Ventura County Credit Union (CA) Adds Competitive 13-Mo No Penalty CD

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Deal Summary: 13-month No Penalty Certificate, 5.25% APY, $1k minimum deposit, unlimited penalty-free withdrawals..

Availability: Santa Barbara and Ventura Counties, California

For a limited time, Ventura County Credit Union (VCCU) is offering a 13-month No Penalty Certificate with a competitive 5.25% APY. The minimum opening deposit is $1k, with no stated balance cap. According to CSR, unlimited penalty-free withdrawals are allowed throughout the term, as long as a $1k minimum balance is maintained. Should a withdrawal result in a balance of less than $1k, the 13-month No Penalty Certificate will be closed.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00%$1k-Ventura County Credit Union13 Month No Penalty Certificate
Rates as of April 14, 2024.

With significant odds that the Fed will start cutting rates in the first half of 2024, no penalty CDs are becoming better deals for consumers. That is also the reason several banks have been cutting rates on their no penalty CDs. It's now hard to find no penalty CDs that have terms of at least 11 months with rates above 5%. No penalty CDs are very useful when interest rates are likely to fall. They offer a rate lock without locking you in. If you need the money or if you find better options for that money, you can just close the CD without any cost.

Availability and Account Opening

Headquartered in the California city of Ventura (officially named “San Buenaventura”), Ventura County Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, or attend school in the Southern California counties of Santa Barbara or Ventura eligible to join.

Joining VCCU and/or opening a 13-month No Penalty Certificate can be done online or at any of eight full-service California branches, located in Camarillo, Moorpark, Oxnard (2), Port Hueneme, Simi Valley, Thousand Oaks, and Ventura. Appointments are available and can be scheduled online.

For those joining VCCU, it takes 2-3 days for a membership application to be approved. A VCCU representation will then contact you to finalize opening a CD and provide instructions for funding.

The Primary Share account is a "Savings Account" that all members are required to open and maintain at least a $5 balance.

Funding and Other Particulars

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($10 fee), Shared Branch transaction, check, internal transfer.
  • Ownership – Individual, joint, or trust.
  • CO-OP Shared Branch Network – Yes.
  • Dividends – Compounded/credited monthly; can be withdrawn penalty-free.
  • Maturing Funds – Cashier’s check to address on file, or internal transfer into a VCCU Primary Share account.
  • Grace Period – 7 calendar days before reverting to a 12-month Certificate.
  • Beneficiaries – Unlimited, percentages can be assigned; Social Security numbers are not required for beneficiaries.
  • Credit Check – Soft pull using Experian.

Credit Union Overview

Ventura County Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.30% (excellent) based on September 30, 2023 data. In the past year, VCCU increased its total non-brokered deposits by $5.48 million, an above average annual growth rate of 0.46%. Please refer to our financial overview of Ventura County Credit Union (NCUA Charter #68458) for more details.

Most credit unions claim humble beginnings, but the establishment of Venture County Credit Union could be described as “Harry Potter-esque.”

Ventura County Credit Union started in 1950, operating out of the county courthouse.

Our first office was beneath a stairwell.

In 72 years, VCCU has grown to be the 51st largest credit union headquartered in California, with more than 75,000 members and assets in excess of $1.3 billion.

VCCU formed its own non-profit 501(c)(3) in 2015 to “foster goodwill and charitable giving” in the communities within the FOM. According to a December 2023 Credit Union Times article, VCCU was one of five credit unions announcing sizeable grants:

Ventura County Credit Union ($1.3 billion, Ventura, Calif.) held its inaugural Celebrating Our Community event at its Ventura headquarters Dec. 5 in recognition of the Foundation of VCCU’s distribution of $115,000 in grants to 25 organizations in California’s Ventura and Santa Barbara counties throughout 2023. Representatives from all 25 organizations were present at the event, which will be held annually going forward.

