Financial Partners Credit Union Has 3.00% APY 60-Month Jumbo CD

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Deal Summary: 60-month Jumbo CD, 3.00% APY, $100k minimum.

Availability: Easy membership requirement through the American Consumer Council or AARP; residents of Los Angeles, Orange, and San Diego Counties, and the California cities of Alameda and South San Francisco; nearly 700 Select Employee Groups.

What better way to start the New Year than with a nationally available CD offering 3.00% APY!

Although Financial Partners Credit Union’s (FPCU) 60-month Jumbo CD has been earning 3.00% APY for a few months, the easy membership requirement only became known to DA recently. The minimum opening deposit is $100k, with no stated balance cap. The 60-month is also offered as a Regular CD, earning 2.85% APY.

I wrote about the 60-month Jumbo CD more than three years ago. At that time, the Jumbo CD earned 2.35% APY, making it the second-highest 5-year CD APY available in Southern California. The 60-month Jumbo CD now has the second-highest APY offered on nationally available 5-year CDs.

Both the 60-month Regular and Jumbos CDs are available as IRAs (Traditional and Roth) earning the same APYS, with the same funding requirements.

According to CSR, the Early Withdrawal Penalty for CDs with terms of two years or longer is 180 days of dividends, with partial withdrawals allowed.

Funding and Maturing Funds

In a Live Chat this morning, I learned the following.

Me: What are the options for funding a CD when opening online?

CSR: If you've applied for membership online, once the application has been approved, we would email a funding link to send the funds electronically using your debit card number.

Me: What are the options for receiving funds from a maturing CD? ACH, wire, check, transfer into another PFCU account?

CSR: Once the certificate has matured, we can assist you with a wire, transferring the funds to an FPCU account, issuing a check to be mailed to the address listed on file. You can also transfer the funds electronically to an external account from the FPCU site however, they may be daily limits so the transfer may need to be completed within a few days.

CSR and I further discussed ways to fund a large amount, as debit card funding typically has low limits. CSR stated that a transfer from a member’s Regular Share Savings account is the easiest way to fund a CD. FPCU participates in the CO-OP Shared Branch network, making a transfer of funds relatively simple.

Availability

Headquartered in Downey, California, Financial Partners Credit Union’s field of membership (FOM) has expanded since my 2016 FPCU blog post. Now any U.S. citizen/resident alien with a valid Social Security number is eligible to join FPCU through membership in the American Consumer Council or AARP.

FPCU’s Open an Account page contains a sentence that could be misleading (at first glance) concerning who is eligible to join FPCU.

You can open an account if you ... Are an employee or retiree of Select Employer Groups.

While the overwhelming majority of SEGs are businesses with employees/retirees, ACC and AARP members are also eligible to join FPCU. (The June 2019 SEG list specifically states “AARP member.”) This was also confirmed in the Live Chat.

Me: I see the American Consumer Council and AARP are listed as SEGs. Can anyone who is an ACC or AARP member join FPCU, regardless of where they live?

CSR: Yes, if you are currently employed by or are a current member of either ACC or AARP you are eligible for membership regardless of your location.

Individuals who live, work, worship, or attend school in the California counties of Los Angeles, Orange, or San Diego, or the California cities of Alameda or South San Francisco, are eligible to join.

Employees/retirees/members of nearly 700 Select Employee Groups also qualify for membership. Some of the largest SEGs include Rockwell International and Boeing Aircraft and Missile Division.

Joining FPCU can be done online, or at any of 12 California branches located in Brea, Downey (2), Huntington Beach, Irvine, Mission Viejo, Orange, Rancho Dominguez, San Diego, South San Francisco, Whittier, and Woodland Hills.

Note: There are also seven branches with restricted access located in Aliso Viejo (Aliso Viejo Pacific Life), Canoga Park (DeSoto Aerojet Rocketdyne), El Segundo (El Segundo Boeing), Huntington Beach (Huntington Beach Boeing), Loma Linda (VA Medical Center), Newport Beach (Newport Beach Pacific Life), 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!

Credit Union Overview

Financial Partners Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.80% (excellent) based on September 30, 2019 data. In the past year, FPCU has increased its total non-brokered deposits by $80.26 million, an excellent annual growth rate of 7.16%. 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 35th largest credit union headquartered in California, with more than 82,000 members and assets in excess of $1.4 billion.

How the Jumbo Certificate Compares

When compared to 187 similar length-of-term CDs tracked by DepositAccounts.com, that are available nationwide, Financial Partners Credit Union's 60-month Jumbo CD APY currently ranks second, regardless of minimum deposit requirements.

Interest RateCD Length of TermCredit Union/Bank
3.03% APY5-Year Fixed CD ($500 min)Lafayette Federal Credit Union
3.00% APY60-Month Jumbo Certificate ($100k min)Financial Partners Credit Union
2.90% APY5-Year Share Certificate ($100k min)Dover Federal Credit Union
2.85% APY60-Month Regular Certificate ($1k min)Financial Partners Credit Union
2.83% APY5-Year Jumbo Certificate ($50k min)Advancial

The above rates are accurate as of 1/2/2020.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: Los Angeles CD rates, San Francisco Bay CD rates, San Diego CD rates, 5-year CD rates, nationwide deals

Comments
Happy New Year
Happy New Year   |     |   Comment #1
FPCU is NOT "Shared Branch". If they are, it's only for THEIR members -- they don't reciprocate, and don't accept people from OTHER CUs who walk in wanting handle shared branch services from other (shared branch) CUs. If you do a search for Shared Branch places on CoOp's website, they don't show up. It's why I have to drive 20 mins away to another CU when I want a Shared Branch CU to handle banking for out-of-area CUs I'm a member of.

