8% 12-Month CD at a NJ/NY/PA CU ($2K max)

Paragon Federal Credit Union is offering an 8.00% APY 12-month CD. The minimum deposit is $500 and the maximum limit is $2K. It requires a checking account with a minimum $100 direct deposit. This offer is good through April 21, 2006.

For larger deposit, the credit union is offering instant bonuses: $50 bonus for a $5K deposit into a 12-month 4% APY CD and a $100 bonus for a $25K deposit into a 12-month 4.30% APY CD.

Another special is a 5.55% APY 5-year CD for deposits of at least $50K.

The 8% 12-month CD with a $2K deposit would result in about $60 over a 5% CD. Since it requires a checking account with direct deposit, you can think of this like a checking account bonus.

The $50 bonus for a 4.00% 12-month CD with a $5K deposit would be equivalent to a 5% 12-month CD without a bonus. This is just an okay deal.

The $100 bonus for a 4.30% 12-month CD with a $25K deposit would be equivalent to a 4.70% 12-month CD without a bonus. You can do better at many other places.

The credit union's field of membership includes those who live in areas of New Jersey, New York and Pennsylvania.

The credit union is NCUA insured with 60,000 members and $384 million in assets.

Credit for this find goes to John at The Financial Ladder who left a comment on it in the finding deals post. Thanks!