Frontwave Credit Union (Frontwave) has added an 18-month Certificate Special earning a very competitive 3.25% APY. The minimum opening deposit is $1k of new money, which is defined as “funds not currently or previously on deposit with Frontwave Credit Union in the last 30 days.” This is a limited-time offer, with the “rate subject to change without notice.” In other words, the rate will be in effect until it isn’t.
|3.25%||$1k||-||Frontwave Credit Union||18 Month Certificate Special - New Money|
There is no Early Withdrawal Penalty because withdrawals are not permitted. The disclosure attached to the online application states,
Funds must remain on deposit for the term of the certificate.
At first, I thought that statement meant that to earn the stated APY all funds had to remain on deposit, but the odd wording prompted me to call Frontwave. According to CSR, it means exactly what it states: partial withdrawals or an early closure are not allowed.
Earned dividends cannot be withdrawn either. Earned dividends can be withdrawn. When a certificate is opened, the accountholder can opt for the dividends to remain on deposit in the certificate or transferred monthly to a Frontwave Share Savings or checking account.
Thanks to the DA reader who emailed me about withdrawing earned dividends.
Funding can be done by ACH, wire transfer, or check. Frontwave participates in CO-OP Shared Branch network, so transferring funds into a Frontwave Share Savings account is a relatively simple process. Maturing funds will be distributed by cashier’s check to the address on file or transferred into a Share Savings account. There is a 7 calendar day grace period before automatic renewal.
Unlimited beneficiaries (equal shares) can be designated, with Social Security numbers required for all named beneficiaries.
Headquartered in Oceanside, Frontwave Credit Union’s field of membership (FOM) is community-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 an 18-month Share Certificate can be done online or at any of 14 California branches located in Barstow, Camp Pendleton (3), Escondido, Oceanside (2), San Diego, 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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Credit Union Overview
Frontwave Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.61% (excellent), based on March 31, 2022 data. In the past year, Frontwave has increased its total non-brokered deposits by $64.29 million, an excellent annual growth rate of 6.26%. 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.
In early 2019, the Frontwave rebrand occurred.
“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 54th largest credit union, with nearly 117,000 members and assets in excess of $1.2 billion.
How the 18-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Frontwave Credit Union 18-month Certificate Special. The following table compares the 18-month Certificate Special to the two highest-rate CDs from credit unions and to the other two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|3.25%||18-Month Certificate Special (withdrawals not permitted)||Frontwave Credit Union|
|3.20%||18-Month CD (EWP=180 days)||CFG Bank|
|2.85%||18-Month High-Yield CD via SaveBetter (EWP=270 days)||mph.bank|
|2.82%||20-Month Bump Up Share Certificate (EWP=90 days)||Interior Federal Credit Union|
|2.75%||15-Month Share Certificate Special (EWP=182 days)||NASA Federal Credit Union|
The above information and rates are accurate as of 7/30/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.