At at least some of their branches, there are no tellers anymore to save money, just an "inside" ATM. There's a person around (maybe the loan guy?) to help if there's a problem, but teller services are all automated. So good luck trying to get change or anything that an ATM doesn't typically do.

They've done weird stuff in the past, like refusing to accept a checks written out to common, everyday name variants (ie, refusing checks made out to "Tom" if the name on your license is "Thomas", etc).

Just my opinion, but the 3% is only for 100K.
And I don't know if I'd stick $100k here...
Ken Tumin
Ken Tumin   |     |   Comment #2
Thanks for alerting us to this issue. You’re right. It appears FPCU’s branches do not handle transactions for guest members. In the CO-OP’s terminology, credit unions like this participate as only issuers but not acquirers. They allow their members to visit other locations in the network, but they don’t allow guest members to perform transactions at their own branches. In my opinion, this goes against the spirit of the CO-OP shared branch network. Not surprisingly, the credit unions and the CO-OP have little to say about credit unions who don’t participate as acquirers.
midas89
midas89   |     |   Comment #3
@Happy New Year, I have had a checking account at FPCU for many years now. I have never had any negatives issues whatsoever. Customer service has always been helpful when I called. Their alert system and online access and iOS app are great.

I highly recommend FPCU for anyone who might consider them for a 3% 60-month minimum $100K CD.
UCLA
UCLA   |     |   Comment #4
I wonder if you can open more than ONE 100k cd?

like open several over a short period of time--say a couple weeks (if rate still offered)

thanks
Shelby
Shelby   |     |   Comment #5
ucla...you can open as many as you wish at one time at 100k each. Also, this CU is well established and has served the community for many years.
Nonchalance
Nonchalance   |     |   Comment #6
Comment #1 made it sound like there's a $100,000 maximum, but as far as I can tell there is not. Am I wrong?
alan1
alan1   |     |   Comment #7
According to the article, and according to the credit union's "Savings Certificates Rates" page, $100,000 is the minimum amount..
https://fpcu.org/certificate-rates
Capper
Capper   |     |   Comment #8
I opened one on-line a few weeks back. Easy process for the most part. I had to fax them some documents, like ID, but they always responded pretty quickly. No complaints from me.
jimdog
jimdog   |     |   Comment #9
5 years is a long time to tie money up at 3 percent. I personally want to stay under 3 yrs. Rates could be at 5 percent in 3 years.
Preternatural Suppository
Preternatural Suppository   |     |   Comment #10
Why stop at 5%? Why not 10 or 15%?
Lisa
Lisa   |     |   Comment #16
Let me tell you why your logic is faulty: If you invest your money at 3% for 5 years...and God willing the rates go up significantly...you would simply break open your C.D....take a loss on your taxes...and buy the new C.D. at the much higher rate. Easy! But you would first want to do the math, to make sure that it would be worth your while.
TRY.FPCU
TRY.FPCU   |     |   Comment #17
Jimdog, Financial Partners offers certificates for terms from 3months to 5 years...and you can open a "regular" certificate for as little as $1,000. Of course, rates are lower at the shorter terms but definitely higher than regular savings AND you can ladder your terms to best meet your financial needs. Check out all rates and terms at https://fpcu.org/savings-certificates-iras.
Nonchalance
Nonchalance   |     |   Comment #11
My attempt to open a membership was a failure. Application link was down all morning, then it worked but said I wasn't eligible because it didn't recognize American Consumer Council. Then on phone they eventually confirmed that I am eligible, but with ACC they didn't have a way to use the online application, and I'd have to complete a printed application and mail it in, and I'd have to provide proof of ACC membership (I have nothing but a member number). At that point I lost all faith in FPCU's abilities and decided to abandon them.
Beef
Beef   |     |   Comment #12
I had the same experience trying to become member with my AARP membership. I followed up and they told me I was good to go to complete online application but it still failed. At this point, I have lost all faith in FPCU's abilities and decided to abandon them.
Sylvia
Sylvia   |     |   Comment #13
Nonchalance, I got a copy of my membership certificate from ACC by contacting them. Try [email protected] or calling 1-800-544-0414. If memory serves, I called and they responded within the hour with the cert by email.
Nonchalance
Nonchalance   |     |   Comment #14
Thank you, Sylvia, that might become helpful in the future. As far as FPCU is concerned, ACC documentation was only an annoyance on top of everything else, and I won't engage with them when they're so encumbered by their own system that they cannot accept an online application. They're clearly archaic and I'll avoid them. They lost a jumbo x 2 deposit while they're tripping over themselves.
111
111   |     |   Comment #15
#11 - Also, my understanding is that when most people initially joined the ACC they received an email with an attached PDF file of their certificate. If you still have that email, you have the certificate.
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