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.
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