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Credit Union Certificates of Deposit (CDs)

This information is provided courtesy of the BankDeals Blog.

Credit Unions (CUs) are largely indistinguishable from banks for the average depositor (or borrower). CUs are structured as not-for-profit financial cooperatives, and generally require some sort of a small payment for annual or lifetime membership. CUs are often exclusive to individuals who have worked for a certain company, whose relatives have worked for a certain company or live within a certain geographic area. While not FDIC insured, deposits with a CU are insured up to $100,000 by the National Credit Union Administration, a US government agency through the National Credit Union Share Insurance Fund (NCUSIF). While the banking lobby has asserted that the NCUSIF is not as all-encompassing as FDIC insurance, CUs will vigorously argue that it is a mirror image. In addition, some observers have indicated that the provisions in the FDIC rules that allow bank depositors to exceed the $100,000 through creating different accounts with different ownerships (joint accounts, trustee accounts, etc.) do not apply to the NCUSIF.

Best Rates on Credit Union Certificates of Deposit* - Updated October 1, 2008

3-Month Certificates of Deposit:

 

6-Month Certificates of Deposit:

2 Year Certificates of Deposit:

 

3 Year Certificates of Deposit:

Credit Union	APY**	Minimum Deposit	FOM***/Reviews
Pentagon FCU	5.00%	$1,000	FOM / Reviews
Melrose CU	4.58%	$5,000	FOM / Reviews
Western FCU	4.36%	$40,000	FOM / Reviews
Alliant Credit Union	4.05%	$25,000	FOM / Reviews
Northrop Grumman FCU	4.05%	$40,000	FOM / Reviews
Agriculture FCU	3.75%	$1,000	FOM / Reviews
Self-Help CU	3.61%	$500	FOM / Reviews
Patelco Credit Union	3.61%	$1,000	FOM / Reviews
GTE FCU	3.04%	$500	FOM / Reviews

* This chart includes credit unions that have broad field-of-memberships and have certificate of deposit accounts that can be opened and monitored online as well as certificate of deposit accounts that are managed through mail correspondence. It, however, does not include certain regional or local credit unions that ordinarily require a personal appearance to open a certificate of deposit account.

** For a complete definition of Annual Percentage Yield (APY), please see the Financial Terminology section.

*** For a complete definition of Field of Membership (FOM), please see the Financial Terminology section.

Discuss your experience with these banks and your views of certificate of deposit products at this time in the Bestcashcow Message Boards.

For more information on issues concerning certificates of deposit, please refer to the Bestcashcow Bank CD Page.