7.62% 12-Month CD Nearly Over at Maryland Credit Union

I'm glad several readers have been able to obtain this special Celebration CD being offered by SECU Credit Union in Maryland. CDs with this high rate and high max don't come around too often. Unfortunately, you may not have much more time. I was originally told it would be available through Saturday, October 21, 2006. However, it could end as early as tomorrow (Oct 20th) based on what a reader was told from a SECU representative. So your best bet now is to visit the branch tomorrow. (Looks like it ended today. The website was updated with this info just after I posted this. Sorry about that.)

In addition to this special CD, the credit union is also offering a $75 bonus for opening a new SECU checking account with direct deposit. This can be opened at the same time you open the CD. The minimum initial deposit is $25. There's no rush for this special. You have until 11/30/06 to open the account and 12/31/06 for the direct deposit. Also note, in addition to pay, investment checks count as direct deposit. So it seems a regular ACH deposit from other another financial institution may qualify.

Here are the details of the 7.62% CD which includes info from readers' comments:

• 7.62% APY
• Minimum deposit is $500
• Maximum deposit $200,000
• Available in an IRA
• Will automatically renew into a standard 12-month term CD
• IRA CD will transfer to an IRA share savings
• There's a 7 day grace period at the 12-month maturity date
• The early withdrawal penalty is 270 days of interest (earned or unearned)
• Requires an active savings account with a $10 balance and activity at least once each 6 months
• Likely to end on October 21st. May end earlier.

Please see my previous post for more info on the credit union's field of membership, branch locations and NCUA insurance.

Thanks everyone for the info that you provided on this credit union and CD.

[Edited 10/20/06: 7.62% CD ended at the end of October 19th.]