To obtain the 5-month term CD with a 9.5% APY, you must follow these steps.

Although California Coast Credit Union's 5-month CD with a 9.50% APY is a limited-time offer only available to residents of specific Southern California counties, there are still numerous high-yield CDs to choose from. Keep reading to discover more options.

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California Coast Credit Union CD offering

The California Coast Credit Union is currently providing a 9.50% APY on its 5-month "Celebration Certificate" CD as a special offer to commemorate its 95th anniversary. This high-interest rate is uncommon among CDs available on the market, and the minimum deposit required is just $500.

To become a member of California Coast Credit Union, you must be a resident or employee of one of the following Southern California counties.

San Diego
Riverside
Orange
Los Angeles
Ventura
Imperial
San Bernardino

How to earn 9.50% APY

To earn the Celebration Certificate's 9.50% APY, California Coast Credit Union members must fund the certificate with new money that has not been previously deposited with the credit union.

One Celebration Certificate CD can only be opened per social security number, and it cannot be opened if it has already been opened.

An active checking account with eStatements or one of the following qualifying transactions per month is required.

New money market account with a minimum balance of $5,000
New regular certificate (CD) with a minimum balance of $5,000
New IRA Certificate with a minimum balance of $5,000
New consumer loans, excluding share secured loans and Mastercard credit card accounts, are now eligible for funding.

If you do not meet all qualifications within 30 days of opening your Celebration Certificate account, you may receive a reduced APY for the rest of the CD's term.

Rates and fees

In addition to the one-time $5 membership fee, you must deposit a minimum of $500 and a maximum of $3,000 into the CD, with no monthly maintenance fees required.

You cannot withdraw your money early or add more money to the CD after funding it.

Alternatives to the California Coast Credit Union CD

If you're not eligible for California Coast Credit Union's offer or if their credit union doesn't appeal to you, there are other CDs with high APYs available to anyone. These CDs may not be as high as California Coast Credit Union's, but they still offer some of the highest APYs on the market.

CIBC Bank USA's one-year CD offers 5.25% APY with a minimum deposit of $1,000. Though its APY is lower than California Coast Credit Union's, it's a longer-term investment, meaning you'll accrue more interest over time. On the other hand, Marcus by Goldman Sachs® offers CD terms from six months to six years with no monthly maintenance fees and a minimum deposit requirement of $500, and you can earn up to 4.90% APY.

Bottom line

The 9.50% APY CD offered by California Coast Credit Union is an excellent option for individuals seeking to earn substantial returns on their savings in a short period. Whether you're saving for a vacation or making a down payment on a new car, you'll earn more than what traditional savings accounts offer within this timeframe.

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