Southern California based Water and Power Community Credit Union (WPCCU) is currently offering 3.00% APY on its 48-month Savings Certificate. The minimum deposit to earn the 3.00% APY is $10k, with a balance cap of $500k. Deposits between $1k and $9,999 earn 1.51% APY. According to the promotion page, this is a limited-time offer, but no specific end-date is mentioned.
The 48-month Savings Certificate’s APY had been steady at 1.51% for more than 30 months until last week’s 149 bps increase.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
Terms of 48 months or less 90 days' dividends.
With such a mild EWP, closing a 48-month Savings Certificate early actually results in competitive APYs. DA’s Early Withdrawal Penalty Calculator shows the effective yields (on a month-by-month basis) for the 48-month Savings Certificate. For example,
2.26% APY – closed at 1 year
2.64% APY – closed at 2 years
2.77% APY – closed at 3 years
Headquartered in Los Angeles, Water and Power Community Credit Union’s field of membership (FOM) is primarily residency-based with individuals who live, work, worship, or attend school in a qualifying zip code, eligible to join. (The qualifying zip code area includes much of the Los Angeles Department of Water and Power’s service area.)
Employees of the Los Angeles Department of Water and Power (and their family and household members) are eligible for membership.
Employees of 15 other SEGs also qualify for membership.
Immediate family and household members of current WPCCU members are welcome to apply.
Opening a 48-month Savings Certificate must be opened at any of the above mentioned branches.
Credit Union Overview
Water and Power Community Credit Union, has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.24% (excellent) based on September 30, 2017 data. In the past year, WPCCU has increased its total non-brokered deposits by $33.35 million, an excellent annual growth rate of 6.16%. Please refer to our financial overview of Water and Power Community Credit Union (NCUA Charter # 68493) for more details.
Water and Power Community Credit Union was originally established in 1936 for the benefit of the employees of the Department of Water and Power. In 2001, WPCCU’s charter was changed to a community credit union, expanding its field of membership to residents in the Los Angeles Department of Water and Power’s various service areas. WPCCU currently has more than 35,800 members and assets in excess of $633 million.
How the Savings Certificate Compares
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com that are available with the FOM, Water and Power Community Credit Union's 48-month Savings Certificate APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 1/8/2018.
To search for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates table.