Now through December 31, 2018, Provident Credit Union (Provident CU) is offering an 18-month Term Share Certificate, which earns 3.01% APY. The minimum deposit is $10k of new money, defined as “funds that have not been on deposit with Provident Credit Union for the last 60 days.” There is also a limit of $500k per certificate AND per member.
The 18-month Term Share Certificate is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
As stated in the FAQs, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 12 months or more,
the penalty will equal the greater of $150 or 180 days earnings.
Super Rewards Checking
Provident CU’s Super Rewards Checking account has been part of the product line since 2007. At that time, the APY was 6.01% APY on qualifying balances up to $25k. While the current APY is just 2.01% APY, the $25k cap has remained in effect throughout the past 11 years.
One of the qualifying requirements is "$300 or more using a Provident debit and/or credit card per month." While the $300 minimum may seem high, allowing the use of a credit card is a big plus for those who don’t like debit cards, and more importantly, want to take advantage of cash back credit cards. The Provident Signature Cash Back VISA® currently pays 1.50% cash back on all purchases.
It’s been more than two years since Provident Credit Union stopped offering membership to all U.S. residents by joining the American Cancer Society, the Sierra Club, or the Sierra Club Foundation. While there are more than 120 associations and 2,100 SEGs listed on the Eligibility page, none appear to be open to the general public.
The field of membership (FOM) now includes those who meet any of the following requirements.
Residency - Individuals who live or work in the California counties of Alameda, Clara, Contra Costa, El Dorado, Humboldt, Placer, Sacramento, San Francisco, San Mateo, and Santa Monterey, as well as those living/working in the city of Los Angeles are eligible to join.
Employment or Affiliation - Employees and members of over 2,100 SEGS also qualifying for membership. A complete list is available on the Eligibility page.
Relationship - Individuals who are related to or live in the same household as a current Provident CU member are eligible to join. According to the Eligibility page, this “includes anyone related to you by birth, marriage, or adoption, or persons living in the same residence maintaining a single economic unit.”
Joining Provident CU and/or opening a Term Share Certificate (with deposit limits*) can be done either online, or in person at any of the 20 California branches located in Alameda, Belmont, Daly City, Dubin, Folsom, Hayward, Los Gatos, Millbrae, Oakland, Palo Alto, Redwood City (2), San Francisco (2), San Jose (2), San Mateo, San Ramon, Sunnyvale, and Walnut Creek.
*The landing page states,
For deposits above $10,000, please schedule an appointment at any of our convenient locations.
New members can open an account online (maximum $10,000 deposit – use the Open Account button and complete the application. Members can open account within online banking (maximum $10,000 deposit).
Credit Union Overview
Provident Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.82% (excellent), based on June 30, 2018 data. In the past year, Provident CU has increased its total non-brokered deposits by $100.3 million, an excellent annual growth rate of 5.3%. Please refer to our financial overview of Provident Credit Union (NCUA Charter # 66343) for more details.
Founded in 1950, Provident Credit Union was originally established for the benefit of the California Teachers Association members. While the FOM has expanded to include other professional associations and businesses, members of the education profession are still well represented in the membership. Provident CU is currently the 22nd largest credit union in California, with more than 115,600 members and assets in excess of $2.4 billion.
How the Term Share Certificate Compares
When compared to 211 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, Provident Credit Union's 18-month Term Share Certificate APY currently ranks third.
The above rates are accurate as of 11/21/2018.
Searching for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.