Last week, First Financial Credit Union (First Financial) raised the rates on most of its Share Certificates, with the 18-month (1.50% APY) and 24-month (1.625% APY), now the most competitive in the product line. The minimum deposit is $500, with no stated balance cap.
Both Share Certificates are also available as IRAs (Traditional), earning the same APYs with the same funding requirements.
First Financial’s Early Withdrawal Penalty (EWP) is different than most DA readers (and I) are used to seeing. As stated on First Financial’s Truth in Savings disclosure, the EWP reads as follows,
If the Account has a term of greater than one (1) year, then you may impose an early withdrawal penalty equal to:
1. All dividends that would have been earned for the remainder of the term assuming all funds remained on deposit in the Account for the remainder of the term; and
2. If a withdrawal reduces the Account balance below the required minimum, the Account may be closed; and
3. An Early Withdrawal Fee ($15) will be imposed as set forth on the Rate and Fee Schedule (this may reduce principal).
Headquartered in West Covina in Southern California, First Financial Credit Union’s field of membership is primarily the state’s educational community.
Affiliation: Active and retired members of the California Teachers Association (CTA) and its subsidiaries are eligible to join, as are employees of CTA. Active and retired members of the Congress of Faculty Associations (CFA) also qualify for membership.
Associations: Members of six California education associations are eligible for membership.
Employment: Employees of more than 70 SEGs, including Spectrum Communications, and Three Valleys Municipal Water District, also qualify.
Joining First Financial can be done online, or at any of eleven Southern California branches located in Brea, Granada Hills, Lakewood, Los Angeles, Montclair, Pasadena, Redlands, San Diego, Torrance and West Covina (2). Opening a CD requires an in-person visit to any of the above mentioned branches.
Credit Union Overview
First Financial Credit Union, (NCUA Charter #68404) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.09 (excellent), based on September 30, 2016 data. In the past year, First Financial has increased its total non-brokered deposits by $68.06 million, an excellent annual growth rate of 17.15%. Please refer to our financial overview of First Financial Credit Union for more details.
For more than 40 years, First Financial Credit Union has been serving the educational community of California. First Financial is currently California’s 74th largest credit union, with more than 31,000 members and assets in excess of $507 million.
How the Share Certificates Compare
When compared to the 251 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to California residents, First Financial Credit Union’s 24-month Share Certificate APY currently ranks first.
When compared to the 188 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to California residents, First Financial Credit Union’s 18-month Share Certificate APY currently ranks fourth.
The above rates are accurate as of 12/27/2016.