Valley First Credit Union (Valley First) unveiled a new 15-month CD Special this week. Earning 1.00% APY, the 15-month CD Special can be opened with a minimum $1k deposit of new money, with no stated balance cap. According to CSR, “new money” is defined simply as funds not currently on deposit with Valley First. A 15-month Premium CD Special ($10k minimum opening deposit) is also listed on Valley First’s Rates page, but the rate is the same 1.00% APY.
The 15-month CD Special is also available as an IRA CD Special (Traditional, Roth,CESA, and SEP), earning the same APY with the same deposit requirements.
CSR stated there is no specified end-date for the CD Special, but the fine print on the Rates page reads,
Offer valid starting June 15, 2021 and is subject to change or discontinue without notice.
In other words, the 15-month CD Special is available until it’s not.
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
For accounts with a term equal to or less than eighteen (18) months, you will forfeit an amount equal to the lesser of all dividends earned on the amount withdrawn or one hundred twenty (120) days of dividends on the amount withdrawn
Funding and Maturing Funds
Funding a CD Special can be done by ACH, wire transfer, check, or internal transfer, with the rate locking in when funds are received. Maturing funds will be distributed by wire, by check to the address on file, or transferred to a Valley First savings or checking account. There is a seven-day grace period before the 15-month CD Special automatically renews as a 12-month CD.
Headquartered in Modesto, California, Valley First Credit Union’s field of membership is primarily residency-based, with individuals who live, work, worship, or attend school in the California counties of Calaveras, Fresno, Kings, Madera, Mariposa, Merced, San Joaquin, Stanislaus, Tuolumne, or Tulare eligible to join.
Employees of more than 160 Select Employer Groups (listed on the first page of the online application) qualify for membership.
Immediate family members of an existing Valley First member are welcome to apply. “Immediate family” is defined as spouse, child (natural, adopted, foster), sibling, parent, grandparent, and grandchild.
As stated on the COVID-19 Updates page,
All Branches will be open as normal. Please note, to protect the health of members
and staff, we will be following social spacing guidance provided by the CDC.
Only three CDs are listed on the online application and the 15-month CD Special is not one of them. According to CSR, the 15-month CD Special can be opened in-branch or by calling Member Services (877.549.4567). She recommended joining online and contacting Member Services after your membership as been approved to open a CD Special over the phone.
Establishing a membership requires a one-time $5 Membership Fee and making a minimum opening deposit of $25 in a Primary Share Account.
Valley First participates in both the CO-OP Shared Branch network and the ATM network.
Credit Union Overview
Valley First Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.00% (excellent) based on March 31, 2021 data. In the past year, Valley First has increased its total non-brokered deposits by $200.81 million, an excellent annual growth rate of 36.51%. Please refer to our financial overview of Valley First Credit Union (NCUA Charter # 68402) for more details.
In 1999, Stanislaus County Employees Federal Credit Union (est. 1949), Gallo Employees Federal Credit Union (est. 1956), and Gallo Glass Federal Credit Union (est. 1959) merged, becoming Valley First Credit Union, a “bigger and better credit union uniquely positioned to serve its combined membership.” With more than 70,000 members and assets in excess of $833 million, Valley First Credit Union is currently the 69th largest credit union headquartered in California.
How the CD Special Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Valley First Credit Union’s 15-month CD Special APY currently ranks first.
The above information and rates are accurate as of 6/18/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.