Frontwave Credit Union (CA) Offers Competitive Rate On 4-Year CD
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.95% | $1k | - | Frontwave Credit Union | 4 Year Share Certificate | |
| 0.95% | $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A penalty may be imposed for certificate accounts that are withdrawn before maturity.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- seven (7) days dividends, on the amount withdrawn subject to penalty, if the withdrawal is made within the first six (6) days after the account is opened or renewed, or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.
Availability
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.
Where are you going? Don't answer. It doesn't matter.
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.
Also there is no grace period when a cd matures which is odd, also some other peculiar hoops members need to jump thru.
This CU gives me pause especially if one is locking up funds with them 3 to 5 years...its a pass for me
CD Term Penalty
6 months 90 days
1 year 180 days
2 year 180 days
3 year 365 days
4 year 365 days
5 year 365 days
Besides the info. listed above,
- Retired Military, Active military/armed forces (dependents, family memb., also)
- Fill Rx at Naval Hospital
- Buying Groceries at the commissary at the Base
- Work at one of the Military Bases
- Family member of a current member
Does buying groceries once qualify? Also, who is allowed to buy groceries at a military commissary?
I called the 1-800 number.
She was very nice! I told the young lady I did not live over there and would love to see if there was any other way I could join, and she informed me of those other ways. Sorry if those do not work for everybody. Great Rate! I did not qualify, unfortunately.
according to your post #25
you already have been a member of the CU
so how does your #31 comment suggest you
have been thinking outside the box?
Share your secret ??
What box did you check on the online application form to verify that you qualify for membership, or what written representation did you make? TIA
You can join Navy Federal CU even if your family member, who is military(active/retired), is not a member there. Why wouldn't it be so here, also?
Because they have different membership requirements than Navy Federal. As far as I can tell, no who lives outside the area and doesn't have family members (military or not) who resides in the area and is a member of the credit union, has been able to join this credit union. What you may think you have been told and what actually happened are not one and the same.
Do you live, work or worship there and can prove it or is anyone in your family (military or otherwise) already a member of the credit union? Otherwise you're out of luck.
The 4% offering is a good deal from a CU that is trying hard at being a top CU in their field of membership.My interactions with customer service has always been very professional and the call center can transfer you to an account specialist in minutes.