5.40% 12-Month / 5.40% 30-Month CD at an Illinois CU - and a 5.38% Money Market Account (MECU)
MECU is offering a special 5.40% APY certificate with terms of 6, 12, 18, 30 and 60 months. Minimum deposit is $10,000.
The credit union also a very competitive money market account with rates up to 5.38% APY for a minimum balance of $100K. The yield for balances between $25K and $100K is 4.64% APY. Under $25K, the yield is 3.22% APY. There's a monthly fee if the balance falls below $2.5K. They do offer free money market checks. This account is also available in an IRA and a Health Savings Account (HSA).
Membership is open to employees, retirees, and contract employees of Motorola (and its subsidiaries), employees of companies that Motorola has spun off or sold, and anyone related to these individuals. Please refer to the credit union's Join-MECU page for more details. Membership requires a minimum $5 deposit in a savings account.
Branches are located in the Illinois cities of Schaumburg, Libertyville, Deer Park, Arlington Heights, and in Fort Lauderdale, FL and Lawrenceville, GA. The credit union is federally insured by the NCUA (Charter # 63799). It has $565.3 million in assets and 40,936 members.
Thanks to the reader who mentioned MECU's money market account in the comments.