Frontwave Credit Union (Frontwave) started the month by raising the rate on its 3-year Share Certificate to 3.50% APY. The minimum opening deposit is $1K, with no stated balance cap.
The 3-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.
According to this document, the early withdrawal penalty may not be simple:
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- seven (7) days dividends, on the amount withdrawn subject to penalty, if the withdrawal is made within the first six (6) days after the account is opened or renewed, or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.
Military Saver and Saver Certificates
Frontwave is also offering a 3-year Military Saver Certificate (4.00% APY) for active duty military personnel and a 3-year Saver Certificate (3.75% APY) for civilians.
|4.00%||$100||$500||Frontwave Credit Union||3 Year Military Saver Certificates|
|3.75%||$100||$500||Frontwave Credit Union||3 Year Saver Certificate|
The 3-year Saver Certificates (both Military and civilian) are essentially installment savings accounts, which permit maximum deposits of $500 per month throughout the term. There's also a maximum initial deposit of $500. The small maximum deposits limit the benefit of these high APYs.
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.
In addition, immediate family members of current Frontwave members also qualify for membership.
Joining Frontwave and/or opening the 3-year Share Certificate can be done online or at any of 13 California branches located in Barstow, Camp Pendleton (2), Oceanside (2), San Diego (2), San Marcos, Temecula (2), Twentynine Palms, Wildomar, and Yucca Valley.
Credit Union Overview
Frontwave Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.48% (excellent), based on September 30, 2018 data. In the past year, Frontwave has increased its total non-brokered deposits by $27.24 million, an excellent annual growth rate of 4.11%. 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 57th largest credit union, with more than 86,000 members and assets in excess of $829 million.
How the Share Certificate Compares
When compared to 225 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Frontwave Credit Union’s 3-year Share Certificate currently tops the list.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.50% APY||3-Year Share Certificate||Frontwave Credit Union|
|3.35% APY||Senior Citizens 3 Year CD||State Bank of India (IL)|
|3.35% APY||3-Year Term Deposit||Mountain America Credit Union|
The above rates are accurate as of 2/5/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.