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.
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 Rate||CD Length of Term||Credit Union/Bank|
|3.03% APY||5-Year Fixed CD ($500 min)||Lafayette Federal Credit Union|
|3.00% APY||60-Month Jumbo Certificate ($100k min)||Financial Partners Credit Union|
|2.90% APY||5-Year Share Certificate ($100k min)||Dover Federal Credit Union|
|2.85% APY||60-Month Regular Certificate ($1k min)||Financial Partners Credit Union|
|2.83% APY||5-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.