CBC Fed Credit Union Has Nationally Available, Rate-Leading 5-Year CD

EPIC Premium Checking Account

The EPIC Premium Checking account is an interest-bearing account, with tiered APYs based on six balance levels. There is no minimum opening deposit or minimum balance requirement.

As stated in the TIS disclosure,

During the term of your account [Promotion CD], you must maintain an EPIC Premium Checking account in good standing, whereby your account is not overdrawn longer than 45 days, all EPIC Premium fees are paid, and you are not a party to fraudulent or prohibited activity.

We may close your EPIC Premium Checking account for any reason, including failure to maintain the account in good standing. If your EPIC Premium Checking account is closed prior to maturity of your Term Share [Promotion CD] with EPIC Checking account, whether by you or us, the dividend rate for your account will be reduced by 0.25% to the prevailing dividend rate being paid on regular Term Share accounts as of the date your account was opened. This lower rate will be applied for the remainder of the term of the Term Share with EPIC Premium Checking account.

The EPIC Premium Checking account has an $8 monthly maintenance fee that cannot be waived, which could pose a problem for those who are thinking of opening a 5-year Promotion CD with a small deposit. Five years of monthly maintenance fees equals $480. It would take a deposit of a little more than $32k to offset those monthly charges.

Availability

Headquartered in Oxnard, California, CBC Federal Credit Union’s field of membership (FOM) now includes an easy membership requirement (EMR): CBC will sponsor an American Consumer Council (ACC) membership for any U.S. citizens/alien residents (18-years or older, with a valid Social Security number). CBC will also take care of the ACC enrollment process.

Individuals who live, work, worship, attend school, or belong to a legal entity in Ventura County (CA) also qualify for membership.

Family members of an existing CBC member are welcome to apply.

Account Opening

Joining CBC Federal Credit Union can be done online (there is a “Join CBC” link on the top of every page of the CBC website), by phone (800.477.2890), or at any of four full-service California branches located in Camarillo, Oxnard, Simi Valley, and Ventura.

Open a Share Savings Account [$5 minimum] to enjoy all the benefits of membership at CBC. You can begin to earn dividends on balances of $100 or more.

According to CSR, Promotion CDs cannot be opened online. For those joining CBC, a multi-step procedure is required to open a Promotion CD: 1) apply for membership online; 2) when the membership application is finalized, deposit funds for the Promotion CD in the share savings account; and 3) call CBC to open the CD over the phone.

Funding and Other Details

The following information is from a conversation with CSR.

Funding – ACH, wire, shared branch transation.
CO-OP Shared Branch Participant – Yes.
Dividends – Compounded/credited monthly; dividends can be scheduled to be transferred monthly into a CBC checking or savings account.
Maturing Funds – Wire ($25 fee), cashier’s check to address on file, or internal transfer.
Beneficiaries – Unlimited, percentages can be assigned. Social Security numbers are preferred but not required for beneficiaries.
Ownership – accounts can be sole ownership, joint ownership, or in the name of a trust.
Grace Period – 7 calendar days before automatic renewal.
Credit Check – None.

Credit Union Overview

CBC Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.88% (excellent) based on December 31, 2022 data. In the past year, CBC has increased its total non-brokered deposits by $34.32 million, an excellent annual growth rate of 7.24%. Please refer to our financial overview of CBC Federal Credit Union (NCUA Charter # 7608) for more details.

Established in 1952, CBC Federal Credit Union’s original FOM was exclusive to the civilian civil engineers at the Naval Construction Battalion Center (CBC) located in Port Hueneme, California. (Until 2000, the Port Hueneme CBC was the West Coast home port of the U.S. Navy’s Construction Battalions.) CBC opened its doors for business with assets of about $500, the equivalent of nearly $5,700 today.

The FOM eventually expanded to include active-duty military personnel and about 20 SEGs, with a community-based chartered adopted in 1999. In the past year, the NCUA approved a common bond expansion charter for CBC, “for a potential member increase of 328,095.” CBC Federal Credit Union is currently the 72^nd largest credit union headquartered in California, with more than 27,500 members and assets in excess of $788 million.

How the 5-Year Promotion CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the CBC Federal Credit Union 5-Year Promotion CD. The following table compares the 5-Year Promotion CD to the two highest-rate CDs from banks and the two highest-rate CDs from other credit unions.

The above information and rates are accurate as of 4/11/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.