Patelco Credit Union out of Pleasanton, California near San Francisco, has a very enticing deposit product for any prospective customers. Currently, if you become a new member to their credit union, they will offer you a 12 month CD (certificate of deposit) yielding an astounding 7.00% APY!
If you’re a veteran saver, you may not want to get too excited for this offer though as it has a maximum deposit allowance of just $1,000.
Check out a list of the most recent CD rate promotions available from our archives.
This is a great deposit product for anyone looking to invest just $1k. If you’re looking for a solid rate on larger balances you may want to check out today’s top 5 year deposits. With interest rates on the decline (headed to between 0.25 and 0.50 percent according to the latest FED meeting) then locking into a longer term deposit with a solid rate may be a smart move to hedge against future falling rates.
Patelco Credit Union’s 12 month new member CD terms and conditions:
- Available for a limited time.
- Funds deposited to this account must come from an institution other than Patelco.
- Minimum deposit $1,000, maximum deposit $1,000.
- Account available to new members only-must open a new membership.
- One certificate per member.
- Not available as an IRA certificate.
If you are looking to invest a larger chunk of money (>$1,000) in an FDIC insured investment, then I wouldn’t count on Patelco Credit Union for any great rates. Other than their promotional 12 month new member certificate, their rates are fairly underwhelming. The next best CD rate they offer is a 60 month CD with an APY of 2.55%.
Patelco Credit Union is a fairly large credit union with locations throughout the middle of California. They have a little over 250,000 members as well as 450 employees. Since their inception in 1936, they have grown to control roughly $3.3 billion in deposits and $2.0 billion in loans.
Contact them at Patelco.org or (800) 358-8228.