Two months ago, Frontwave Credit Union (Frontwave) offered a competitive 3.50% APY on its 3-year Share Certificate. While that rate was lowered to 2.95% APY yesterday, Frontwave has added 100 bps to its 4-year Share Certificate, giving it an impressive 4.00% APY. Like all of Frontwave’s Share Certificates, the 4-year can be opened with a minimum $1k deposit and has no stated balance cap.
|2.95%||$1k||-||Frontwave Credit Union||4 Year Share Certificate|
|2.95%||$1k||-||Frontwave Credit Union||4 Year IRA Share Certificate (Traditional, Roth)|
The 4-year Share Certificate is also available as an IRA (Traditional and Roth), earning the same APY and with the same funding requirements.
As stated in the Important Account Information document, partial withdrawals are not allowed.
You may NOT make withdrawals of principal from your certificate account before maturity. Withdrawal of principal will require closure of the certificate.
The next paragraph explains the Early Withdrawal Penalty:
A penalty may be imposed for certificate accounts that are withdrawn before maturity. The penalty that may be imposed can be the greater of:
- seven (7) days dividends, on the amount withdrawn subject to penalty, if the withdrawal is made within the first six (6) days after the account is opened or renewed, or
- a dividend penalty based on the date of early withdrawal, the term of the certificate and the type of certificate. Specific penalty information is available on your Certificate Receipt.
Don’t overlook this important piece of information:
There is no grace period following the maturity of this account during which time
you may withdraw the funds without being charged an early withdrawal penalty.
It’s your responsibility to send written instructions before the maturity date to not renew the Share Certificate and that you will withdraw the funds at maturity.
Many thanks to DA reader, Capper, for the Forum post about the great rate at Frontwave.
Headquartered in Oceanside, Frontwave Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, or worship in the California counties of Riverside, San Bernardino, or San Diego eligible for membership.
Immediate family members of current Frontwave members also qualify for membership.
Joining Frontwave and/or opening the 4-year Share Certificate can be done online or at any of 14 California branches located in Barstow, Camp Pendleton (2), Escondido, Oceanside (2), San Diego (2), San Marcos, Temecula (2), Twentynine Palms, Wildomar, and Yucca Valley.
With a completed eligible application and a deposit
of at least $50, you'll become a share-holding member.
As a member of the CO-OP Shared Branch network, Frontwave members has access to more than 5,000 CU Service Center locations and 30,000 fee-free CO-OP ATMs.
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No matter where in the U.S. the wind takes you, banking services are close at hand.
Credit Union Overview
Frontwave Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.35% (excellent), based on December 31, 2018 data. In the past year, Frontwave has increased its total non-brokered deposits by $17.74 million, an above average annual growth rate of 2.61%. Please refer to our financial overview of Frontwave Credit Union (NCUA Charter # 68494) for more details.
Established in 1952 as Camp Pendleton Federal Credit Union, the original FOM consisted of Marines and their families who lived on-base in Southern California. The Credit Union soon changed its name to the Pacific Marine Credit Union, to better describe its membership. In 2002, the FOM expanded to include the residents of the 2nd, 4th, and 5th most populous counties in California.
The Frontwave rebrand occurred less than four months ago.
“Although being open to the community has helped our growth over the past 16 years, our name was polarizing and created confusion. We were too often mistaken as a credit union that served only Marines,” said Bill Birnie, President and CEO of Pacific Marine Credit Union. “We believe our new name is more approachable and conveys that we are open to the broader community,” said Birnie.
Frontwave Credit Union is currently California’s 58th largest credit union, with more than 88,000 members and assets in excess of $818 million.
How the Share Certificate Compares
When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Frontwave Credit Union’s 4-year Share Certificate currently leads the way.
The above rates are accurate as of 5/2/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.