6.40% 60-Month Variable CD at a South Carolina CU

Founders Federal Credit Union is offering a 6.40% APY 5-year variable certificate. There's a $5K minimum deposit requirement. The CD is also available for IRA accounts with only a $3K minimum.

Unlike the typical fixed CD, a variable CD rate is not locked during the term. I can't find any details on the website about when and how the rates will change. There's always the concern that there might be a large decline in the rate sometime in the future. With a yield of 6.40% ,however, at least you start out way ahead of most CD yields currently available.

The credit union's field of membership includes some communities, but the website doesn't provide details. There are 19 branches in South Carolina and one in Wisconsin.

Thanks to the commenter who posted this deal.