SAN JOSE, Calif. — More than 400 persons are now members of Meriwest Credit Union thanks to a popular certificate of deposit promotion.
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."
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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.
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