First Entertainment Credit Union is again offering a special 4-month CD. This is the same special as it offered last year at this time, except the rate is only half of what it was. Nevertheless, the rate is still competitive for a 4-month term. It has an APY of 1.00%. Minimum deposit is $1,000. New money is required. This special is listed in this credit union's promo page as of 12/17/2012.
First Entertainment Credit Union also has a savings account called First500 Savings in which you can earn 5.00% APY on your first $500 (this used to be 7%). To qualify for this yield, you're required to have a checking account with eStatements and either Online Billpayer or Direct Deposit. The low cap prevents this from being a great deal. You only can make about $20/year more than what you would make in a 1.00% savings account. You won't want to join the credit union for this, but it's an extra bonus if you join for the CD.
This credit union regularly comes out with some attractive CD deals. In 2010 they were offering a 1.75% 11-month special CD and in 2007 they were offering a 6% CD. A reader commented about opening these certificates in 2007 and thought "they were easy to deal with and pleasant."
Membership is open to most individuals who live, work, attend school or worship in the Greater Los Angeles Area. You can also be eligible via select employee groups and via family members. Please refer to the credit union's Becoming a Member Page for more details. Membership requires a one-time fee of $5 and a minimum deposit of $5 into the First500 Savings Account.
Credit Union Overview
First Entertainment Credit Union branches are located in the California cities of Burbank, Hollywood, Culver City, Los Angeles, Santa Monica, Studio City and Valencia. The credit union is also part of the CU Service Centers which allows you to conduct many banking transactions at other credit unions which are part of this shared branching network.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.84% (excellent) based on September 2012 data. Please refer to our financial overview of First Entertainment Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68373).
How This CD Rate Compares
The highest 3-month CD rate from an internet bank is only 0.65% APY at E-LOAN. A better deal is the 11-month No Penalty CD at Ally Bank which pays 0.95% APY. Since this CD can be closed without penalty, it can be made into any CD term from 7 days to 11 months.
If you don't mind a little longer term, the best short-term CD deal that's nationally available is an 8-month CD special with a 1.50% APY at Digital Federal Credit Union.
These rates are accurate as of 12/17/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.