While some banks and credit unions have recently dropped their CDs rates, Financial Partners Credit Union (FPCU) has recently raised rates on many of its Certificates, and has maintained the rate on its 60-month Regular Certificate (2.20% APY, $1k min) and 60-month Jumbo Certificate (2.35% APY, $100k min) for more than a year.
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 2 years and longer is 180 days of dividends.
Thanks to West Coast DA reader, Lisa, who mentioned these CDs to me.
Financial Partners Credit Union’s field of membership is residency based, with individuals who live, work, worship, or attend school in Orange County and most Los Angeles County cities eligible for membership.
In addition, individuals who live in San Diego County and are employed in the healthcare industry, or are active or retired members of the Uniformed Services are eligible.
FPCU also lists several hundred SEGs that qualify for membership eligibility. Complete details can be found on FPCU’s Membership page.
Joining Financial Partners Credit Union can be done online, or at any of nine branches located in Brea, Downey (2), Huntington Beach, Orange (2), San Diego (2), and Woodland Hills. The membership application is also available for download to expedite the process. (As the online application is time sensitive, I have not included a direct link.)
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), Newport Beach (Newport Beach Pacific Life), San Diego (Naval Medical Center), and Seal Beach (Seal Beach Boeing).
Credit Union Overview
Financial Partners Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.87% (excellent) based on December 31, 2015 data. In the past year, Financial Partners Credit Union has increased its total deposits by $134.52 Million, an excellent annual growth rate of 18.11%. Please refer to our financial overview of Financial Partners Credit Union for more details.
Financial Partners Credit Union (NCUA Charter # 68457) 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 one of the largest credit unions in the Los Angeles area serving over 74,000 members, with assets in excess of $1 Billion. FPCU was honored last year with the 2015 CUNA Member Benefit Top Performance Award.
How the Certificates Compare
When compared to the other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Southern California residents, Financial Partners Credit Union's 60-month Jumbo CD ($100k minimum) is quite competitive (ranking 2nd), with the 60-month CD ($1k minimum) ranking in the top ten.
The above rates are accurate as of 3/9/2016.