California-based Premier America Credit Union (Premier America CU) is offering a 12-month CD (1.30% APY, $100k minimum, no balance cap). This is the highest APY for the 12-month CD in its 5-year history, which includes 14 rate changes.
All of Premier America CU’s CDs have APYs based on four deposit tiers of $1k, $10k, $25k, and $100k; the 12-month CD’s tiered APYs are 0.95%, 1.00%, 1.25%, and 1.30%, respectively.
The 12-month CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.
As stated on Premier American CU’s Member Agreement, the Early Withdrawal Penalty reads as follows:
A partial withdrawal of the principal is subject to a penalty equal 10 to:
(a) 90 days’ dividend if the term is less than one year;
(b) 180 days’ dividend if the term is one year or longer, applied to the amount withdrawn.
Headquartered in Chatsworth, California, Premier America Credit Union offers membership in a variety of ways:
Easy membership: Joining the Alliance for the Arts, automatically qualifies you for membership eligibility. Premier America CU’s online application allows you to join Alliance for the Arts during the application process, using the "I am an employee of member of an eligible company or organization."
California Residency: Individuals who live, work, or attend school in Ventura County, San Fernando Valley, Santa Clarita Valley, Agoura/Westlake Village, Gateway Cities, San Gabriel Valley, and Santa Monica/Malibu area are eligible to join.
Texas Residency: Individuals who live, work, or attend school within 10 miles of the Westchase branch in Houston qualify for membership.
Employment or Affiliation: Employees and members of more than 1,100 companies and organizations are eligible for membership.
Family Relationship: Family members of current Premier America CU members are eligible to join.
Membership eligibility is detailed on the first page of Premier America CU’s online application, which is time-sensitive so I have not included a link.
Applying for membership and/or opening a CD can be done online or at any of 19 California branches located in Burbank (2), Camarillo, Chatsworth (2), Granada Hills, Oxnard (2), Santa Monica, Simi Valley (2), Thousand Oaks (2), Universal City, Valencia, Venture, Westlake, and Woodland Hills (2). Premier America CU also has two branches in Houston.
Credit Union Overview
Premier America Credit Union (NCUA Certificate # 68428) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.45% (excellent) based on September 30, 2015 data. In the past year, Premier America CU has increased its total deposits by $360.07 Million, an excellent annual growth rate of 23.51%. Please refer to our financial overview of Premier America Credit Union for more details.
Premier America Credit Union was originally established in 1957 as the Litton Employees Federal Credit Union for the benefit for Litton Industries employees throughout Southern California. 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 just days before the state’s credit union commission adopted a rule in 1999 prohibiting such expansion. Today, Premier America CU has more than 98,700 members and assets in excess of $2.1 Billion.
How the CD Compares
When compared to 161 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Premier America Credit Union's 12-month CD currently ranks in the top six, regardless of minimum deposit. The following is a sampling of those six CDs.
Of the 17 similar length-of-term CDs that require a $100k minimum deposit, Premier America CU’s 12-month CD shares the top spot with My e-BAnC by BAC Florida Bank’s 12-month Jumbo CD.
The above rates are accurate as of 2/29/2016.