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6% interest 18 month CD Frontwave Credit Union

eugenem
+19 Deal Score
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For those lucky enough to live in their service area the Frontwave CU is offering an 18 month CD at 6% interest.

https://www.frontwavecu.com/Resou...osit-Rates

QA note: Eligibility Requirements - Live, work or worship in either San Diego, Riverside or San Bernardino counties. Or be an immediate family member of a current Frontwave Credit Union member.
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6% interest 18 month CD Frontwave Credit Union
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Created 02-04-2023 at 06:15 AM by eugenem
in Personal Finance (8)
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Joined Nov 2010
L3: Novice
> bubble2 212 Posts
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02-04-2023 at 10:30 AM.
#1
"Rate subject to change without notice"
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Joined Aug 2019
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> bubble2 98 Posts
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02-04-2023 at 11:01 PM.
#2
roll
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Joined Oct 2014
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> bubble2 198 Posts
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02-04-2023 at 11:03 PM.
#3
Quote from Steven10 :
"Rate subject to change without notice"
From my understanding, they can't change a CD's rate once you've funded it. That verbiage would be if they changed it before you signed up, not after.
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Joined Nov 2013
L7: Teacher
> bubble2 2,613 Posts
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02-04-2023 at 11:30 PM.
#4
Quote from Steven10 :
"Rate subject to change without notice"
That means they can change it at any time between now and when you actually buy it, meaning the rate could change tomorrow if they wanted to.
Once you've signed up, the rate you see will be what you get.
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Joined Mar 2010
L2: Beginner
> bubble2 28 Posts
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02-05-2023 at 06:19 AM.
#5
This is good, surprised its not being upvoted, wish I was living in those service areas
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Joined Feb 2023
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> bubble2 1 Posts
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02-05-2023 at 06:37 AM.
#6
Quote from zeroquest :
From my understanding, they can't change a CD's rate once you've funded it. That verbiage would be if they changed it before you signed up, not after.
This is correct.
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Joined Jul 2019
Lil Jimmy,Bng 9er Gng
> bubble2 3,657 Posts
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02-05-2023 at 06:46 AM.
#7
Live, work or worship in either San Diego, Riverside or San Bernardino counties 🙏
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Joined Apr 2005
L80: Demiurge
> bubble2 186 Posts
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02-05-2023 at 02:20 PM.
#8
What proof of working in the service area is required?

Screenshot 2023-02-05 171903.png - 17.5 KB

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Joined Jun 2006
L5: Journeyman
> bubble2 628 Posts
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02-05-2023 at 03:29 PM.
#9
wish I could get this for my IRA right now. choppy waters ahead. anyone have suggestions for something similar for a retirement account?
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Joined Nov 2009
Lumbar Vertebrae
> bubble2 1,849 Posts
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02-05-2023 at 08:17 PM.
#10
Nowhere near me, I'll have to settle for the Capital One 11 month CD for 5% I guess.
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Joined Nov 2014
L6: Expert
> bubble2 1,177 Posts
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02-05-2023 at 08:20 PM.
#11
Quote from sillycibin :
wish I could get this for my IRA right now. choppy waters ahead. anyone have suggestions for something similar for a retirement account?
Buy 6 month treasuries. They're almost yielding 5%. For a high earner in California, the avoidance of state tax almost makes treasuries competitive with this 6% CD (irrelevant for Roth).
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Joined Oct 2005
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> bubble2 48 Posts
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02-05-2023 at 08:53 PM.
#12
Completely different but something else out there...
The composite rate for I bonds issued from November 2022 through April 2023 is 6.89%
A few things of note:
Rate is adjusted every 6 months and tied to rate of inflation.
Cap is $10k/year
Can only be purchased with cash or tax refunds (cannot use in IRA/401k).
Cannot redeem in first 12 months.
Penalty for redeeming before 5 yrs is the last 3 months of interest.
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Last edited by ceasar February 5, 2023 at 08:55 PM.
Joined Mar 2021
L2: Beginner
> bubble2 53 Posts
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02-05-2023 at 08:55 PM.
#13
Get yourself some I bonds from TreasuryDirect.gov. Current rate is 6.89%. Redeemable after 12 months. Maximum of $10k electronic, $5k paper, though.
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Joined Apr 2013
L9: Master
> bubble2 4,676 Posts
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02-05-2023 at 09:04 PM.
#14
Quote from sillycibin :
wish I could get this for my IRA right now. choppy waters ahead. anyone have suggestions for something similar for a retirement account?
Buy treasuries at 4.7%
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