Just prior to Labor Day, California-based Kinecta Federal Credit Union (Kinecta) unveiled a new 18-month Promo Share Certificate. Three months later, Kinecta has added 25 bps, giving this short-term CD a competitive 3.00% APY. The minimum opening deposit is $1k, with no stated balance cap. While the fine print on the landing page states that a “Jumbo share certificate requires $100,000 minimum balance,” the APY is the same for all deposit levels.
According to the fine print on the VIP Page, Promotional Certificates qualify for a VIP Bonus. Kinecta’s Gold Club and Hughes Gold Elite Club offer an additional 0.05% and 0.10% rate increase, respectively, on Share Certificates.
Being treated like a VIP is a pretty big deal. As a VIP, you’ll have access to exclusive benefits. No sign-ups or fees to join. You’ll be automatically enrolled once you qualify!
As stated on the VIP Membership page, the requirements for the Gold Club reads as follows:
Gold Club - Minimum of $150,000 in combined balances (loans, deposits, & investments) including minimum of $10,000 in deposits & investments.
Either of the following: (A) minimum monthly average direct deposit of $250 to share accounts; OR (B) minimum monthly average of 3 transactions tied to share accounts.
The requirements for the Hughes Gold Elite Club are the same as for the Gold Club, but the Hughes Gold Elite Club also requires 20 or more years of Kinecta membership.
As stated in Kinecta’s Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
The Credit Union will terminate the Term Share Certificate Account and impose a penalty on the amount of withdrawal from the account if a withdrawal of principal is made prior to the Maturity Date.
If the Term Share Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal one-hundred eighty (180) days of dividends.
Headquartered in Manhattan Beach in Southern California, Kinecta Federal Credit Union's field of membership (FOM) offers a qualifying option for almost any U.S. citizen or resident alien.
Easy Membership – Joining Consumers Cooperative of Santa Monica (CCSSM) ($10 non-refundable membership fee) qualifies for Kinecta membership. The Credit Union's online application allows you to join CCSSM and Kinecta simultaneously.
Residency – Individuals who live, work, worship, or attend school in select Zip Codes of Anaheim, Lancaster, Rialto, Santa Ana, and the Greater Los Angeles area qualify for membership.
Employment – Any current or retired employee of 500+ Select Employee Groups and their immediate family and household members are eligible for membership.
Association – Members of the El Segundo Sunshine Lions Club, Grand View Elementary PTA, Manhattan Beach Lions Club, Manhattan Heights Senior Citizens Club, Neptunian Woman's Club, and Riviera United Methodist Church are eligible to join.
Relationship – Immediate family (spouse, parent, child, sibling, grandparents, grandchild, step-family) or a household member of a Kinecta member qualify for membership. A new addition to the relationship drop-down menu on the online application is “sponsor.”
Joining Kinecta and/or opening a Promotional Certificate can be done online, or in person at any of 36 California branches located in Anaheim, Brea, Carson, Compton (2), El Segundo (4), Fountain Valley, Gardena, Goleta, Hawthorne, Hermosa Beach, Highland Park, Inglewood (2), Lakewood, Lancaster, Los Angeles (2), Malibu, Manhattan Beach, Newport Beach, Redondo Beach, Rolling Hills Estates, San Diego, Santa Monica, Thousand Oaks, Torrance (2), Tustin, Westchester, Westlake Village, Westminster, and Woodland Hills.
Credit Union Overview
Kinecta Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.49% (excellent) based on June 30, 2018 data. In the past year, Kinecta has increased its total non-brokered deposits by $176.42 million, an excellent growth rate of 4.95%. Please refer to our financial overview of Kinecta Federal Credit Union (NCUA Charter # 4142) for more details.
Hughes Aircraft Employees Federal Credit Union (HAEMFCU) was established in 1940 because of an inconvenience: employees of the Hughes Aircraft Company were using too much of their lunchtime driving downtown to handle their finances. The solution? An employee credit union located in the Hughes Aircraft plant. HAEMFCU continued to grow and service its members for 60 years, and in July 2001, the name was changed to Kinecta Federal Credit Union. Kinecta Federal Credit Union is currently the 41st largest credit union in the nation, with more than $4.3 billion in assets and serving more than 303,000 member-owners across the country.
How the Promo Share Certificate Compares
When compared to 163 other similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Kinecta Federal Credit Union’s 18-month Promotional Certificate APY currently ranks second.
The above rates are accurate as of 11/29/2018.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.