bank rates

L.A. Credit Union Checking Pays 1.26%

F&A Federal Credit Union also has great CD rates.F&A Federal Credit Union in Monterey Park, Calif., has taken the best aspects of savings and checking accounts and rolled them together into a High-Yield eChecking account.

Unlike the trend to charge customers for checking accounts or make customers jump through hoops in order to earn interest on their checking account, F&A pays 1.26% APY on new accounts, and the only requirement is that you sign up for eStatements.

The High-Yield eChecking account carries no monthly fees and has no minimum balance requirements or maximum balance limits. You also don’t need to make a certain number of transactions each month, as required by rewards checking accounts.

And the 1.26% APY the checking account is paying tops the best nationally available money market account rate and comes close to the best nationally available savings account rate.

To become a member of F&A Federal Credit Union (www.fafcu.org), you must work for the L.A. County Fire Department, be an employee of one of the cities that contract the department’s services or be an employee of a number of other area government institutions or have a family member who is.

If you aren’t eligible to join the credit union, the best nationally available savings account is through UFB Direct (www.ufbdirect.com), which pays 1.30% APY for its Airline Rewards Savings Account and also gives you free airline miles. The bank is a division of BofI Federal Bank (formerly Bank of Internet USA, which is now a division, as well), based in San Diego.

For money market accounts, your best choice nationally is from Incrediblebank, which pays 1.18% APY on balances between $2,500 and $249,999. Balances above that amount earn 0.80% APY.

Of course, F&A also offers competitive money market and CD rates.

You’ll earn 1.16% APY with a $2,500 minimum deposit on its money market account.

And the credit union offers top CD rates in five terms.

With a $1,000 minimum deposit, it pays:

  • 1.16% APY on 6-month CDs.
  • 1.26% APY on 12-month CDs.
  • 1.46% APY on 24-month CDs.
  • 1.77% APY on 36-month CDs.
  • 2.43% APY on 60-month CDs.

All of these deals beat the best nationally available offers on our CD Rates Leaderboard.

Members can buy CDs through the mail or at the credit union’s single office, which is at 2625 Corporate Place in Monterey Park.

You can see how these offers compare to the best money market and savings account rates and CD rates from scores of banks in our database.

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Comments (3)
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3 Existing Comments
  1. Kathy at Bankaholic said:
    on December 28th at 09:39 am

    This deal is still available.

  2. Kathy at Bankaholic said:
    on January 10th at 09:39 am

    You can still get F&A’s High-Yield eChecking rate, but its money market and CD rates are all lower today.

  3. Kathy at Bankaholic said:
    on February 23rd at 10:53 am

    F & A’s checking rate is still available. (Note that UFB Direct’s savings rate has dropped to 0.85% APY.)