15.

("If you’re in the “those that don’t” category, the only membership requirement is a $15 membership fee")
AnnO
AnnO   |     |   Comment #19
Both offers extended again, through Apr 27, 2019.

Also, my supposedly already established accounts/membership got asked for more verification paperwork a couple weeks later. No problem providing it, but c'mon, the time to ask was *before* setting everything up.
9.00% 7-Month CD at a CA Credit Union - $2K Max and $100 Checking Bonus (California Coast)
California Coast Credit Union is advertising a 9.00% APY 7-month certificate. The minimum and maximum deposit is $2,000, and it must be new money. The 9% yield requires an active checking account with e-statements or a new loan of $10k or more. Without the qualifying account the yield is 7% APY. This promotion doesn't seem to be listed at the credit union's website. It was advertised in the San Diego newspaper. The ad is available online here.

The credit union is also offering a $100 checking account bonus. This promotion is...

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