Dedicated to Deposits: Deals, Data, and Discussion

5.80% 15-Month / 5.80% 7-Month CD at an Oregon/South Carolina CU (Consolidated)

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Consolidated Federal Credit Union is offering a special certificate of deposit promotion. You can get a rate of 5.80% APY for terms of 7 to 15 months. This requires a checking account with direct deposit. Without direct deposit, the rate is 5.40% APY. The miminim is $5,000, and there's a maximum deposit of $100K per household. The CD also has a bump-up feature that allows you to adjust the interest rate one time per term without penalty (Note, this feature tends not to be too useful.)

Field of membership includes several select employer groups, and based on the application, it seems residents of Oconee County, South Carolina are also eligible. Branches are located in Portland, Oregon and Seneca, South Carolina.

The credit union is federally insured by the NCUA. It has $136.3 million in assets and 15,690 members.

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
Hey was wondering if you could do a post or review as to get some opions on what looks to be a too good to be true rate recently posted:

non insured rate of 8.85% for 6months being offered by Federal Savings LLC. And they're based in WA.

http://www.federalsavingsllc.com/?gclid=CI616ZiHjooCFRg2SgodQEfSfg

Here today gone 2morrow? What's the risk factor in something like this?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I did a post somewhat related to this although I don't specifically review this institution. If a bank or credit union isn't insured by FDIC or NCUA (and in some cases ASI), it's very difficult to know how safe your money will be.

Here's my previous post on this issue.

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Comment #3 by Anonymous posted on
Anonymous
Federal Savings LLC is NOT a bank or credit union. check out http://www.fatwallet.com/t/52/694913

1