Weekly Rate Spotlight - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD

Wymar Federal Credit Union is offering its members a 24-month CD that pays 2.27% APY. That's a pretty good rate nowadays for a 5-year CD, nevermind a 2 year one. For comparison purposes, the average 1-year CD nationally pays 0.55% and the average 5-year CD pays 1.50% APY.

That's the good news. Now, the bad news. Wymar has a pretty restrictive field of membership. Credit Unions are allowed to restrict who can join to certain organizations, geographies, places of workship, or other criteria. Wymar membership is open to:

• Employees of BASF Corporation who work in Geismar, Louisiana and members of their immediate family
• Employees of this credit union and members of their immediate family
• Un-remarried spouses of persons who died while within the field of membership of this credit union
• Persons retired as pensioners or annuitants from BASF Corporation
• Organizations of such persons

Not all credit unions are this restrictive. Last week, I reviewed Fredercia Federal Credit and they allow anyone to join.

If you do quality, the credit union looks financially strong. Wymar FCU was established in 1958 and operates one branch in Geismer, LA. The credit union has a low Texas Ratio (learn more about the Texas Ratio) of 4.71% versus the national average of 10.34% (the lower the Texas Ratio the better). Wymar holds $67.66 million in assets.

Wymar is NCUA insured, the credit union equivalent of FDIC insurance. That means that your money is insured up to $250,000 per person.

If you don't quality to become a member of Wymar FCU, BestCashCow can help you find a great rate in your area.

• Find other great CD rates in your local area.
• Learn about the differences between a bank and a credit union.

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I hope to eventually also have the weekly rate updates go out via this email service.

Previous Weekly Rate Deals

• January 23- 2011 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
• January 17, 2011 - 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
• December 29, 2011 - Aflac Federal Credit Union Offering 2.41% APY Savings Account
• December 19, 2011 - CIT Bank and Its 1.15% APY 12-Month Achiever CD
• December 12, 2011 - Citizens State Bank of TX Offering 2.85% IRA CD
• December 5, 2011 - Digital Federal Credit Union Offering 2.86% APY CD - Nationally Available

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