7.79% 5-Month CD at an Oregon CU (Clackamas Community).


Update 8/14/07: Special CD has been reported to have ended at the end of day 8/13/07.

Clackamas Community FCU is offering an Anniversary Share Certificate with a yield of 7.79% APY and a term of 5 months. The minimum deposit is $1,000. This special is not listed on the credit union's website. A reader emailed me info on this and said that the promotion is being advertised on flyers in the branch. The reader also said that the flyer specified no maximum deposit limit which makes this a great deal for those with large deposits. A $100K deposit in this CD will earn over $1K more than what a 5% account would earn in 5 months.

The credit union has offered some nice CD promotions in the past. Last November they had a 6.03% 6-month CD special.

Unfortunately, eligibility into the credit union is limited. The field of membership includes all persons who live, work, worship or attend school in Clackamas County, Oregon. Branches are located in Oregon City, Milwaukie, Canby and Damascus.

The credit union is NCUA insured (Charter # 11793). It has $176.5 million in assets and 24,028 members.

Thanks to the reader who emailed me info on this special.

[Update 7/5/07: I called their toll-free number and received confirmation that the CD does not have a maximum deposit. I also was told that it is planned to run through September.]
Related Pages: CD rates

Anonymous   |     |   Comment #1
I can't believe there is no max, I have a feeling it did not list a max because it is a $1,000 CD, No more no less
Anonymous   |     |   Comment #2
Why are you posting these kinds of credit union deals that we all can't participate in? I thought the name of your blog is Bank Deals & not Credit Union Deals. It's very frustrating to see these high rates that I can't participate in. After all, if I wanted to see all the deals I can't get I would go to this site: http://credituniondeals.blogspot.com/
Anonymous   |     |   Comment #3
Thank you for ALL of your postings Banking Guy. I appreciate all that you do.
CaspianXI   |     |   Comment #4
I personally like the postings about all the credit union deals, etc. Every now and then, a deal pops up which I'm eligible to take advantage of. Plus, credit unions usually get the good rates first, then normal banks. When I start seeing 7% deals popping up from credit unions, it makes me perk up because it's only a matter of time before I'll be able to get one!
Anonymous   |     |   Comment #5
don't take any crap from ****y folks. I've seen a half dozen deals across the country I can participate in. this one is local to me - I'll post a comment once I've done it.

Thanks!! If this works out I'll make a donation... :)
scott   |     |   Comment #6
While I am not eligible for many of the deals posted here I think they are a great way to see what's being offered elsewhere , And what I might be able to find in my local area soon. Keep up the great work banking guy
Anonymous   |     |   Comment #7
I agree, Banking Guy, you have helped me find the greatest deals. If not for your site I never would have known about NAVY FCU 6% in Feb and also the new 6% happening right now. You also informed me about FNBO and I have funds there also. I'm waiting for you to tell me that World Savings has a new secret CD. So even though we can't participate in all the good deals, we are all(most of us)thankful for your service.
Anonymous   |     |   Comment #8
Thanks for the deal. I live in the area, but not the county. Maybe I should try to find a church in the county were I can start worshiping in.
Anonymous   |     |   Comment #9
I've been reading this BLOG for about six months now, and I've earned hundreds of dollars that I would not have known about otherwise. This BLOG is among the top financially rewarding experiences I've ever had.
Anonymous   |     |   Comment #10
I just called the this morning - I directly asked about the max, and was told "no maximum" in as many words.

I'll try opening a ~$100k CD in the next few days, and let you know how it goes.
Anonymous   |     |   Comment #11
Banking guy...your blog is the best. I too have earned more interest (and $$$) by looking at your website. All those that are complaining, well, should go somewhere else and not take us down with your thinking.
Anonymous   |     |   Comment #12
I got a 7.6% credit union deal on $100k last year thanks to Banking Guy! Keep up the good work!
Banking Guy
Banking Guy   |     |   Comment #13
Thanks everyone for your support, and thanks anonymous for calling and confirming the no-cap on the deposit. I also called and confirmed this.

