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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 maintaining a small balance in a savings account (share account). Deposits are called shares since they represent a share of ownership in the credit union. CUs are required to limit their membership to a specific Field of Membership (FOM). FOMs may include individuals who work for certain companies, who are members of certain associations, whose relatives are CU members, or who live within certain geographic areas. While not FDIC insured, deposits with a CU are insured with basic coverage of up to $250,000 by the National Credit Union Administration (NCUA), a US government agency through the National Credit Union Share Insurance Fund (NCUSIF). The NCUA typically maintains the same deposit coverage insurance limits as provided by the FDIC, and like the FDIC Deposit Insurance Fund, the NCUSIF is backed by the full faith and credit of the United States Government. Refer to this NCUA brochure for more details.

Best Rates on Credit Union Certificates of Deposit* - Updated November 20, 2009

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
Alliant Credit Union	3.00%	$25,000	FOM / Reviews
Melrose CU	2.98%	$5,000	FOM / Reviews
Self-Help CU	2.58%	$500	FOM / Reviews
Delta Community CU	2.50%	$1,000	FOM / Reviews
Pentagon FCU	2.50%	$1,000	FOM / Reviews
Agriculture FCU	2.40%	$1,000	FOM / Reviews
Patelco Credit Union	2.27%	$1,000	FOM / Reviews
Northrop Grumman FCU	2.09%	$40,000	FOM / Reviews
Western FCU	1.79%	$40,000	FOM / Reviews
GTE FCU	1.51%	$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 Credit Union articles.

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