Special 10-Month CD at San Francisco FCU - Local Only

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We’re seeing some rate increases on long-term CDs, but short-term CD rates remain low. In fact, it’s rare to find rates of at least 1% on CDs with terms under one year. Occasionally, you’ll find a CD special, and that’s the case at San Francisco Federal Credit Union. It’s offering a 10-month certificate special with a 1.00% APY. Minimum deposit is $1,000, and the maximum deposit is $100,000. Each member is allowed only one of these special CDs. The CD also has a one-time bump-up option. This special is listed in this San Francisco FCU promo page as of 10/22/2013.

The 1% APY for a 10-month term is competitive and is a valid reason to open this CD. However, I doubt the one-time bump-up option will be useful. Based on the small print of the offer, it appears you’ll only get the bump-up if the credit union’s 6-month CD rate goes above 1%. At that time, you’ll have to request a rate change (bump-up) by calling or visiting any branch. The credit union’s current 6-month CD rate is only 0.35%. It’s going to take a lot of rate increases for this rate to exceed 1.00%, and if it doesn’t happen in the next 6 months, it won’t provide much benefit for this 10-month CD.

Membership in the credit union is open to anyone who works, resides, worships or attends school in San Francisco or San Mateo Counties. The credit union just recently expanded membership to include San Mateo County.

The credit union has an online application that allows you to join the credit union and open accounts.

Credit Union Overview

San Francisco Federal Credit Union branches are located throughout San Francisco. A new branch in Burlingame is scheduled to open soon. The credit union is also a part of the shared branch network CU Service Centers.

The credit union has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 0.95% (excellent) based on June 2013 data. Please refer to our financial overview of San Francisco Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24542).

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Comments
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San Francisco FCU is offering two special certificates with competitive rates: 2.20% APY for 16 months and 2.00% APY for 8 months. Minimum deposit is $1,000, and the maximum deposit is $50,000. According to the small print: "Members may open both promotional certificates but only limited to one of each. Offer available until close of business on 10/31/2009."

My last report on this credit union was two years ago when the 8-month CD special had a 5.55% APY. It's an example of how much rates have fallen since 2007.

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My last report on this credit union was...

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The special 7-month certificate also has a one-time bump option that allows you to increase the rate to the current 6-month CD rate during the term. The current regular 6-month certificate rate is only around 5% APY so it's unlikely this bump feature will be useful. Nevertheless, the 5.55% APY is good enough that it doesn't really need a bump feature.

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The CD also has a bump-up feature in which you can request a bump-up to the rate to match the current 6-month CD rate. It's unlikely that this will be a useful feature. The current standard 6-month CD rates are only around 5% APY.

The field of membership includes anyone who works, resides, worships or attends school in San Francisco, California....



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