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5.75% 5-Month / 5.50% 12-Month CD at a California CU (San Mateo)


San Mateo Credit Union is offering two certificate specials. The first is a 5.75% APY 5-month certificate. The minimum deposit is $10,000, and it requires new money. It's only available at the credit union's On Broadway and Westlake branch locations. They've been heavily promoting this Broadway branch for awhile. In June, I reported on an 8% CD from this branch.

The second special is a 5.50% APY 12-month certificate. Like the 5-month special, the minimum deposit is $10,000, and new money is required. However, this one seems to be available at any of the credit union's branches.

Field of membership includes those who live, work or attend school in San Mateo County, California. You can also be eligible via select employee groups and via family. See site for details. Membership requires a one-time fee of $10 and a minimum deposit of $50 in your regular savings account.

Branches are located in Redwood City, San Mateo, South San Francisco and Daly City. The credit union is federally insured by the NCUA (Charter # 62736). It has $614.7 million in assets and 61,947 members.

Related Pages: CD rates, San Mateo Credit Union, San Francisco Bay

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glxpass (anonymous)   |     |   Comment #1
Per website, maximum is 100K on both certificate specials.
Anonymous   |     |   Comment #2
FYI "5.75% 5-Month / 5.50% 12-Month CD" - Yet another example of what economists call the "inverted yield curve" - i.e., when short-term yields outpace long-term. Many analysts say it presages recession. Maybe best NOT to go for long-term under this scenario...
Anonymous   |     |   Comment #3
The Middlefield and Broadway branches are 3 blocks from each other. Broadway is impossible for parking. Went to Middlefleld they refused to open the account.

They verified IRA was o.k. for this promotion. I walked the 3 blocks and was told no go for IRA funds. What!!

This credit union has made many errors on my address, amounts deposited, paperwork etc.

I will re-think going there ever.
Anonymous   |     |   Comment #4
Parking is NOT a problem near Broadway branch - just leave the car in BofA's or Citibank's lot if you're too cheap to pay for 30 minutes at the meter. Additionally, I had absolutely NO problem opening the 5.75% CD last week - they didn't even verify employer location to determine if I was qualified.

Get these rates before the Fed drops theirs once again - then these will be gone for sure!