5.35% 48-Month CD at a Texas CU
Apr 3, 2006 - 8:15 AM by Ken Tumin
Texans Credit Union has a special 5.35% APY 48-month CD. The minimum deposit is $1K. This CD has a bump-up option which gives you the option to increase the rate on your account once during the term.
The field of membership includes those who live in the Texas counties of Collin, Dallas, Rockwall, Travis and Williamson. The credit union has branches in Dallas, Austin and Houston.
The APYs for the 36-month and 60-month bump-up CDs are 4.80% and 4.96%. So in a year or two, the 48-month bump-up CD rate could rise enough to make this bump-up option useful. You're not losing anything by chosing the bump-up option since the standard 48-month CD APY is only 5.06%.
For those in the Dallas area, there's a special 10% APY 1-year CD (with $5K max deposit) being offered at American Bank of Texas (see post).
Best 48-Month CDs Nationally
The best 48-month certificate of deposit listed at Bankrate.com is 5.20% APY at both GMAC Bank and VirtualBank.
The best 48-month certificate of deposit from a credit union with easy membership is 5.67% APY at Melrose CU. A close second is 5.50% APY at Pentagon FCU.
Long term CD rates are slowly rising but still don't offer much premium over 1-year CDs.
The field of membership includes those who live in the Texas counties of Collin, Dallas, Rockwall, Travis and Williamson. The credit union has branches in Dallas, Austin and Houston.
The APYs for the 36-month and 60-month bump-up CDs are 4.80% and 4.96%. So in a year or two, the 48-month bump-up CD rate could rise enough to make this bump-up option useful. You're not losing anything by chosing the bump-up option since the standard 48-month CD APY is only 5.06%.
For those in the Dallas area, there's a special 10% APY 1-year CD (with $5K max deposit) being offered at American Bank of Texas (see post).
Best 48-Month CDs Nationally
The best 48-month certificate of deposit listed at Bankrate.com is 5.20% APY at both GMAC Bank and VirtualBank.
The best 48-month certificate of deposit from a credit union with easy membership is 5.67% APY at Melrose CU. A close second is 5.50% APY at Pentagon FCU.
Long term CD rates are slowly rising but still don't offer much premium over 1-year CDs.
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Anonymous - #1, Tuesday, April 4, 2006 - 1:37 AM
I've had CD's or Share certificates of varying lengths,(e.g. 1 to 5 years ) for the past 15 years. Have never broken one (til today) but do not like Melrose's penaly. It is 6 months interest PLUS the rate goes to 3%. So I would be quite hesitant to take a 48 month cert from them. I am though going to get a 1 year and 2 year one. I just can't live with having a 4 year cert end up paying 3% if for some reason I need to break it.
I broke one today from another CU because it is only paying 3.49,only penalty was 180 days, so did the numbers and worth it to take the money and buy another higher rate certificate.
Banking Guy (anonymous) - #2, Tuesday, April 4, 2006 - 8:48 AM
Thanks for the info about Melrose. I think many people may be in similar situations in which it may pay to break low-paying CDs. It was hard to find any decent CDs a year or two ago.
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