Wheelhouse Credit Union (Wheelhouse) is currently offering three New Money Certificate Specials (NMCS): 11-month (2.50% APY), 22-month (2.75% APY), and 33-month (2.86% APY). These limited-time offers require a $1k minimum opening deposit, with at least $1k of new money, “plus any current balance at Wheelhouse.”
|2.05%||$1k||-||Wheelhouse Credit Union||33 Month Certificate Special - New Money|
|1.90%||$1k||-||Wheelhouse Credit Union||22 Month Certificate Special - New Money|
The NMCS are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same new money funding requirements.
|2.05%||$1k||-||Wheelhouse Credit Union||33 Month IRA Certificate Special - New Money (Traditional, Roth, CESA)|
|1.90%||$1k||-||Wheelhouse Credit Union||22 Month IRA Certificate Special - New Money (Traditional, Roth, CESA)|
Early Withdrawal Penalty
According to CSR, partial withdrawals are allowed, with an Early Withdrawal Penalty (EWP) of “up to 90 days” for the 11-month NMCS and “up to 180 days” for the 22- and 33-month NMCS. CSR explained the “up to” qualifier indicates that the EWP will not invade the principal. For example, if a withdrawal is made from a 22-month NMCS on day 170, the EWP would equal 170 days; if a withdrawal is made from the same NMCS on day 181 or later in the term, the EWP would equal 180 days.
Funding and Maturing Funds
Funding a NMCS can be done by wire transfer, from a US checking or savings account, or from any Wheelhouse account. Unfortunately, ACH transfers are limited to $500. Maturing funds can be distributed through cashier’s check, wire transfer, or into an existing Wheelhouse checking/savings account. There is a 7 calendar day grace period before a NMCS renew as a standard term-length certificate.
Unlimited beneficiaries can be named, with percentages assigned. Social Security numbers are required for all beneficiaries.
Headquartered in San Diego, California, Wheelhouse Credit Union’s field of membership (FOM) looks fairly straightforward on first reading: “You’re eligible to join Wheelhouse if you live, work or are [a] Zoological Society member in San Diego County.” The Zoological Society membership intrigued me, so I called to get clarification. According to two CSRs, any Zoological Society member, regardless of residency status, qualifies for Wheelhouse membership. In other words, another easy membership credit union.
The Zoological Society of San Diego is a non-profit organization (tax ID 95-1648219) that operates the San Diego Zoo, the San Diego Zoo’s Wild Animal Park, and the department of Conservation and Research for Endangered Species. While the ”Select Your Gift Amount” page lists $100, $250, $500, $1,000 amounts under “Your Gift”, there’s also an “Other” option, which does not list any minimum amount.
A Zoological Society membership must be established before applying for Wheelhouse membership, as the online application asks for the “SD Zoo Membership Number” when choosing the “I'm a member of the Zoological Society of San Diego” option.
Individuals who live or work in San Diego County are also eligible to join, as are family members of current Wheelhouse members. Employees of more than 30 Partner Employees also qualify for membership.
A Regular Shares Savings Account establishes your
lifetime Wheelhouse membership with a $10 deposit.
Wheelhouse participates in the CO-OP Shared Branch and ATM networks.
Members can use the best CO-OP® ATM network with more than 30,000 surcharge-free ATMs nationwide. Plus, they get the best access to over 5,600 Shared Branch locations throughout the United States.
Credit Union Overview
Wheelhouse Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.35% (excellent) based on June 30, 2019 data. Wheelhouse has an excellent capitalization level (11.85%), the result of holding $282.6 million in assets with $33.48 million in equity. Please refer to our financial overview of Wheelhouse Credit Union (NCUA Charter # 61003) for more details.
Founded in 1934 as San Diego Municipal Employees Credit Union, the founding members were “metropolitan workers seeking financial relief during the worst economic period in the nation’s history.” During its 85-year history, the Credit Union changed names a few times, all of which were reflective of the expanding FOM. The Wheelhouse Credit Union rebrand occurred in 2018, “a name that better represents our laid-back and inclusive culture.”
According to a recent
Wheelhouse received the 2017 Business of the Year Award for their Solar & Energy Efficiency Programs. Created in 2011 and one of the first solar lenders in California, the Energy Efficiency Program focuses on each homeowner’s energy saving needs.
“We are proud of our green efforts resulting in a savings of approximately 105,795,420 kWh of electricity per year, which is the equivalent of saving 1,907,030 trees!” exclaimed CEO Lisa Paul-Hill.
How the New Money Certificate Specials Compare
When compared to 203 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Wheelhouse Credit Union’s 22-month New Money Certificate Special APY currently ranks first.
When compared to 199 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Wheelhouse Credit Union’s 33-month New Money Certificate Special APY currently ranks second.
When compared to 214 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Wheelhouse Credit Union’s 11-month New Money Certificate Special APY currently ranks third.
The above rates are accurate as of 9/26/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.