Contents
The Offer
- Frontwave Credit Union is offering 6.00% APY rate on an 18-month CD. Minimum $1,000 to open.
- They also offer a 5% APY rate on a 10-month CD.
Frontwave Credit Union is available to people who live, work or worship in either San Diego, Riverside or San Bernardino counties. It’s also available to immediate family members of Frontwave Credit Union members.
Our Verdict
6% is quite a nice offer, I’d consider this one were I in the area. We’ve added this to our list of Best High Yield Savings Accounts.
The bank also offers $100 checking/savings bonus.
Hat tip to anonymous
Looks like this deal is gone now. Link is showing 3.5% APY for 18 month CD.
Successfully funded $10k with Citi Premier to earn the bonus – Amex cards don’t work. It went to pending first and then got a text from an employee saying it was approved later that evening. Legit San Diego address and have a credit card with them from a promo last year.
No
There’s also a $100 checking bonus available. Good until the end of the year. Not sure if they still require manual intervention to post the bonus though.
https://www.frontwavecu.com/Landing-Pages-100-Offer
The 6% is tempting and I’m in San Diego, but I just don’t think I can do the 18 month lock up.
I have a feeling more CDs with similar rates are coming.
Watch out for the 10 year bond..if it keeps going back to 4+ like it was in Q2/Q3 of last year, we will see higher CD rates for loner duration. If it falls below 3.5, then it is tough. Short term, i expect 5pct to be the baseline in the coming weeks.
Nobody knows, but I have a feeling the CD rates are peaking.
Reading “the offer” above lead me to think that an immediate family member
of someone who resides in those counties would be eligible, yet from their
website, it requires them to be a member of the CU:
am an existing member of Frontwave Credit Union
am a relative of a Frontwave Credit Union member
work or live in San Diego County
work or live in San Bernardino County
work or live in Riverside County
Worship in San Diego, Riverside or San Bernardino County
Clarified now in the post
Someone in San Diego join and then we will all be your cousin. Actually I choose I am eligible because and in the drop down put a relative was a member. It did not ask for my relative’s name and went to the next screen where I was to enter demographic info and upload my driver’s license. I did not try to fill this out, but wonder if they would ever ask who my relative was?????
Can anyone figure out what the early withdrawal penalty is for their 18 months CD?
typically 3 months interest, but some banks/FCUs also add minor processing penalty, look at their fee table.
You can always call and ask. We had a CD with Navy Fed that was still 4 months from maturity. Then the 5% CD came out. We called and they put it in the 5% CD at no cost. So if rates do go up, they move it to the higher rate CD or let you cash out into a savings account at no cost. Each bank is different.
I got a mailer after opening, it’s 180 days of interest.
Now I just need 2 mil or 3
Thankfully the financial system managed to make everybody lose all their money just in time for higher bank interest rates.