6.25% 12-Month CD at a Multistate CU (Farmers Insurance Group).

POSTED ON SATURDAY, FEBRUARY 17, 2007 BY Ken Tumin

Farmers Insurance Group FCU is offering a special 6.25% APY 12-month certificate. The minimum deposit is $1,000.

Now that Penfed's 6.25% CDs have ended, it's nice to see 6.25% again. However, this credit union doesn't have easy membership. The field of membership is primarily based on Select Employee Groups. In addition to the Farmers Insurance Group, there are a few dozen other eligible employers. Most of these are in California. You can also be eligible via family. See site for details. Membership requires a minimum $5 deposit is required in the savings account.

Branches are located in Kansas, Ohio, Illinois, Texas, California, Indiana, Washington State, Arizona, Oklahoma, Colorado and Michigan.

The credit union is federally insured by the NCUA. It has $555.7 million in assets and 40,455 members.

[2/17/07 Edit: CD special seems to be over. It's no longer listed at the website.]

Comments

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3 Comments.

Anonymous | Feb 1, 2007 | Comment #1

Wow! Sounds very good because I have funds maturing 2/14. I called about how long this rate would last and was told the middle of Feb, I asked the exact date and the response 2/15. Hope this is true. I'll call again tomorrow to the branch office. I asked about joining on the internet and was told no, but you can mail the application and funds in.

Banking Guy | Feb 2, 2007 | Comment #2

Thanks for checking on this. I hope there are enough people who can qualify to join. I found out that they have a branch in my city. I called and there seems to be no community-based ways to qualify.

Anonymous | Feb 2, 2007 | Comment #3

I knew it was "too good to be true".
Yesterday I was told that you could join if you belonged to Farmers Insurance Group but today they qualified that; to work for, or be an agent or reletive of an agent. Also, they are closing the enrollment on 2/9. Bummer!!