A traditional gift for 16th anniversaries is silver holloware, but San Diego County Credit Union (SDCCU) is opting to celebrate its 16th Anniversary by offering a 16-month Reward Certificate (1.75% APY with an active SDCCU checking account, or 1.50% APY without an active SDCCU checking account).
The minimum opening deposit is $2K, with a balance cap of $250K, and there is a limit of one 16-month Reward Certificate per member. It is also available as an IRA (Traditional, Roth, CESA, and SEP) at the same APYS, with the same funding and relationship requirements.
There is a caveat concerning the 1.75% APY mentioned in the fine print:
The 1.75% APY may be less depending on when the checking account becomes active.
0.25% will be added to the dividend rate for each month during the initial term of the certificate when your SDCCU checking account is validated as active, provided your checking account becomes active in the first 90 calendar days of the term of the certificate.
SDCCU has three qualifying checking accounts to choose from: FREE Checking with eStatements, Classic Checking, and High-Yield Checking. A checking account is considered to be active when at least two of the following are completed within the same calendar month:
- At least two consecutive direct deposits of at least $250. For monthly direct deposits, a direct deposit in the preceding month will count to satisfy this criteria.
- Three posted Bill Payer Plus transactions.
- Five debit card transactions (excluding ATM transactions).
As stated in SDCCU’s Certificate Account Disclosure, the Early Withdrawal Penalty reads as follows:
If the account has an original term of greater than one year,
the penalty equals 180 days’ dividends.
Membership in San Diego County Credit Union is open to virtually anyone through various routes:
Easy Membership: Membership in the Financial Fitness Association ($8 fee) qualifies for membership in SDCCU. SDCCU’s online application allows you to join Financial Fitness Association as part of the SDCCU membership application process.
Residency: Individuals who live or work in San Diego, Riverside, or Orange Counties, California are eligible for membership.
Employment: Any employee of the many Select Employee Groups affiliated with SDCCU are eligible.
Relationship: Immediate family or household members of current SDCCU members are eligible to join.
Joining SDCCU can be done online or at any of 36 branches located in Carlsbad, Chula Vista (2), El Cajon, Encinitas, Escondido (2), La Jolla, La Mesa, Laguna Niguel, Murrieta, Oceanside, Poway, San Diego (16), San Marcos, San Ysidro, Santee, Solana Beach, Temecula (2), and Vista.
Opening the 16-month Reward Certificate cannot be opened online, but can be opened at any of the above mentioned branches or by phone (877.732.2848).
Credit Union Overview
San Diego County Credit Union has an overall health grade of an "A+" at DepositAccounts.com, with a Texas ratio of 1.27% (excellent) based on March 31, 2015 data. In the past year, SDCCU has increased its total deposits by $326.46 Million, an excellent annual growth rate of 5.84%. Please refer to our financial overview of San Diego County Credit Union for more details.
The original San Diego County Employees Credit Union (NCUA Charter # 61004) was established in 1938 for the benefit of local county government employees. As San Diego’s largest locally owned financial institution, SDCCU’s membership began growing in the 1970s, when the field of membership was opened to all residents of San Diego County. Voted "Best Credit Union" 15 years in a row by the U-T San Diego Readers Poll, SDCCU today has over 292,500 members and assets in excess of $6.9 Billion.
How the CD Compares
When compared to the 93 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationwide, San Diego County Credit Union’s 16-month Reward Certificate leads the list.
The above rates are accurate as of 8/31/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.