Financial Partners Credit Union Unveils "Name Your Term" CDs
California-based Financial Partners Credit Union (FPCU) has added three “Name Your Term” CD Specials: 7-month, 11-month, and 17-month. All three CD Specials earn 4.40% APY, with the 7-month being the most competitive. The minimum opening deposit is $1k of new money; the “source of funds deposited into certificate may not be from an existing Financial Partners Credit Union account.” The Certificate & IRA Rates page lists Jumbo Name Your Term CD Specials ($100k minimum), but all three Jumbo CD Specials earn the same 4.40% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.50% | $1k | - | Financial Partners Credit Union | 7 Month Name Your Term CD Special - New Money |
All the Name Your Terms CDs are available as IRA CDs (Traditional and Roth) earning the same APYs, with the same funding requirements.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.50% | $1k | - | Financial Partners Credit Union | 7 Month Name Your Term IRA Special - New Money (Traditional, Roth) |
According to CSR, the Early Withdrawal Penalty for the 7-month CD Special is 90 days of dividends, with partial withdrawals allowed.
Availability
Headquartered in Downey, California, Financial Partners Credit Union’s field of membership (FOM) has expanded more than two years ago. Any U.S. citizen/resident alien with a valid Social Security number is now eligible to join FPCU through membership in the American Consumer Council.
The FPCU Become a Member page contains a sentence that is a bit misleading concerning who can join: “Employee and retirees of these employers can become a member.” While the overwhelming majority of SEGs are businesses with employees/retirees, ACC members are also eligible to join FPCU as confirmed in a Live Chat.
Individuals who live, work, or attend school in the California counties of Los Angeles, Orange, Riverside, or San Diego, or the California cities of Alameda or South San Francisco, are eligible to join.
Employees/retirees/members of more than 375 Select Employee Groups also qualify for membership. Some of the largest SEGs include Boeing Aircraft and Missile Division and Rockwell International.
Account Opening
Joining FPCU can be done online or at any of 13 California branches located in Brea, Costa Mesa, Downey (2), Irvine, Mission Viejo, Orange, Rancho Dominguez, San Diego, Seal Beach, South San Francisco, Whittier, and Woodland Hills.
Note: There are also five branches with restricted access located in Canoga Park (DeSoto Aerojet Rocketdyne), El Segundo (El Segundo Boeing), Loma Linda (VA Medical Center), San Diego (VA Medical Center), and Seal Beach (Seal Beach Boeing).
A Regular Share Savings account ($25 minimum deposit) is required to establish a PFCU membership, but a minimum balance of $100 is necessary to earn interest.
FPCU also participates in the both CO-OP Shared Branch and ATM networks.
The CO-OP Shared Branch Network is the second largest branch network in the country! With 5,600 locations coast to coast, you can conduct transactions on your Financial Partners accounts at participating credit unions nationwide!
Funding and Other Particulars
The following information was obtained from CSR in a phone conversation.
- Funding – ACH, wire ($10 fee), check, or shared branch transfer.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and with automatic transfer to Financial Partners savings/checking account .
- Maturing Funds – ACH, wire ($30), cashier’s check, or internal transfer.
- Beneficiaries – Unlimited, but Beneficiary Designation Form is limited to two; percentages can be assigned; Social Security number required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – None.
Credit Union Overview
Financial Partners Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.34% (excellent) based on September 30, 2022 data. In the past year, FPCU decreased its total non-brokered deposits by -$14.26 million, an average annual growth rate of -0.9%. Please refer to our financial overview of Financial Partners Credit Union (NCUA Charter # 68457) for more details.
Financial Partners Credit Union was originally established in 1937 as the North American Aviation Employees Federal Credit Union, as "the aerospace industry was looking to protect its workers from skyrocketing interest rates" – pun probably intended. Following several mergers with other aerospace industry associated credit unions and a change in its charter, FPCU is currently the 29th largest credit union headquartered in California, with nearly 88,000 members and assets in excess of $2.2 billion.
How the 7-Month Name Your Term CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, two banks and two credit unions have higher rates than currently offered on the Financial Partners Credit Union 7-month Promo Certificate. The following table compares the 7-month CD 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 12/23/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
