Southland Credit Union (CA) 5-Year Jumbo CD Earns 3.15% APY
Southland Credit Union’s (Southland) 5-year Jumbo Share Certificate has been earning 3.15% APY for about eight months. I thought the rate might drop at the beginning of September, but it’s still in effect. The minimum opening deposit is $100k, with no stated balance cap. Southland also offers a 5-year Share Certificate (3.00% APY), which only requires a $1k minimum deposit.
The Share and Jumbo Share Certificates are also offered as IRAs (Traditional, Roth, SEP), earning the same APYs with the same funding requirements.
According to CSR, partial withdrawals are allowed. The Early Withdrawal Penalty for terms greater than one year is 180 days of interest, and 90 days interest for terms of one year or less. Dividends are paid monthly and can be withdrawn before maturity.
Funding can be done by ACH, wire, or check. Maturing funds can be distributed by cashier’s check or transferred into another Southland account. There is a 10-day grace period before the Certificate automatically renews.
Availability
Headquartered in Los Alamitos, California, Southland Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in Orange or Los Angeles Counties eligible to join.
Individuals who are “associated” with more than 900 businesses, organizations, associations, and government agencies also qualify for membership.
Family members of current Southland members are also welcome to apply.
Joining Southland can be done online, or at any of eight Southern California branches located in Carson, Downey, Garden Grove, Los Alamitos, Los Angeles, Long Beach, and Santa Monica (2).
A Primary Share Savings account is a requirement for membership with Southland and can be opened with as little as $25.
Southland’s online application lists almost everything in its product line, but the Jumbo Share Certificates are missing, with only the Share Certificates (APYs 15 bps lower and $1k minimum deposit) appearing. When I pointed this out to CSR, she suggested this work-around: when opening a membership, fund the Primary Share Savings account with the deposit for the Jumbo Share Certificate, then call Southland (800.426.1917) and open the Jumbo Share Certificate over the phone.
Southland participates in the CO-OP Shared Branch and ATM networks.
Banking with Southland Credit Union offers you local branches and ATMs in Los Angeles County and Orange County combined with the convenience of the nationwide CO-OP Network.
Credit Union Overview
Southland Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.08% (excellent) based on June 30, 2019 data. In the past year, Southland has increased its total non-brokered deposits by $6.12 million, an above average annual growth rate of 0.94%. Please refer to our financial overview of Southland Credit Union (NCUA Charter # 68415) for more details.
Founded in 1936, Southland Credit Union originally served the employees of the Los Angeles County Flood Control District. In its 83-year history, Southland has had three charter changes, four names changes, 12 credit union mergers and one bank acquisition. Southland is currently California’s 60st largest credit union, with more than 60,300 members and assets in excess of $810 million.
How the Jumbo Share Certificate Compares
When compared to 253 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Southland Credit Union's 5-year Jumbo Share Certificate APY currently ranks second, regardless of minimum deposit requirements.
How the Share Certificate Compares
When compared to 240 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Southland Credit Union's 5-year Jumbo Share Certificate APY currently ranks second.
The above rates are accurate as of 9/5/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.
