First Entertainment Credit Union Unveils Very Competitive 15-Month CD
First Entertainment Credit Union (First Entertainment) is currently offering a 15-month Certificate Special earning an attractive 5.00% APY. The minimum opening deposit is $5k of new money, which is defined simply as funds not currently on deposit with First Entertainment; the cap is $5 million per member. The offer is scheduled to last until January 31, 2023.
As stated in the Account Agreement and Disclosure document, the Early Withdrawal Penalty reads as follows:
a) Early withdrawal made during the first ninety (90) days after opening or renewal of the Account: The penalty shall be the dividends earned on the withdrawn amount.
b) Early withdrawal made more than ninety (90) days after the opening or renewal of the Account: The penalty shall be all dividends earned for the first ninety (90) days on the amount withdrawn.
More simply put, the EWP is the lesser of all dividends earned or 90 days dividends; the principal will never be invaded.
Availability
Headquartered in Hollywood, California, First Entertainment Credit Union’s field of membership (FOM) is primarily community-based, with individuals (18 years or older) who live, regularly work, worship, or attend school in Los Angeles County, California.
Employees and retirees (and their family members) of more than 300 entertainment industry companies that have partnered with First Entertainment also qualify for membership. A complete list of the companies (includes major networks/studios and industry-related union locals) appears on the first page of the online application.
Family members of current First Entertainment members are also eligible for membership.
Account Opening
Joining First Entertainment can be done online or at any of the nine Southern California branches located in Burbank (2), Culver City (2), Hollywood, Los Angeles, Santa Clarita, Santa Monica, and Studio City. Phone appointments and in-branch appointments are available and can be scheduled online.
Opening a Certificate Special can be done at any of the above-mentioned branch locations. A Certificate Special can be also opened by calling 888.800.3328. Accounts cannot be opened online.
Opening a First500 Savings Account ($1 minimum balance) establishes a First Entertainment membership.
Funding and Other Particulars
The following was provided by CSR.
- Funding – ACH, wire ($0 fee), check, or external transfer (shared branch transaction).
- CO-OP Shared Branch Participant – Yes.
- Dividends – Accrued daily/credited monthly and can be automatically transferred to First500 Savings account.
- Maturing Funds – When opening, you can opt for automatic renewal (as a 12-month Certificate) or have the balance transferred to First500 Savings account.
- Beneficiaries – Two can be designated on the Certificate Application with percentages assigned. Social Security numbers required for all beneficiaries.
- Grace Period – 7 business days before automatic renewal, beginning the day after maturity date.
- Credit Check – Soft pull when joining.
Credit Union Overview
First Entertainment Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.76% (excellent) based on September 30, 2022 data. In the past year, First Entertainment increased its total non-brokered deposits by $37.45 million, an above average annual growth rate of 1.96%. Please refer to our financial overview of First Entertainment Credit Union (NCUA Charter # 683733) for more details.
Chartered in 1967, First Entertainment Credit Union describes itself as “the financial ally for the creators of entertainment, those that support them, and the Los Angeles County community.” With nearly 90,000 members and assets in excess of $2 billion, First Entertainment Credit Union is currently the 33rd largest credit union headquartered in California.
How the 15-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the First Entertainment Credit Union 15-month Certificate Special. The following table compares the 15-month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 12/31/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.