Best Credit Union Savings Rates in California at 1.50 APY with Caps and Restrictions

Savings rates at credit unions in the state of California are very competitive right now and many credit union's rates in CA are at the top of rates available anywhere. The best savings rates from any bank right now are around 1.00 percent though you might find some credit union's dividend rates are also double the going average.

Higher Savings Rates Come with Caps and Restrictions

Credit unions offering a savings interest rate much higher than prevailing rates usually limit the amount of money that can be deposited into the account. One other point to make regarding credit unions is that you are required to join the credit union in order to open an account. Eligibility is usually living, working, or worshiping in a certain area or having a family member that does.

Best Credit Union Savings Rates

The best credit union savings account rate in CA right now is from Foothill Federal Credit Union at 1.50 percent APY. Foothill FCU's generous rate is on their SummerTime Savings Account. There is a minimum deposit of $50 and a maximum deposit of $2,000 that can earn this rate and yield.

Another CA credit union offering a rate higher than 1.00 percent right now is FME Federal Credit Union (FMEFCU) at 1.25 percent with an APY of 1.26 percent. There are some requirements and restrictions on FMEFCU's Direct Deposit Savings Account. To earn this rate and yield, you have to set up a direct deposit. You're also not allowed to make any other deposits or withdrawals. The maximum amount that can earn this rate and yield is $15,000.

Another credit union in California that is offering a rate of 1.25 percent and a yield of 1.26 percent is First Imperial Credit Union. FICU's Christmas club savings accounts and summer saver accounts earn this rate and yield. I didn't see any balance caps on these accounts on FICU's website. You can call this credit union at (760) 352-1540 to find out more.

There are hundreds of other credit union's in CA offering competitive rates just above or below 1.00 percent. If you'd rather not join a credit union to obtain a slightly better rate, search our rate tables for the best bank savings rates available at Monitor Bank Rates.
Author: Brian McKay
August 7th, 2013