10.47% 7-Month CD at a Virginia CU - $2K Max (BayLands).

BayLands Federal Credit Union is offering a 10.47% APY 7-month share certificate. The maximum deposit is $2K. The minimum is $500. It's limited to one per member. You must have an S10E Share Draft Checking Account with direct deposit. The offer expires 8/31/06.

It would be better if the maximum allowed deposit were higher. I've seen a 10% rate offered with maximums of $5K in the past. With this maximum, the extra 5% you would get with this CD over a market competitive CD would result in about an extra $58 in 7 months.

The credit union also has some decent CD specials without maximums including a 5.59% APY 8-month CD with a $500 minimum, a 5.69% APY 17-month CD with a $75K minimum and a 5.69% APY 24-month CD with a $75K minimum.

The credit union's field of membership includes those living, working, worshiping or attending schools in the Virginia counties of Essex, Middlesex, Mathews, Gloucester, King and Queen, King William, New Kent, and James City.

The credit union is NCUA insured. It's a small credit union with $66 million in assets and 5,400 members.