For those getting too frustrated in being left out of these local deals, don't forget to check out my weekly summaries (here's my last one). The top half includes the banks and credit union with national availability along with links to my posts reviewing the banks/cu's.
Anonymous   |     |   Comment #14
I am not living in Clakamas County but just over the border. Being born Catholic, I view myself as a card carrying member of any Catholic Church. A quick Google found me a Catholic church within a few blocks of the local branch.

I walked in yesterday with +$40k, mentioned I worshiped in the area, became a member and openned a certificate. Banking Guy Thank You. I am a few hundred richer for about an hour of inconveinience. Keep posting the local deals. You also got me my local 6% checking account account with no minimum! I also think I am going to have a date with the guy who set up my certificate! How good is that?

For those criticizing, use the local ads to set the benchmark for what you should be looking for in your own local area.

I am still in wonder that I scored a 7.79% fixed income investment with no maximum! Thanks Banking Guy! When can I take you to lunch?
Anonymous   |     |   Comment #15
I called the CU today and asked if I could open the CD on the internet. I was told I had to first open an account. Since I live across the border they are mailing the forms for me to complete. I must have a copy of my drivers license front and back, and the application all notorized and sent back with $25 membership fee. I'm just waiting for the information to arrive and see if it is that simple. Then I will wire or mail the money for the CD. Sounds to easy!
Anonymous   |     |   Comment #16
I called CU and spoke to a supervisor. I advised that I worship in Clackamas county when I am in the area. She indicated that I had to come into the branch to open the account. When I requested the application be mailed to me, notorized and mailed back, she asked if I had an Oregon drivers license. I said no, California license. She indicated that was not possible due to concerns with auditors. Oh well, I gave it a shot.
Anonymous   |     |   Comment #17
I opened this account Saturday and funded it today. It was easy except for being across town and having to go twice. I said that I worshiped in the county not being good liar, she didn't really believe me, but let me open the account anyway. I had to bring a Cashiers check for the deposit otherwise if I used a personal check they would have kept a hold on the funds in my savings account for 10 days before being able to transfer it to the CD.
Banking Guy
Banking Guy   |     |   Comment #18
Thanks for the info. Glad you were able to open it.
Anonymous   |     |   Comment #19
Thanks Banking Guy. If it weren't for your website, I'd probably still be earning the puny interest I was getting before I found your site. I called and spoke with a bank rep who confirmed this offer expires 9/30/07, APY is $7.79%, APR is $7.50%, and confirmed there is in fact no maximum cap. The rep did tell me though that I must come in to the bank to sign up. A bit of a drive, but I'll stop by on my way to 'worship' up there. Ignore comments such as the one from the person objecting to you posting local credit union deals. They are just bitter that they don't qualify. Be happy for those who do!
Banking Guy
Banking Guy   |     |   Comment #20
Thanks for the comment. Glad to read they're still offering this deal. Hope it can continue through September. Please let us know how it goes when you open the account.
Anonymous   |     |   Comment #21
That was me posting on 10:07 AM, July 20, 2007. I wanted to let everyone know I successfully opened my CD's at this bank without ever visiting their bank. I live in Oregon, residing outside Clackamas County, but still qualified due to worshipping in their area (I figure I worship everywhere I go when I appreciate natural beauty in the area - nobody ever said I had to actually attend a church). They faxed me a simple form which I completed and mailed back to the bank, directing them to hold the check until I transfer $ to the account I wrote against (thus avoiding any loss of interest from my other bank). Clackamas bank phoned me per my written request when they got the completed packet, I transfered $ to clear the check, and voila new CD's opened that day. Talk about EASY MONEY!!! Thanks again Banking Guy. YOU ROCK!!
Banking Guy
Banking Guy   |     |   Comment #22
Thanks for the comment. Glad the CD opening process went smoothly.
Anonymous   |     |   Comment #23
Someone once told me that they wondered whether God had reserved a special place in Hell for those who "believed" in Him not out of any true conviction, but just to hedge their bets in order to avoid - well, Hell. I wonder if He also has another table reserved there, just for those who "worship" in places essentially foreign to them, to make a few extra basis points? Hey, it's a theory...
HeiressFromTexas   |     |   Comment #24
Banking Guy: I'll call one of the branches to inquire about this on Monday, but, in the meantime, do you know if I can open the account with the minimum ($1000) and then add to it? I am selling some farm land but the sale and funding probably won't happen before the end of September. Also, what happens AFTER the 5 months? Hope for another deal?
Banking Guy
Banking Guy   |     |   Comment #25
It's just a typical CD which does not allow for additional deposits after the initial deposit. I doubt this credit union will offer another good CD deal after the 5 months is over.
lalawyer   |     |   Comment #26
Knowing that the CD offer does not appear on the Clackamas web site, can someone post an electronic version of the flyer?

