This CD Is Paying 9.50% Right Now. Here's Who Can Get One

Many certificates of deposit (CDs) are offering great rates right now, but one offer stands out from the crowd.

California Coastal Credit Union is currently offering a CD paying 9.50%. It's a 5-month CD, so your money will be guaranteed to earn this great rate for almost half of a year -- even if interest rates decline.

Here's what you need to know about the CD offer, including how to become eligible for it and what to do if you don't qualify, but want to get top rates on your own CD investment.

Here's who can qualify for a 9.50% CD rate

California Coastal's 9.50% CD is being marketed as a Celebration Certificate intended to celebrate the credit union's 95th anniversary. There are some pretty specific requirements you must fulfill to be eligible to buy it:

• You must be a California Coastal credit union member. Membership is only open to individuals who live or work in San Diego, Riverside, Orange, Los Angeles, Ventura, Imperial, and San Bernardino Counties
• You must make a minimum $500 deposit and this must be "new" money, which is money that is not currently deposited in any other account within the credit union
• You must have one of several specific account types with the credit union. The following accounts make you eligible for the CD. You must have at least one of them:
  • An active checking account with eStatement. An account is considered active if there's at least one transaction a month, such as a debit card purchase, ATM use, bill payment, pre-authorized payment, check, or direct deposit.
  • A new Money Market account with at least a $5,000 minimum balance
  • A new regular CD with a minimum $5,000 balance
  • A new IRA Certificate with a minimum $5,000 balance
  • A new funded consumer loan, not including a share secured loan, Certificate secured loan, or credit card

If you meet these requirements to open a Celebration Certificate, you are limited to one certificate per Social Security number. When the certificate matures, it will transfer automatically to your primary savings account. If you fail to meet the conditions of the CD, then your APY will be reduced to the standard APY in effect for 3-month Certificates sold by the credit union.

If you qualify for this CD and you have money you can leave invested for five months, don't pass it up. It's unheard of in recent decades to earn anywhere close to this amount from a CD. While CD rates are up right now, the best ones are still at around 5.00%, and you'll earn nearly double that with this investment.

​​What to do if you don't qualify

Unfortunately, many people won't qualify for this CD because they don't live in the required California counties necessary to become a credit union member. But that doesn't mean there aren't awesome opportunities out there for you.

You should check out promotions at your local banks and credit unions, as local branches are more likely to offer unique special deals like this compared with large national banks. You should also keep an eye on The Ascent's list of the best CD rates, as our experts comb through tons of offers each month to find you the very best options out there.

Remember, even if you can't earn 9.50% on a CD, you still have an unprecedented opportunity right now to get some of the best CD rates in decades. You could earn upward of 5.00% virtually risk free, and you can do that right now even on 6-month CDs and 12-month CDs. Investing in them is well worth doing if you have cash you can tie up for the duration of the CD term.