E-Central Credit Union (CA) 60-Month CD Is A Rate Leader
E-Central Credit Union’s (E-Central) 60-month CD currently earns 1.55% APY and can be opened with a minimum $1k deposit. For the majority of the last seven years, the rate offered on the 60-month CD was not competitive, with the APY staying at 1.75% APY until the rate dropped to 1.55% APY this past May. As the 1.55% APY remained constant over the past five months, it became more competitive as other rates fell.
The 60-month CD is also offered as an IRA CD (Traditional, Roth, CESA), earning the same APY based on the same deposit levels
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Where the term is more than one year, the loss will equal one-hundred eighty
(180) days of dividends on the amount withdrawn whether or not earned.
Availability
Headquartered in Pasadena, California, E-Central Credit Union’s field of membership (FOM) includes a quasi-easy membership requirement (EMR). E-Central’s Membership Eligibility page lists “belong to another credit union” as one of the qualifying criteria. CSR confirmed that anyone who is a member of any other credit union in the U.S. is eligible for E-Central membership, but a in-person visit to a branch is necessary to join. There is no online application and CSR said the Membership Application PDF must be returned in-person. So in theory, E-Central is an EMR credit union, but for practical purposes, the FOM is limited to Southern California.
Individuals who live, work, worship, or attend school in California’s San Gabrielle Valley, the city of Commerce, or 46 named neighboring cities of Commerce are eligible to join.
Employees of several Select Employee Groups also qualify for membership.
Family members or household partners of a current E-Central member in good standing are also welcome to apply.
Joining E-Central and/or opening a CD can be done at the sole branch located in Pasadena.
Due to the "shelter in place" order by Governor Newsom, we will be temporarily modifying our hours of operations at our corporate lobby in Pasadena. Beginning Monday, July 6, 2020, the lobby will only be open Monday, Wednesday, and Friday with new hours, 9:00 am to 4:00 pm.
Establishing an E-Central membership requires opening a Membership Savings account with a $25 minimum deposit.
E-Central participates in both the CO-OP Shared Branching and ATM networks, allowing members to access their accounts at over 5,000 branch locations.
You’ll feel right at home at thousands of CO-OP Shared Branch locations nationwide. You can make deposits and get cash back, make a loan payment or transfer funds between your E-Central accounts.
Credit Union Overview
E-Central Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.01% (excellent) based on June 30, 2020 data. In the past year, E-Central has increased its total non-brokered deposits by $19.58 million, an excellent annual growth rate of 15.11%. Please refer to our financial overview of E-Central Credit Union (NCUA Charter #62323 ) for more details.
Established in 1943, E-Central Credit Union was originally known as Southern California Credit Union. According to the most recent News@E-Central newsletter,
For our part, we are very proud to have been an early adopter of the CARES Act. Along with providing loan payment relief to our Members that total over $10 million in outstanding loan balances, we are one of the few credit unions in Los Angeles County to have offered the Paycheck Protection Program PPP loan product. As an SBA Preferred Lender Partner, E-Central has funded nearly $7 million in this critical and important program that keeps Americans employed during this time of crisis.
How the CD Compares
When compared to 254 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, E-Central Credit Union's 60-Month CD APY currently ranks first.
The above rates are accurate as of 9/24/2020.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.