How the 13-Month No Penalty Certificate Compares

When compared to the no-penalty CDs tracked by DepositAccounts.com that have a term of 10-13 months and are available within the FOM, no banks or credit unions have higher rates than offered on the Ventura County Credit Union 13-month No Penalty Certificate. The following table compares the 13-month No Penalty Certificate to the four highest-rate similar No-Penalty CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 2/17/2024.

For the best no-penalty CD rates, please refer to our No Penalty CD Rates Table of the liquid account summary.

Related Pages: Los Angeles CD rates, 1-year CD rates

Comments
redfish
  |     |   Comment #1
neat. the folks at vccu have been great over the decades. the ventura courthouse is more than notable even under stairwells ...

https://en.wikipedia.org/wiki/Ventura_County_Courthouse

"....Notable design features of the facade include white glazed terra cotta panels and decorations, including 24 whimsical faces of Franciscan friars, fluted Doric columns, a copper-sheathed dome and cupola, Roman-arched windows, and ornate brass gates and double doors. The interior design features include extensive use of Italian marble, bronze balustrades, and a large, second-floor courtroom (now city council chambers) with carved mahogany woodwork, three domes with leaded, stained glass skylights, and arched windows overlooking the city and ocean..."

i was saying to myself yesterday ... wonder if vccu has anything new? ... but did not check. thx ken et al. while convenient for me, they have been generally lagging ratewise .... but steady and focused on local and regional work. their ach is generally quicker than 3 days and hold times for funds can inexplicably take a while sometimes.
redfish
  |     |   Comment #2
a quick update. hadn't been in the office in a long time and found out a few details. i'm sure i didn't ask all the relevant questions others might ask. it seems that the cd might require paper docs. funds should be available when opening the cd. more than one cd can be purchased. no estimations on duration of the offer. i was told i'd need to go into a branch to withdraw $$ from the cd to avoid withdrawal fees. hefty wire fees in and out.
10% 12-Month CD at a California CU - $1K Max (Ventura County)
Ventura County Credit Union is offering a special called the TGI Tuesday Certificate. It's a 10% APY 12-month certificate with a $25 minimum and a $1,000 maximum deposit. The deposit must be money new to the credit union. The offer ends on July 31, 2007.

Due to the low deposit cap, this special isn't as good as the last CD special I reported on from this credit union in March which had a $15K deposit cap with a 7.70% APY and a 7-month term. At least this new one doesn't seem...

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7.70% 7-Month CD at a California CU - $15K Max (Ventura County)
Ventura County Credit Union is offering a special called the Super Seven Certificate. It's a 7.70% APY 7-month certificate with a $1,000 minimum and a $15,000 maximum deposit. The offer requires a new checking account with a starting balance of at least $200, and a $400 minimum monthly direct deposit. The rate is 7% APY without the checking account. The deposit must be money new to the credit union.

If you can deposit the full $15K, that would earn you about $218 more than a 5.20% 7-month CD. Without the...

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6.00% 12-Month CD at a California CU Continues (Ventura County).
Ventura County Credit Union is still offering a special 6.00% APY 12-month certificate. The minimum deposit is $1,000. It requires a new checking account with direct deposit to earn the 6%. Otherwise, the rate is 5.75% APY. Money must be new to the credit union. Checking account must be opened with at least $200 and with a minimum of $400 total monthly direct deposit. The checking account has no monthly service fees or minimum balance requirements.

I had first reported on this in November. A reader mentioned today that he had...

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6.00% 12-Month CD at a California CU (Ventura County)
Ventura County Credit Union is advertising a 6.00% APY 12-month certificate. The minimum deposit is $1,000. It requires a new checking account with direct deposit to earn the 6%. Otherwise, the rate is 5.75% APY. Money must be new to the credit union. Checking account must be opened with at least $200 and with a minimum of $400 total monthly direct deposit. The checking account has no monthly service fees.

This CD special isn't listed at the credit union's website. It was advertised in today's Ventura County Star. The ad is...

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