DA reader, enelrad1123, recently wrote this Forum post about Premier America Credit Union (Premier America CU).
While checking CD rates on the DA website, I noticed Premier America Credit Union's 16 mo. CD (3.15% APY) was no longer listed. According to Premier America's website it has been replaced by a 17 mo. CD paying 3.20% APY. This is the 3rd time in January that Premier has offered a CD which replaces the prior offer. First it was a 15 month (3.10%), followed by a 16 mo. (3.15%) and now a 17 mo. (3.20%). This appears to be a top rate when compared to other CDs with similar terms.
I wrote about the 16-month CD Special (known as the New Year Certificate Special) about ten days ago. The 16-month was promoted as a limited-time offer; Premier America CU was serious – it's gone.
Like its predecessors, the 17-month CD Special requires a minimum $1k opening deposit and has no stated balance cap.
As stated in the Special Certificate Account Disclosure, the Early Withdrawal Penalty reads as follows:
A withdrawal of all or a portion of the principal before the maturity date shall be subject to an early withdrawal penalty of 180 days loss of dividends and may cause the cancellation of the Certificate.
The Account Disclosure also states that the Certificate Special will automatically renew as a 12-month CD, unless instructed otherwise.
Could February see an 18-month CD Special earning 3.25% APY? Stay tuned.
Headquartered in Chatsworth, California, Premier America Credit Union’s field of membership includes a variety of options that provide a way to join for almost any US resident with a valid Social Security number.
Easy Membership Requirement: Joining the Alliance for the Arts automatically qualifies you for Premier American CU membership. The last option on the online application reads, "None of the above apply. I want to join Thousand Oaks Alliance for the Arts."
California Residency: Individuals who live, work, worship, or attend school in Los Angeles County or Ventura County are eligible to join.
Texas Residency: Individuals who live, work, worship, or attend school within 10 miles of the Westchase branch in Houston also qualify for membership.
Family Relationship: Family members of current Premier America CU members are eligible to join.
Information about membership eligibility is available on the first page of the Credit Union's time-sensitive online application.
Joining Premier America CU and/or opening a CD Special can be done online or at any of 19 California branches located in Burbank (2), Camarillo, Chatsworth, Granada Hills, Oxnard (2), Reseda, Santa Monica, Simi Valley (2), Thousand Oaks, Universal City, Valencia, Venture, Westlake Village (2), and Woodland Hills (2). Premier America CU also has two branches in Houston, Texas.
Current Premier America CU members are able to open a CD Special using the Online Banking platform.
Once logged in, select the "Services & Forms" tab, choose "Open
Additional Account" and follow the steps to open the Certificate.
Credit Union Overview
Premier America Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.01% (excellent) based on September 30, 2018 data. In the past year, Premier America CU has increased its total non-brokered deposits by $44.32 million, an above average annual growth rate of 2.04%. Please refer to our financial overview of Premier America Credit Union (NCUA Certificate # 68428) for more details.
Premier America Credit Union was originally established in 1957 as the Litton Employees Federal Credit Union, serving Litton Industries employees throughout Southern California. (Named after inventor Charles Litton, Sr., Litton Industries was a large defense contractor bought by the Northrop Grumman Corporation in 2001.) In 1963, Litton Industries acquired Western Atlas (a Texas oil and gas company), giving the Credit Union a foothold in Texas. Premier America CU was the last out-of-state credit union to expand into Texas, only days before the state’s credit union commission adopted a rule in 1999 prohibiting such expansion. Currently California’s 20th largest credit union, Premier America Credit Union has more than 109,400 members and assets in excess of $2.5 billion.
How the CD Special Compares
When compared to 171 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Premier America Credit Union's 17-month CD Special APY currently tops the rates chart.
The above rates are accurate as of 1/28/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.