10% 12-Month CD at a Multi-State CU ($2.5K max)

Tenet Federal Credit Union is offering a 10% APY 12-month CD. The minimum deposit is $500 and the maximum is $2.5K. Additional deposits can be made in $100.00 increments throughout the term (dividends accrue from date of deposit) to a maximum deposit of $2,500. The certificate must be opened within 30 days of opening your TenetCU Checking Account. You must also have direct deposit with a minimum $500 payroll deposit per pay period. Credit for finding this deal goes to a commenter in the finding deals post.

As is typical with promotional CDs with very high rates, there is a maximum deposit limit. However, the limit is $2.5K which isn't so low that it makes this deal not worthwhile. This CD provides 1-year with a rate of about 5% higher than what's easily available. That results in about an extra $125. This is similar to a checking account sign-up bonus except that you have to deposit money for a year to get the bonus. I'm surprised this isn't done more often rather than the typical checking account bonus. If you don't have much to deposit, the immediate sign-up bonus is preferrable. However, if you are able to max out the deposit limit, this type of bonus can be better. You also have to make sure to be ready to withdraw the money when the CD matures since it's likely that it'll renew into a low rate CD.

Unfortunately, the credit union's field of membership is primarily limited to those employed in jobs linked to Tenet Healthcare Corporation. However, this does include many people since Tenet operates many facilities in Alabama, California, Florida, Georgia, Louisiana, Massachusetts, Missouri, Mississippi, North Carolina, Nebraska, Pennsylvania, South Carolina, Tennessee and Texas.

Tenet FCU has branches in Los Alamitos, Modesto, Anaheim, California; Memphis, Tennessee; and Atlanta, Georgia. The credit union is NCUA insured with 19K members and $52 million in assets.