WALNUT CREEK, Calif. — Designed for savers who are interested in a "high rate of return" on an insured investment Pacific Service Credit Union has launched a certificate of deposit that pays a 7% annual percentage yield for 11 months on the first $10,000.

The "7 for 11″ CD requires a $50,000 deposit, according to the $1 billion credit union. The remaining $40,000 or more may be invested for any term of 12 months or longer for a maximum of 60 months at the prevailing rate for the term selected. Account holders are allowed only one 7 for 11 CD.

"In this current environment of low-rates and volatile stock returns, we have a savings account that offers a predictable high return to investors," said Tom Smigielski, president of Pacific Service CU.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.