Major CD Rate Changes at SHCU

The 5% 1-year CD at the Self-Help Credit Union is already over. In fact, there has been a major change. Ever since I first found this credit union back in early November, the CD rates always stayed within about 0.10% from one day to the next. Also, the 3, 6 and 12-month CD rates were always the best in the nation. That changed yesterday. The 12-month certificate of deposit went from 5.00% to 4.60% APY. There were also big drops in the 3-month and 6-month CD. Here's a summary of the rate changes for all of the CDs:

Term     12/21  12/22  12/28
         APY    APY    APY
3  month  4.60   4.62   4.10
6  month  4.79   4.82   4.31
12 month  4.97   5.00   4.60
24 month  5.00   5.00   4.96
36 month  5.02   5.00   4.95
48 month  5.04   5.02   4.97
60 month  5.06   5.04   4.99

Perhaps SHCU's short term CDs attracted so many deposits, that SHCU decided to bring them inline with rates of other credit unions and banks. The new short term rates are now nothing special. We'll have to wait and see how these change in the future.