This morning, Meriwest Credit Union (Meriwest CU) announced the addition of its tiered-rate Premier Savings account for new members who open a Premier Savings account within 30 days of joining.
The rate tiers are as follows:
- 3.0% APY – balances up to $5k
- 2.0% APY – balances up to $10k
- 1.0% APY – balances up to $50k
- 0.5% APY – balances above $50k
The fine print on the Deposit Rates page states.
For example, an account with an average daily balance of $100,000 will earn 3.00% APY on
balances up to $5,000, 2.00% APY on balances between $5,001 and $10,000, 1.00% APY on
balances between $10,001 and $50,000, and 0.50% APY on the remaining balance in excess of $50,000.
Headquartered in San Jose, Meriwest Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in the California counties of Alameda, Contra Costa, San Francisco, San Mateo, and Santa Clara eligible for membership.
Residents of Pima County, Arizona also qualify for membership.
In addition, employees of technology companies in Arizona or California, and employees of many participating member companies (SEGs) are eligible for membership.
Family members or household members of current Meriwest CU membership also qualify for membership.
(Note: Membership eligibility requirements are listed on the first page of the CU’s online application, which is time-sensitive. The participating member companies are not listed, but applicants can search the data base by entering “the full or partial company name in the field below and click the search button.”)
Joining Meriwest CU and opening a Premier Savings account can be done online or at any of eleven California branches located in Milpitas, Mountain View, Palo Alto, San Jose (6), Santa Clara, and Sunny Vale.
Credit Union Overview
Meriwest Credit Union (NCUA Charter # 68394) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.10% (excellent) based on March 31, 2016 data. In the past year, Meriwest CU has increased its total deposits by $71.53 million, an excellent annual growth rate of 7.3%. Please refer to our financial overview of Meriwest Credit Union for more details.
Meriwest Credit Union was originally chartered in 1961 as the IBM San Jose Employees Federal Credit Union. The name was changed in 1975 to Pacific IMB Employees Federal Credit Union, when the FOM was expanded. The Meriwest re-brand occurred in 1999 to reflect the new FOM that included the residents of the Greater Bay Area of Northern California and Tucson, Arizona. Meriwest CU is currently California’s 31at largest credit union, with more than 72,300 members and assets in excess of $1.2 billion.
How the Premier Savings Account Compares
The Premier Savings Account’s tiered APYs makes the comparison process somewhat skewed. A deposit of $50k will earn 1.3% APY, while a $100k deposit will only earn 0.90% APY. Therefore, I am basing the following comparisons on a $50k deposit.
When compared to the 218 Personal Savings Accounts tracked by DepositAccounts.com that are available in the Credit Union’s field of membership, Meriwest Credit Union's new Premier Savings Account APY currently tops the list, based on a $50k deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|1.30% APY||Premier Savings Account ($50k max)||Meriwest Credit Union|
|1.11% APY||High Yield Online Savings ($10k min/$3m max)||Silvergate Bank|
|1.10% APY||eOne Savings (no min/$500k max)||Salem Five Direct|
The above rates are accurate as of 8/1/2016.