Now through October 31, 2019 (but subject to change), Credit Union of Southern California (CU SoCal) is offering a 5-month “Take Five” CD Special earning 5.00% APY. The 5-month CD Special can be opened with a minimum $500 deposit and is capped at $50k. New money is required and is defined simply as “funds not currently on deposit at CU SoCal.” There’s also a limit of one 5-month CD Special per member.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads (in part) as follows:
The penalty imposed shall be based on the amount withdrawn: 60 days dividends with a 3-month to 23-month terms. If the amount withdrawn reduces the principal balance below the stated minimum, you will be assessed a penalty on the entire principal balance. We will close the certificate account and transfer any remaining balance to your Regular Savings Account.
Maturing funds can be distributed by cashier’s check or wire, or transferred to the member’s savings account. There is a 7-day grace period before the 5-month CD Special renews as a 6-month CD at the existing rate in effect.
Thanks to DA reader, calwatch, for the very detailed Forum post about this hot California deal.
Headquartered in Anaheim, Credit Union of Southern California’s field of membership (FOM) includes those who live, work, worship, or attend school in the California counties of Los Angeles, Orange, Riverside, or San Bernardino.
Employees of nearly 500 Select Employer Groups (listed on the online application) are eligible for membership, regardless of where they live.
Family members of current CU SoCal members are also welcome to apply. “Family members” is generously defined as “spouse, child, sibling, parent, grandparent, grandchild, aunt/uncle, niece/nephew, cousin or legal guardian and includes step, in-law and adoptive relationships.”
Joining CU SoCal and/or opening a Take Five Certificate can be done online, or at any of 22 California branches located in Alhambra, Anaheim (2), Brea, City of Industry, Costa Mesa, Covina, El Monte, Fullerton, Garden Grove, La Habra (2), Laguna Niguel, Los Angeles (2), Newport Beach, Ontario, Orange, Pico Rivera, Pomona, and Whittier (2). The Membership Application is available as a fillable PDF, which can be return by mail or in-person at any branch location.
Every Member is required to have a Regular Savings Account. When you join, you
make a $10 initial deposit into this account to establish your “share” in the Credit Union.
The Take Five landing page includes the following information for those joining CU SoCal.
On the first page of the application, be sure to select "Show More Products" and then select "Certificate Accounts" within the product selection area to find the 5% APY for 5 months certificate. You will have the option to fund your certificate online for up to $5,000. If you would like to deposit more than $5,000, please feel free to visit us at your nearest CU SoCal branch.
There is a work around for the $5k limit: CSR suggested establishing a new membership online, then calling CU SoCal (866.287.6225) to open the 5-month CD Special and fund up to the $50k max over the phone.
Current members can open a CD Special online, in-branch, or over the phone, with seven days to fund the new CD Special.
CU SoCal participates in the CO-OP Shared Branch and ATM network allowing members to access,
CU SoCal accounts in-person at thousands of credit union branches nationwide
through the CO-OP Shared Branch Network—the nation's second largest branch network.
Credit Union Overview
Credit Union of Southern California has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.74% (excellent) based on June 30, 2019 data. In the past year, CU SoCal has increased its total non-brokered deposits by $44.11 million, an excellent annual growth rate of 3.46%. Please refer to our financial overview of Credit Union of Southern California (NCUA Charter # 68456) for more details.
Founded in 1954 as Whittier Area Schools Federal Credit Union, Credit Union of Southern California is currently the 31st largest credit union in California, with nearly 119,000 members and assets in excess of $1.5 billion. In the past seven years, CU SoCal has completed mergers with nine other California credit unions: Family 1 FCU, FedONE Federal CU, Golden West Cities FCU, Inland Empire CU, Newport Beach City Employees FCU, North Orange County CU, San Gabriel Valley CU, Western Gear FCU, and WestWorks CU.
How the CD Special Compares
When compared to 266 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, CU SoCal's 5-month CD Special APY clearly ranks first. The $50k maximum limits the total possible interest that can be earned to about $1,042. As a comparison, the next best CD with a $50k deposit would result in total interest of about $563 over a 6 month term.
The above rates are accurate as of 10/10/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.