SAN JOSE, Calif. — On the advice of several financial and rate tracking sites, savers recently flocked to Meriwest Credit Union to get a hold of its one-year, 7.5% certificate of deposit.
The $1.3 billion credit union offered the CD between April 15 and May 31 and as a result, signed on 407 new members, said Greg Meyer, community relations manager. A minimum and maximum of $1,000 was required for the CD as well as opening a new checking account. The promotion brought in $407,000 over a six week period.
TheStreet.com cited BankingMyWay.com, which touted Meriwest's CD as among the highest yielding in the nation at the time of the deposit special. The credit union beat out some bigger banks and other financial institutions.
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"I can't say enough great things about the branch managers and [member service representatives] who did a phenomenal job with this promotion," Meyer said.
This is not the first time Meriwest has run a CD with a high annual percentage yield. Last summer it offered a 10% APY CD to celebrate the opening of its San Ramon office.
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