Financial Partners Credit Union 60-Month Jumbo CD Overview

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Deal Summary: 60-month Jumbo CD, 2.00% APY, $100k minimum.

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

One of my first 2020 blog posts was about Financial Partners Credit Union’s (FPCU) 60-month Jumbo CD. It was notable for two reasons: a competitive 3.00% APY and an easy membership requirement that was previously unknown to DA. While the rate has dropped to 2.00% APY, it’s still a competitive CD. The minimum opening deposit is $100k, with no stated balance cap. The 60-month is also offered as a Regular CD ($1k minimum), earning 1.85% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.30%$100k-Financial Partners Credit Union60 Month Jumbo CD
1.30%$100k-Financial Partners Credit Union60 Month Jumbo IRA (Traditional, Roth)
1.15%$1k-Financial Partners Credit Union60 Month CD
1.15%$1k-Financial Partners Credit Union60 Month IRA (Traditional, Roth)
Rates as of October 26, 2020.

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

The following is from a Live Chat from earlier this year.

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 fairly recently. 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 is a bit misleading concerning who can join: “Are an employee or retiree of Select Employer Groups” (SEG). 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 confirmed in a 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, Riverside, 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 Boeing Aircraft and Missile Division and Rockwell International.

Joining FPCU can be done online, or at any of 11 California branches located in Brea, Downey (2), Irvine, Mission Viejo, Orange, Rancho Dominguez, San Diego, South San Francisco, Whittier, and Woodland Hills.

We know many of you depend on your local branch and we want you to know our branches are open, and the team is here to serve you. While many financial institutions are reducing hours and even closing branches, we are maintaining normal business hours to help you with your financial questions, requests, and transactions – so you can focus on what matters most.

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 3.05% (excellent) based on December 31, 2019 data. In the past year, FPCU has increased its total non-brokered deposits by $107.93 million, an excellent annual growth rate of 9.57%. 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 36th largest credit union headquartered in California, with more than 83,000 members and assets in excess of $1.5 billion.

How the Jumbo Certificate Compares

When compared to 196 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 third, regardless of minimum deposit requirements.

The above rates are accurate as of 5/22/2020.

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
alan1
  |     |   Comment #1
The "How the Jumbo Certificate Compares" does not include Advancial's 5-year CD. According to an earlier article, membership in Advancial appears to be nationally available by joining the United States Dog Agility Association.
https://www.depositaccounts.com/banks/advancial-cu/offers/

There may be other associations that offer the possibility of Advancial membership.

Advancial's current yields on 5-year CDs include 2.16% ($50,000 minimum) and 2.06% ($25,000 minimum). They also offer a 5-year CD with a 1.96% yield ($1000 minimum).
https://www.advancial.org/current-market-interest-rate/
me1004
  |     |   Comment #2
I note, Financial Partners has a lot of details to watch out for. I haven't been doing anything with them in a while other than keeping my membership open by maintaining my share savings. But there were a number of things to trip over when I did have a CD there. Unfortunately, I can't even find their disclosures at the Webstire now to refresh me on those.

One thing, as I recall, yes, they are in the shared branch system, but you can use it only for incoming deposits, you can't withdraw your money that way -- but double check, maybe things have changed. There also were various fees to watch out for. For one, they charge a fee for incoming wire transfers. And I'm pretty sure they no longer have a free checking account. But there were some more obscure fees too.
Sandra
  |     |   Comment #3
Qualification page says "Alameda County", not "Alameda City" as above article says. Alameda County includes cities of Berkeley, Oakland, Alameda, San Leandro, Hayward, Fremont. Also includes "South Bay Area" which presumably includes cities of San Jose, Palo Alto, Santa Clara, Sunnyvale, etc..
497. Resident of Alameda County
498. Resident of Antelope Valley
499. Resident of Gateway Cities Area
500. Resident of Orange County
501. Resident of San Diego County
502. Resident of San Fernando Valley
503. Resident of Santa Clarita
504. Resident of South Bay Area
505. Resident of South San Francisco
LISALISALISA
  |     |   Comment #4
I have been with Financial Partners for many years because of their excellent C.D. rates compared to others around the country. I have had nothing but a very good experience with them. I have been to their Los Angeles location a number of times, and that office is more high-tech than I've ever seen before in any banking office. The people working there are very professional also.

I wish me1004 could remember what he didn't like about them. That would interest me greatly.
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