5.38% 48-Month CD at a Ohio CU

GE Federal Credit Union is offering a special 48-month CD with a rate of 5.38% APY. It requires a $10K minimum deposit. There's also a bonus bump up feature, but it's only applicable for current members. If you open the certificate with new money, you may choose to bump up the rate of an existing CD by 0.50% at the time of purchase. There's also a special 9-month CD with a rate of 4.35% APY. It has the same $10K minimum deposit requirement, but it requires new money even without the bump up bonus.

A 4-year CD may be too long of a term at this time of rising interest rates even if you can get a rate of over 5 percent. One important consideration is the penalty for early withdrawal. There are no details about this penalty on the webpage. If the penalty is only 3 months of interest, a high-rate long-term CD may be worth it. If it's the typical 6 months, it may not be worth it.

At this time, the best 48-month CD listed at Bankrate.com is only 5.06% APY from Transportation Alliance Bank.

GE Federal Credit Union's field of membership is rather restrictive. It's primarily based on employment in GE and some other companies.

The credit union has branches around Cincinnati and Mason Ohio. There are also branches at GE Aircraft Engine plants in New Mexico, California andKentucky.