Dedicated to Deposits: Deals, Data, and Discussion

6.25% 36-Month CD at an Illinois CU - Coverdell (First Northern)

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First Northern Credit Union is offering high yields on Coverdell Education Saving Account Certificates. The yields range from 6.25% APY for a 3-year term to 5.20% APY for a 6-month term. The minimum deposit is $500.

The credit union has a good FAQ (pdf) on Coverdell Education Savings Accounts. Contributions are not tax deductible, however, all earnings are tax free as long as the withdrawal is used to pay for qualified education expenses.

Other than the Coverdell CD, the credit union has a decent rate of 5.55% APY for a regular 36-month CD with a minimum deposit of $50K.

The field of membership includes anyone who lives or works in the following counties in Illinois to join: Boone, DeKalb, DuPage, Grundy, Kane, Kendall, Lee, McHenry, Ogle, Stephenson, Will and Winnebago. Branches are located in Chicago, Evanston and Rockford.

The credit union is NCUA insured. It has $221.8 million in assets and 26,612 members.

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