Another 5 Percent CD

I came across another rare 5% CD thanks to the Fatwallet forum. This one isn't a low 5% one either. The 60-month certificate of deposit offers an APY of 5.61%. Even the 3 year CD has a APY of 5.04%. Here's a link to the full list of rates.

However, there are a few catches. First, it's a credit union (the State Department Federal Credit Union) so there are membership restrictions, although it does have a large field of membership.

Also, to get these high CD rates, you have to join the Capital Club which requires a checking account with either direct deposit or a savings account with a $500 minimum.

It appears that you can open the CD and other accounts online. The checking account has some nice features like no monthy service charges.

Another Credit Union Finder Tool

This credit union is part of the CO-OP Network of credit unions which allows you to use a local network credit union branch to conduct financial transactions as if it were your own credit union. I found their branch finder especially useful for finding local credit unions. It's better than other credit union finder tools that I mentioned in a previous post.