Financial Partners CU (CA) 60-Month CD Remains Competitive

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Availability: Residents of Orange County, CA; Residents of most of Los Angeles County; San Diego County residents employed in healthcare or active/retired members of Uniformed Services.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.20%$100k-Financial Partners CU (CA)60 Month Jumbo CD
2.20%$100k-Financial Partners CU (CA)60 Month Jumbo IRA (Traditional, Roth)
2.10%$1k-Financial Partners CU (CA)60 Month CD
2.10%$1k-Financial Partners CU (CA)60 Month IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of September 24, 2016.

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.

Availability

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.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our new Rates Map page.

Comments
me1004
me1004   |     |   Comment #1
I note, this CU is actually an easy membership one  that  anyone can join. One of the quiet  ways  they  let  anyone  join is via  a $5 contribution to the Downey Rose Float Assn., which you can do via the CU when you join. You do  not need a link to Southern  California. That  is not on their list on the Website, it is somethign they will tell you on the phone. I have found a couple or few CUs that have a quiet  way to join that you find out  about only by calling them, and this is one of those.  
cumulus
cumulus   |     |   Comment #2
Me1004, thanks for sharing this.
Anonymous
Anonymous   |     |   Comment #3
At least in the branch that's by me, they don't seem to handle money with any "live" tellers. Instead, you walk up to an inside ATM (different than the outside ATM) with a TV screen, where you interact with a teller you can see on the screen, and get your money that way. There are employees to help you, or assist you with loans or paperwork and such, but they got rid of their normal tellers for handling transactions like cashing checks, getting cash, etc. Kind of weird. Had an account there at one time, don't anymore. Not a bad place, but it's kind of weird not having a real teller and having to interact with someone on a screen even when you're in a branch (if you want to do anything with money, like cash a check). Years ago I also had a CD with them, and at first they didn't want to allow a check to be cashed made out to me when it was made out to the commonly-accepted version of my name (ie, "Bob" instead of "Robert", "Tom" instead of "Thomas" etc) -- even though my signature on the drivers license was the common version, not the full legal name. As I said, I always felt it was kind of a strange place to bank. Not necessarily bad, but strange...
me1004
me1004   |     |   Comment #4
When I opened a CD there some months back, the person opening it was telling how they were upgrading all their technology at the time, and he explained that the CEO is very big on using technology. That must be what you are talking  about about the tellers.

I also note, another thing I found unique that goes along with your comments about some  strange things is that the guy opening my CD also explained that they only partially use the shared branch system. He said they accept shared branch deposits, but you cannot use them for shared branch withdrawals from accounts with them -- another reason to open a checking account too.
Anonymous
Anonymous   |     |   Comment #5
Which is why I no longer bank with FirstFinancial. I don't like having to be forced to open other account types with an institution just to make up for their deficiencies in the account type I want (kind of like NavyFed, which, for instance, will only allow you to ACH funds INTO NavyFed savings accounts, not OUT of) -- why I only have $5 and a CD special at NavyFed, and nothing else.

If you're just interested in opening a CD with FirstFinancial, I suppose it's okay... and by no means do I want to say they're a terrible place to bank. But personally for me, I found there were better credit unions to bank with than FirstFinancial (as their policies and practices are now), where I put my main accounts (in my case, a better local credit union, as well as one large nationwide credit union not by me). Though again if it's just for a CD, it should be okay (though again, when I opened a CD with them a few years ago, they didn't want to accept a check for it made out to the commonly accepted version of my name (ie, Tom vs Thomas) even though my drivers license was signed that way. They are kind of middle-of-the-road. There are certainly worse places to bank than here, but (at least for me) I also found better places. Still, if it's just for a CD, it (hopefully) should be harmless enough.
Anonymous
Anonymous   |     |   Comment #6
Sorry, meant to say "Financial Partners" not "First Financial" of course...

Just one more comment about there being no tellers in their branches (there are employees to help with loans and paperwork and such, but no tellers to handle money transactions, like cashing a check or getting cash). I haven't been in the local branch much lately since I no longer bank there, but if I remember right, there was only ONE Virtual Teller-ATM inside (where you interact with someone on a screen). And when they get busy, that's only one machine for a crowd of people. Not to mention the last time I used it, I had to wait in queue (because all available tellers in the main office were busy helping other customers from other branches) so I had to wait 3-4 minutes for a teller's face to pop up on the ATM machine to help me. At the time I was the only one inside waiting. Imagine if there were 4-5 people (not uncommon) waiting in line to do transactions. If there was a live teller (even just 1) at least that teller would be working all the time for the 4-5 people in line at that branch. But instead, each time a new customer walks up and tries to use the virtual teller machine, you're put in queue again, and have to wait for an agent at the head office to become free and pop up on the screen. Just not a great place to bank frequently or be your main credit union...
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