Between April 15 and May 31, the $1.3 billion credit union offered a one-year CD with a 7.5% annual percentage yield. A minimum and maximum of $1,000 was required to open the CD along with signing up for a new checking account. Over the six week period, 407 new members brought in $407,000 in new deposits, said Greg Meyer, community relations manager.
"The [credit union] team did a phenomenal job with this promotion," Meyer said. "I can't say enough about the [member service representatives] and branch managers. They are the rubber that meets the road."
Meriwest CU's CD promotion was recently touted as one of the highest yielding accounts in the country by BankingMyWay.com as reported by TheStreet.com in a May 12 article. The credit union beat out some well-known competitors including Countrywide Financial, the largest national financial institution in California, which offered a 4.15% APY CD but required a minimum of $10,000 to open, according to the financial sites.
This is not the first time Meriwest has run a high yield CD special. Last year, it offered a 10% deal in celebration of its San Ramon branch opening, Meyer said.
"The [CD] program really serves to help people who are trying to get a better yield on their savings," Meyer said. "Being that the CD was for one year, it might help those who might be saving up for something over a year's time."
Meriwest CU made news earlier this year when it completed a merger with Golden Bay FCU. The merger extended the credit union's reach to Tucson, Ariz., where it now has two additional branches for a total of 19. Meriwest CU serves more than 92,000 members.