Wescom Credit Union (CA) Unveils 18-Month Add-On CD Special

Wescom Credit Union (Wescom) recently debuted an 18-month Add-On CD Special earning 5.00% APY. The minimum opening deposit is $500, with a $250k balance cap per CD Special.

The 18-month Add-On CD Special is also available as an Add-On IRA CD Special (Traditional, Roth), earning the same APY with the same deposit requirements.

As stated in the fine print on the Certificates page,

Unlimited deposits up to a maximum balance of $250,000 per certificate. No restrictions on the number of certificates. Promotional 18-month Add-On Certificates are not eligible to receive Signature Member or Platinum Signature Member bonus.

According to CSR, there is no minimum requirement for additional deposits. CSR also mentioned that automatic transfers through the Wescom Mobile Banking or Online Banking platform can be set up for additional deposits.

Early Withdrawal Penalty

According to the Certificate Account Disclosure, the Early Withdrawal Penalty reads as follows:

Certificate Terms of 6 months – 23 months, 90 days of dividends

In the event an early withdrawal lowers the Certificate balance below the required minimum, the Certificate must be canceled or closed, and the forfeiture amount will be calculated using the full balance of the Certificate.

Application of this penalty may result in forfeiture of some principal, as well as dividends.

Availability

Headquartered in Pasadena, California, Wescom Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the Southern California counties of Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, or Ventura eligible for membership.

UCLA alumni qualify for Wescom membership, regardless of where they live.

Family members (spouse, domestic partner, sibling, parent, child, grandparent, grandchild, aunt, uncle, niece, or nephew) of Wescom members in good standing are also welcome to apply.

Account Opening

Joining Wescom and/or opening an Add-On CD Special can be done online or at any of 25 California branches located in Anaheim (2), Corona, Costa Mesa, Culver City, Hawthorne, Irvine, La Habra, Laguna Niguel, Los Angeles, Ontario, Orange, Oxnard, Palmdale, Pasadena, Redlands, Riverside, Sherman Oaks, Signal Hill, Simi Valley, Stevenson Ranch, Thousand Oaks, Torrance, Tustin, and West Covina. Appointments are available and can be scheduled online.

Open a Regular Savings Account with a $1.00 minimum deposit. This makes you a member-owner and unlocks all the benefits of Wescom membership.

Funding and Other Details

The following information is from the Wescom Certificate Account Disclosure and a conversation with CSR.

• Funding – ACH, wire, check, or internal transfer. Funds need to be on deposit in a Wescom savings account before opening a CD.
• Ownership – Individual, joint, or trust.
• CO-OP Shared Branch Participant – No.
• Dividends – Compounded daily/credited monthly; “paid dividends may be withdrawn without penalty only if this dividend disposition election was made at the time of issuance.”
• Maturing Funds – Internal transfer to Regular Share Savings account.
• Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers required.
• Grace Period – 7 calendar days before automatic renewal.
• Credit Check – ChexSystems.

Credit Union Overview

Wescom Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 2.11% (excellent) based on September 30, 2023 data. In the past year, Wescom’s total non-brokered deposits have decreased by -$138.74 million, a below average annual growth rate of -3.21%. Please refer to our financial overview of Wescom Credit Union (NCUA Charter # 66703) for more details.

Wescom Credit Union is currently the eleventh largest credit union headquartered in California, with more than 227,000 members and assets in excess of $5.8 billion. Established in 1934, the original Telephone Employees Credit Union was founded by 13 Pacific Telephone employees with $65 in pooled funds. The FOM remained exclusive to Pacific Telephone until the mid-1980s when additional SEGs were added. The Wescom rebrand occurred in 1996 to “better reflect the more diverse companies and communities it was serving.”

According to a recent CUTimes article, Wescom has become,

Official Banking Partner of the Buena Vista, Calif., theme park Knotts Berry Farm, which also operates Knott’s Soak City Water Park, Knott’s Berry Farm Marketplace and the Knott’s Hotel.

[...]

“We are so thrilled to enter this eight-year partnership with Knott’s as both of our organizations are recognized as bedrocks of the local community and have fostered deep and enduring relationships with generations of Southern Californian families,” Ashley White, SVP, chief marketing officer for Wescom, stated. “This partnership with Knott’s allows us to expand our membership growth initiatives into the consumer experience space with a brand that, like ours, is so deeply rooted in California.”

How the 18-Month Add-On CD Special Compares

When compared to the nationally available Add On CDs tracked by DepositAccounts.com, which require a similar minimum deposit ($5k or less) and are not limited by a low balance cap, the Wescom Credit Union 18-Month Add-On CD Special APY currently ranks third.

The above information and rates are accurate as of 2/15/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.