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First Entertainment Credit Union Unveils Very Competitive 15-Month CD

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Update 1/4/23: Changes made based on input from credit union. This included the end date (1/31/23), the max deposit ($5m), and account opening methods (branch visit or by phone; Certificate Special can't be opened online.)

Deal Summary: 15-Month Certificate Special, 5.00% APY, $5k minimum deposit, new money.

Availability: Los Angeles County, California; more than 300 entertainment industry SEGs.

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the first ninety (90) days after opening or renewal of the Account: The penalty shall be the dividends earned on the withdrawn amount.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or renewal of the Account: The penalty shall be all dividends earned for the first ninety (90) days on the amount withdrawn.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.

Related Pages: Los Angeles CD rates, 1-year CD rates

Comments
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3 Comments.
trav99
  |     |   Comment #1
They have locations (and ATMs) at most of the major studio lots around LA (Sony, WB, Paramount, Fox, etc), which are restricted access unless you happen to be working at the lots, but for those not in the industry they also have other branches anyone can access as well. Though they're not known for having regular earth-shattering deals, one thing's for sure: if you're in the industry they're 1000% better than the absolutely terrible SAG-AFTRA credit union. Over the last 25 years I've noticed only occasional "really good deals" from First Entertainment, but they're not bad, just kind of your typical small credit union.
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6
max100
  |     |   Comment #2
good . must be 5.5
Reply
3
New 4-Month CD Special at First Entertainment CU - Los Angeles Metro Only
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POSTED ON MONDAY, DECEMBER 17, 2012 BY KEN TUMIN

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...

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4-Month CD Special at First Entertainment Credit Union in SoCal - Local Only
Comments (1)
POSTED ON MONDAY, DECEMBER 26, 2011 BY KEN TUMIN

Short-term CD deals can often be more trouble than they're worth. But if the rate is high enough and there aren't hoops to jump through, it might be worthwhile. That may be the case with this CD special at First Entertainment Credit Union. It's offering a 4-month CD special (term savings certificate) with a 2.00% APY. Minimum deposit is $1,000, and the maximum deposit is $25,000 per member. The only requirement listed is that the funds be new money. This special is listed in this credit union's promo page as...

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1.75% 11-Month CD at First Entertainment Credit Union in CA - Local Only
Comments (1)
POSTED ON FRIDAY, MARCH 12, 2010 BY KEN TUMIN

First Entertainment Credit Union is offering a fairly competitive CD special: 1.75% APY 11-month CD. Minimum deposit is $1,000, and new money is required. This special is listed in the credit union's rates page as of 3/12/2010.

First Entertainment Credit Union also has a savings account called First500 Savings in which you can earn 7% APY on your first $500. 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....

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2.09% 18-Month CD & 3.00% 36-Month CD at First Entertainment Credit Union in CA - Local Only
Comments
POSTED ON SATURDAY, DECEMBER 5, 2009 BY KEN TUMIN
Update 12/05/09: The CD specials have ended. Please check the credit union's website for the latest rates.

First Entertainment Credit Union is offering another CD promotion with two competitive rates: 2.09% APY for 18 months and 3.00% APY for 3 years. The 3% also applies to 4- and 5-year CDs which are not quite as competitive. These rates are listed in the credit union's rates page as of 11/20/2009.

First Entertainment Credit Union also has a savings account called First500 Savings in which you can earn 7% APY on your first $500....



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2.29% 18-Month CD & 2.09% 12-Month CD at First Entertainment Credit Union in California - Local Only
Comments
POSTED ON SUNDAY, SEPTEMBER 13, 2009 BY KEN TUMIN
First Entertainment Credit Union is offering two special CDs with competitive rates: 2.09% APY for 12 months and 2.29% APY for 18 months. Minimum deposit is $1,000. This special is listed on the credit union's front page as of 9/13/09.

First Entertainment Credit Union also has a savings account called First500 Savings in which you can earn 7% APY on your first $500. 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 does hurt this deal....

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