UPDATE 10/3/2014: The 29-month CD Special is no longer available.
San Diego County Credit Union (SDCCU) is offering two certificate specials, and one of them is a very good deal. It has a top rate of 2.00% APY for a 29-month term. It’s called a Reward Certificate, and it has requirements similar to a reward checking account. However, if you don’t meet the requirements, you still get a very competitive rate of 1.74% APY. I have more details about the monthly requirements below. Minimum deposit is $2,000, and there’s no maximum deposit. It’s also available in an IRA. Thanks to DA member Pearlbrown who posted on this CD in the forum.
The other special is not quite as competitive. It’s a 50-month rate bump certificate with a 1.50% APY. Minimum deposit is $10,000 (1.55% APY for $90K+). Account holders may "bump up" one time during the initial promotional term to the then current 48-month SDCCU certificate rate.
Both of these are limited time offers. This week (Aug 25-30) SDCCU is having a membership appreciation week. However, I was told by a SDCCU CSR that these CD specials are not tied to this appreciation week. There is no set end date. It could end at anytime, but I was told rates typically only change on Wednesdays.
SDCCU lists the early withdrawal penalties in its Certificate Disclosure. Here’s an excerpt:
If the account has an original term of greater than one year, the penalty equals 180 days’ dividends. Penalty-free withdrawals are only allowed for required minimum distribution (RMD) of IRA certificate funds held at SDCCU, for members 70-1/2 and over, or as required by law.
The Reward Certificate does require some work if you want the 2% APY. As I mentioned above, the requirements are similar to a reward checking account. Below is a copy of the small print which describes the requirements:
0.25% will be added to the dividend rate for each month during the initial term of the certificate when your SDCCU checking account is validated as active, provided your checking account becomes active in the first 90 calendar days of the term of the certificate. Activity may occur in any SDCCU checking account listed under your Social Security Number (SSN). A checking account is considered active when at least two of the following criteria are completed within the same calendar month: 1. Recurring direct deposits (at least two (2) consecutive direct deposits of at least $250. For monthly direct deposits, a direct deposit in the preceding month will count to satisfy this criteria.); 2. Three (3) posted bill pay transactions; and 3. Five (5) debit card transactions. The one-time rate increase will be effective on the first day of the calendar month that your checking account is validated as active or the open date of the certificate, for those with an existing active checking account.
Credit Union Membership and CD Application
Credit union membership is open to everyone living or working in San Diego, Riverside and Orange Counties. In addition, people can qualify by joining an association. According to this SDCCU page:
If you don’t live in San Diego, Riverside or Orange County, don’t worry! SDCCU can open your account through the Financial Fitness Association.
- Low, one-time $5 fee
Membership in Financial Fitness Association is open to anyone
- You do not need to keep your membership in the Financial Fitness Association to retain your account with SDCCU
SDCCU has an online application that allows you to join the Financial Fitness Association and the credit union, and you can open the CDs. However, the online application doesn’t list these special CDs. You must open them by phone or at a branch.
For more details about joining SDCCU and opening accounts, please refer to the credit union’s "open an account" page.
Credit Union Overview
San Diego County Credit Union branches are located throughout Southern California. SDCCU is not part of the CO-OP Shared Branch network. However, it is part of the CO-OP ATM network which allows member to use 30,000 surcharge-free ATMs nationwide.
With over $6 billion in assets, SDCCU is one of the largest credit unions in the nation. It has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 1.66% (excellent) based on March 2014 data. Please refer to our financial overview of SDCCU for more details. The credit union is federally insured by the NCUA (Charter # 61004).
How The CD Rate Compares?
It’s hard to compare a 29-month CD since it’s an atypical term. Even though the term is closer to 2 years than 3 years, I’ll compare it to 3-year CDs to show how good of a deal it is. Below is a comparison with the best 3-year CDs available nationwide and in California:
|Interest Rate||CD Length||Institution|
|1.75% APY (w/active chk)||36 Month CD||Connexus CU (nationally available)|
|1.51% APY||36 Month CD||F & A Credit Union (branches in CA)|
|2.00% APY (w/active chk)||29-Month CD||SDCCU|
|1.74% APY||29-Month CD||SDCCU|
The above rates are accurate as of 8/27/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.