- $100 checking bonus - earn $100 for opening a new checking account with Direct Deposit, online statements, and active Bill Pay.
- 4.90% APY 12-month Add-On CD - There's also a $10 instant bonus. What makes this a good deal is how it provides a hedge against falling rates. The minimum deposit is only $100, so if rates don't fall, you don't lose much. However, if rates do fall, you can make additional deposits. By next year, 4.90% may be considered a very high rate.
Both offers are scheduled to end on 11/30/07.
A reader also mentioned that SECU is offering an alternative Giving Thanks CD for those who missed out on this 9.50% CD. I called and received additional details. It's a 5.50% APY 5-month CD. The minimum deposit is $500, and the maximum deposit is $200K. It does not require new money. The one catch is that only members who joined on or before 9/28/2007 are eligible for this CD. The 9.50% CD ended on Tuesday October 2nd which was only 3 days after it started on that previous Saturday. Apparently it ended before most SECU members even knew about it. So this new CD is intended to make up for this early closure
In addition to these specials, SECU has a few competitive CD rates. The best yield is 5.30% APY on 2 and 5 year terms. The minimum deposit is $500.
Membership is open to alumni, full and part-time students, faculty and staff of several Maryland schools and universities. It also includes Maryland state employees and several other select employee groups. You can also be eligible if your family member (not just immediate) is eligible to join. Please see their field of membership page for the full details. Membership requires a minimum $10 balance in the share savings account.
Branches are located in the Maryland cities of Baltimore, Annapolis, Berwyn Heights, Columbia, Glen Burnie, Hagerstown, LaVale, Rockville, Salisbury, Silver Spring and Towson.
The credit union is federally insured by the NCUA (Charter # 66330). It's a large credit union with $1.7 billion in assets and 248,080 members.
Thanks to the commenter who mentioned this new 5.50% CD.