When I saw the new rates for North Bay Credit Union’s (North Bay CU) CDs, I assumed it was an error, since across-the-board 100 bps increases seemed unlikely. Happily, I was wrong. The CDs have tiered APYs, based on deposit levels of $1k, $50k, and $100k. Of the five, the 12- and 60-month CDs have the most competitive rates.
These dramatic bps increases are the first rate changes for any of the CDs in eight months, and are the highest APYs since DA began tracking them nearly eight years ago.
As stated in the Certificate Account Disclosure document, the Premature Withdrawal Penalty reads as follows:
We may impose a penalty if you withdraw any of the principal before the maturity date or the renewal date.
12 and 18 month term – 180 days dividend
24 and 36 month term – 270 days dividend
48 and 60 month term – 360 days dividend
Headquartered in Santa Rosa, California, North Bay Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, or worship in Sonoma County eligible to join.
North Bay CU’s CD page has an “Apply Now” button, but it actually leads to a “Contact Me” form.
Please fill out the fields in the form to the right. One of our representatives
will contact you within one business day to complete the process.
CDs can also be opened at any of the above mentioned branch locations.
UPDATE: I contacted North Bay CU after reading the comments about the possibility an easy membership requirement. This is the email I received in response to my inquiry.
Thank you for contacting North Bay Credit Union regarding out of state CDs. Our field of membership is open to anyone living, working or worshipping in Sonoma County, CA or anyone who belongs to the FFA, 4-H, Farm Trails, Farm Bureau of Sonoma County or makes a donation to Sonoma Land Trust. We would require proof of one of these with your being out of state. We would also require copies of identification for anyone who is on the account. If you are interested in opening an account, you may open an account online.
Credit Union Overview
North Bay Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.82% (excellent) based on September 30, 2018 data. In the past year, North Bay CU has increased its total non-brokered deposits by $2.97 million, an excellent annual growth rate of 7.6%. Please refer to our financial overview of North Bay Credit Union (NCUA Charter # 63373) for more details.
In 1948, members of the Sonoma County Grange pooled their savings to establish the Sonoma County Grange Credit Union. Over the years, the FOM expanded to include Sonoma County residents, with the North Bay rebrand occurring two years ago. According to a January 2017 press release,
The credit union wanted its new name and logo to be true to its agricultural origins, and to quickly convey who it serves. The new logo features grapes and accent colors as a nod to Sonoma County and North Bay viticulture.
“We certainly honor our founders’ commitment to the North Bay by caring for our members’ overall financial wellbeing,” said Chris Call, CEO. “We offer a full line of services, catering to the specific needs of our community. You won’t find many places that make loans for agricultural land purchases, farm equipment, and students’ 4H and FFA projects.”
How the CDs Compare
When compared to 220 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, North Bay Credit Union’s 60-month Bump Certificate two top APYs currently rank first and second, regardless of deposit requirements.
When compared to 271 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, North Bay Credit Union’s 12-month Bump Certificate top APYs currently ranks first, regardless of deposit requirements.
The above rates are accurate as of 2/5/2019.
To look for the best CD rates, either nationwide and state specific, please refer to our CD Rates Table page.