Many Thanks
Anonymous   |     |   Comment #27
I stumbled upon this site -- don't even know how-- could not believe my eyes when I saw the 7.79% CD in Clackamas CU. I belong to a credit union in Portland but had not even heard of this one. Went in with the worship in area "qualification" and opened an acct--felt quite smug and smart --until I checked these posts and saw that others had done the same thing. The CU folks MUST know what is going on with all these "religous" folks walking in all of a sudden with 100K cashiers checks. And yes, no limit, but no adding to your CD either. However, you can open unlimited new ones till the promo expires. I feel a bit cheated out of all the "benefits" though since the lady who opened my acct did not offer to go out with me unlike the experience of the Catholic July 7 7:29PM post. (just kidding). Anyway, thanks for the great tip bank guy. Great work.
Anonymous   |     |   Comment #28
Whoops -- date correction. The above should have read the July 6th 7:29PM post not July 7th.
Dick   |     |   Comment #29
similar to others, I opened an account, despite living in Beaverton, using the "worship" portion of their charter. (stopped by a church around the corner before I went in). no problems, even with an $80k deposit.

I did ask about other specials they might be having, and their standard money market account is only 1.4% APR, so my money will be moving after the 5 months.

another good thing to note - after the initial account setup, you can do most account stuff via nearly any credit union in the US - they're part of a credit union network. check out http://www.creditunion.net for locations across the country...
Banking Guy
Banking Guy   |     |   Comment #30
Thanks Dick for the info. That is a good point about the CU Service Centers Network.

Another thing that I've found useful with my other credit unions is to link the credit union savings account with my online bank account (such as GMAC). When the CD matures and if there isn't another good CD rate at the credit union, I've been able to call during the grace period and request that the CD be closed and deposited to the savings account. Then I can immediately withdraw it using my online bank account by doing an ACH transfer. I always leave some behind to keep my credit union membership.
Anonymous   |     |   Comment #31
Hi Folks

This deal is now over. It officially ended yesterday, 8/13/07 at close of business so I was told by the Canby Branch today when I was there. Darn! I was waiting for my CD to mature today so I could turn it over to them.
Banking Guy
Banking Guy   |     |   Comment #32
Thanks for the update. I've updated the post with this info. Sorry to see it end.

These CD specials sure don't last long these days. Agriculture FCU's 6% CD ended in less than a week and even Navy FCU's 6% CD special ended early, and it's the largest CU in the nation with over $22 billion in deposits.
HeiressFromTexas   |     |   Comment #33
I'm so bummed by this news. So, any guesses as to why it was listed as ending on 9/30 and then they changed it to 8/13? Too many 'religious' folks locally?
Anonymous   |     |   Comment #34
I understand this deal has ended, but I did want to respond to those folks who didn't take kindly to people using "worship" as a reason to get in on this deal. Please take a moment to look up in your dictionary the definition of "worship". Synonyms for "worship" are: adoration, love, reverence, respect, devotion, adulation, veneration, admiration, and regard to name just a few. "Worship" does not necessarily involve a need to visit a physical church in order to appreciate God's beautiful creations. Also, don't forget that with that extra interest earned, you can donate some to a worthy cause, perhaps to a church that is noted for helping others in the Clackamas area.
6.03% 6-Month CD at an Oregon CU (Clackamas Community)
Clackamas Community FCU is offering a special 6.03% APY (5.85% APR) 6-month certificate. The minimum deposit is $1,000. This CD is available through December 31st.

The field of membership includes all persons who live, work, worship or attend school in Clackamas County, Oregon. Branches are located in Oregon City, Milwaukie, Canby and Damascus.

The credit union is NCUA insured. It has $173 million in assets and 23,157 members.

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