North Country Federal Credit Union is offering a very competitive 60-month CD that pays 2.80% APY. That's the top rate in Vermont and one of the best rates in the country. In checking through the database, there were almost zero CD rates above 3.00% APY. The minimum balance to open the CD and receive this rate is $500.
Membership to North Country FCU is open to anyone who lives, works, studies or worships in northern Vermont (Addison, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans and Washington Counties). The disadvanatage of most credit unions is this restricted field of membership. Unlike many banks, credit unions generally exist to serve specific communities, organizations, or groups of individuals. If you do not belong to one of these groups, then you are unable to join. Luckly, there are over 7,000 credit unions across the country and it's a good bet that there is one that is close, has good rates, and has membership criteria to which you belong.
North Country FCU is headquartered in South Burlington, VT and has five branches scattered across the northern part of the state. Financially, it has a Texas Ratio of 14.44% versus the national credit union average of 10.34% (lower is better with Texas Ratio). Although its Texas Ratio is a bit higher than the national average, most experts agree that a bank is not in trouble unless its ratio is close to or above 100%. Banks that are closed by the FDIC generally have Texas Ratios above 200%. In another analysis I performed, I found that banks (and most likely credit unions) that offer higher rates are generally more stable than their low rate peers.
5 Month CD Rate Above 3% APY
I also wanted to mention a special deal I found on a 11 month CD. South Central Bank in Chicago, IL is offering a 5-month CD that pays 3.05% APY. That's one of the highest CD rates in the nation. The catch? You must invest $5,000 - no more and no less; you must be a new member to the bank; you must live near one of South Central Bank's five Chicago branches. Still if you live close to a South Central branch, then it might be worth it to deposit $5,000. If you have a family of five, then each person could deposit $5,000 into the bank and receive the rate.
If you don't live in Northern Vermont or Chicago don't despair. In our database, I found 16 banks offering a 60 month CD for over 2.75% APY.
Previous Weekly Rate Spotlights
- February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
- February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
- February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
- February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
- January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
- January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
- January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
- January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
- January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available
Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.
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