You can open all CalFirst CDs terms online. You can complete the entire application through the CalFirst website. There is also the option to apply by calling customer service or mailing in an application.

The shorter-term CDs offer more competitive rates than long-term CDs. The rates are more competitive with online CDs than long-term CDs. The short-term CDs include a three month and six-month term.

Customers can choose how to receive interest payments. You can have the money credited to your CD or another CalFirst account. You can have the money transferred into another bank account, or have the interest mailed to you in a check. Interest will credit to your account monthly.

Customers can choose how to receive interest payments. You can have the money credited to your CD or another CalFirst account. You can have the money transferred into another bank account, or have the interest mailed to you in a check. Interest will credit to your account monthly.

The initial amount required to open CalFirst CDs is high. Each of the standard CD terms requires $5,000 to open. You must keep that amount in the CD to earn interest. To open IRA CDs and earn interest requires a balance of $2,000.

There is a limited amount of CD terms offered through CalFirst. There are five CD terms available. Those terms range from three months to three years. CalFirst provides CD terms as standard CDs or IRA CDs. All terms can be opened online.

CalFirst CD interest rates are low. They are not competitive with online CD rates. These rates are competitive with typical bank rates. CalFirst rates are not tiered. Any balance over the opening amounts earns the rates listed on the website.

There are only two early withdrawal fees for CalFirst CDs. For terms less than one year, the fee is 90-days of interest. For CD terms 12-months or longer, the fee is 180-days of interest. If you withdraw money early, you must pay that amount of interest even if you have not earned it.

Read the full California First National Bank review.

The opening required amount for PenFed CDs is low. Each standard and IRA CD terms only require $1,000 to open. The education CDs only require $500 to open. You can open the CDs online or in a branch location.

There are a good variety of CDs available through PenFed. They offer nine standard CD terms from six months to seven years. Their IRA CDs and educational savings certificates terms range from one to seven years.

Each CD term with PenFed offers competitive interest rates. The rates are competitive with other online CDs. The standard, IRA, and education CDs interest rates are competitive. They are higher than the typical bank interest rates.

There is more than one way to choose how to receive interest payments earned from your PenFed CDs. You can have the money added to the CD or another account. You can choose to have the money sent to you in a check. You can receive the interest earned monthly or when the CD matures.

To open a CD with PenFed, you must first become a member of the credit union. If you have or are currently serving in the military, you can become a member. Living in certain areas or being a member of set organizations qualifies you. If you work for the U.S. government or other organizations, you are eligible as well. If you do not meet any of these requirements, you can pay a $5 fee. Once you are a member, you can apply for accounts.

PenFed offers standard CDs, IRA CDs, and educational CDs. Members can only open standard CDs online. To open the other types of CDs, you must visit a branch location or contact customer service. All the standard CD terms are available to open online.

The standard PenFed CDs do not offer an interest rate guarantee. If you open a CD and the interest rates increase shortly after, your interest rates will not increase. The PenFed standard CDs offer competitive interest rates.

The early withdrawal fees for PenFed CDs are high. If you withdraw money early from a six-month CD, you will lose all your interest. For CD terms longer than six-month the fee is all interest earned if withdrawn in the first year. After the first year, the fee is 30 percent of what would have been earned if the CD had reached maturity.

Read the full PenFed Credit Union review.