California Coast Credit Union Has High Rate 5-Month CD ($5k Max)
California Coast Credit Union (Cal Coast) is currently offering a 5-month Take 5 Certificate earning 5.00% APY. The minimum opening deposit is $500, and the deposit is capped at $5k, with new money required for the total deposit. There is a limit of one Take 5 Certificate per member, with business and IRA accounts are not allowed.
CSR confirmed that funding a Take 5 Certificate can be done by credit card, up to the balance maximum of $5k. While credit card funding may be tempting, this type of transaction can sometimes be considered as a cash advance, triggering cash advance fees and interest charges.
To earn the stated 5.00% APY, the new member must meet one of the following requirements within 30 days of opening the Take 5 Certificate. Whichever requirement is met, that account must remain open for the term of the Take 5 Certificate.
Consumer Account Members: An active (one transaction a month, including but not limited to, Direct Deposit, Preauthorized Payments, Checks, ATM, POS, Debit Card, and Bill Pay) checking account with eStatements,
OR an existing or open (funded) consumer loan (excluding share secured loans and Mastercard credit card account),
OR a minimum balance of $5,000 in a money market account, regular certificate account, or IRA certificate account.
If the above conditions are not met, the 5.00% APY will be reduced to the APY in effect for a 3-month CD for the remainder of the term.
According to CSR, the Take 5 Certificate has no Early Withdrawal Penalty because withdrawals are not permitted. CSR also stated that maturing funds will automatically transfer to the Primary Savings account.
Coast Into Cash
The 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.
As a referring member, you will earn $50 when you refer a friend who becomes a Cal Coast member. You'll earn an additional $25 if they get an auto loan and get an additional $75 if they fund a real estate loan. You can earn up to $500 per year for your referrals.
As a referred new member of Cal Coast, you can receive up to $125. You will receive $50 when you become a member, deposit $50 in a qualifying account, AND do one of the following:
- Open a checking account with eStatements and add direct deposit, online banking, or online bill pay OR
- Finance an auto loan
- Plus, earn an additional $75 when you also open a real estate loan!
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.
As stated on the online application, 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 Take 5 Certificate 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.
All of our branches have gone back to regular, pre-pandemic hours as of Wednesday, June 16, except for the Solar Turbine Branch which does remain closed at this time.
- Our branch capacity has been increased to 100% and we no longer require social distancing.
- We will continue sanitizing surfaces. Plexiglas barriers will remain in place.
- Vaccinated members visiting our branches are no longer required to wear face coverings.
- We ask all unvaccinated members visiting our locations to continue to wear masks.
Credit Union Overview
California Coast Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.55% (excellent), based on June 30, 2021 data. In the past year, Cal Coast increased its total non-brokered deposits by $468.17 million, an excellent annual growth rate of 18.79%. 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 112th largest credit union in the country, Cal Coast has more than 190,000 members and assets in excess of $3.3 billion.
How the Take 5 Certificate Compares
The 5% APY outpaces the rate offered on any CD currently tracked by DepositAccounts.com, regardless of length-of term, obviously. 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 (0.05 x 5,000 x 5 / 12), the result is a maximum return of about $104. While the reality of $104 may not match the promise of a 5% APY, consider that the same $5k balance in an online savings account (0.60%) would earn about $12.50 in interest for those five months.
In my opinion, these small-maximum deposit, high-rate CD specials are like a checking account bonus – in this case, a $104 checking bonus.
