Ventura County Credit Union (CA) Adds Competitive 13-Mo No Penalty CD
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.25% | $1k | - | Ventura County Credit Union | 13 Month No Penalty Certificate |
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- Dividends – Compounded/credited monthly; can be withdrawn penalty-free.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.
