First Imperial Credit Union Interest Rates and Review: Christmas Club Rates at 1.25%

First Imperial Credit Union of Imperial Valley, California, is advertising many different share savings rates and money market rates. While First Imperial Credit Union's regular share rates are rather low and lower than the FDIC's national average savings account rates the credit union's Christmas Club and Summer Savings rates are a lot higher.

Current Christmas Club savings rates and Summer Savings account rates are at 1.25 percent with an APY of 1.26 percent. Those rates are some of the best savings rates available from any credit union or bank these days. The credit union has held these savings interest rates steady for awhile now so you can rest assured if you open one of these accounts you'll probably continue to earn this rate and yield. I mention this because as you know all savings accounts are variable rate accounts which means the interest rate can change at anytime.

The rest of the share savings account rates available at First Imperial Credit Union are very low. Regular share savings rates for account balances of less than $10,000 only earn a rate and yield of 0.05 percent. The FDIC's national average savings rate is at 0.08 percent and the highest savings rates at banks are just above 1.00 percent.

First Imperial Credit Union is also advertising other types of accounts rates including the Life Savings account, Rainy Day account and Coyote share account which all have the same rate/yield as regular share rates. Frankly you're better off putting your money into a First Imperial Credit Union money market account if you use the credit union.

First Imperial Credit Unoin's money market rates are better than all the savings rates except for the Christmas Club account and Summer Saver account. The credit union's money market account rates are tiered and the best money market account rate is on account balances of $50,001 or more at 0.54 percent with an APY of 0.55 percent.

As with any credit union you have to join First Imperial to open an account. In fact you have to be eligible to join and you have to open a regular share savings account with a deposit of $5 to become a member. To be eligible to join you have to live, work or worship in Imperial Valley, California, or have a family member who does. To see how this credit union's share rates compare to bank savings rates feel free to use our rate tables.
Author: Lisa Graham
September 17th, 2012