It’s been more than five years since my last SafeAmerica Credit Union (SafeAmerica) blog post. The recent addition of a 8-month Certificate (4.00% APY) to the product line has ended the SafeAmerica blog post drought.
This limited-time offer requires a minimum opening deposit of $10k of new money. As stated in the fine print on the Certificates page,
Any money deposited at SafeAmerica within the last 30 days qualifies as “new money.”
When asked if there was a specified end-date for the limited-time offer, CSR stated the 8-month Certificate would be available until it no longer is.
The following information was also provided by CSR:
- Early Withdrawal Penalty – 90 days, with only an early closure possible, no partial withdrawals allowed
- Funding – ACH or check (by mail or mobile deposit)
- Maturing Funds – distributed by check to address on file or through internal transfer
- Grace Period - seven days before the 8-month Certificate renews as a 6-month Certificate
- Beneficiaries – unlimited, percentages available, Social Security number required
- Earned Dividends – transferred automatically to regular savings account, checking account, or mailed to address on file
- Credit Check – Soft pull (only loans trigger a hard pull)
American Share Insurance
SafeAmerica Credit Union is not federally insured nor insured by any state government, but is instead insured by American Share Insurance (ASI), a provider of private share insurance for credit unions. SafeAmerica CU switched from NCUA to ASI in December 2009. According to a Credit Union Times 2010 article, SafeAmerica CU had “been a longtime user of ASI services having purchased excess deposit insurance over the years.”
For those unfamiliar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:
- ASI is the nation’s largest provider of private share insurance for credit unions.
- ASI has been insuring credit unions since 1974.
- Only ten states permit credit unions to be privately insured (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, Texas, and Wyoming).
- Privately insured credit unions are legitimate credit unions that are regulated by their home state.
- ASI-only insured credit union liquidations have been rare, with only three occurring in the past 13 years: Cumorah Credit Union, NV, 2009; USA One National Credit Union, IL, 2012; and Bensenville Community Credit Union, IL, 2014.
The above facts are intended as neither endorsement or or opposition to ASI or ASI insured credit unions.
Headquartered in Pleasanton, California, SafeAmerica Credit Union's field of membership (FOM) includes an Easy Membership Requirement for California residents (U.S. citizens/resident aliens) through a membership in Financial Fitness Association ($8 annual dues).
Individuals who live, work, worship, or attend school in the Northern California counties of Alameda, Contra Costa, San Mateo, or Santa Clara are membership-eligible.
Employees of Safeway or Genentech also qualify for membership, as do immediate family members of current SafeAmerica members.
Joining SafeAmerica and/or opening a Certificate can be done online or at any of four full-service California branches located in Brentwood, Hayward, Pleasanton, South San Francisco, and Walnut Creek.
Membership begins with a Regular Share savings account [$25 minimum deposit] and is required to join SafeAmerica Credit Union. This is your primary membership savings account.
Credit Union Overview
SafeAmerica Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 5.67% (excellent) based on June 30, 2022 data. In the past year, SafeAmerica Credit Union has decreased its total non-brokered deposits by $1.78 million, an average growth rate of -0.37%. Please refer to our financial overview of SafeAmerica Credit Union for more details.
SafeAmerica Credit Union was originally chartered in 1953 as the Safeway Federal Credit Union, serving the employees of grocery store chain, Safeway, Inc. In 2003, the Credit Union converted from a federal charter to a state charter and adopted its present name. SafeAmerica Credit Union is the 89th largest credit union headquartered in California, with assets in excess of $529 million and more than 36,000 members.
How the 8-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the SafeAmerica Credit Union 8-Month Certificate. The following table compares the 8-month Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 10/14/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.