Here's the first March Madness special CD for this season. It's being offered by Canyon State Credit Unioin. The base yield of the 8-month certificate ranges from 4.50% APY for a $1,000 minimum to 4.65% APY for a $100,000 minimum. If you pick a Final Four team, the APY increases 0.25%. If you pick the champion, the yield increases to 0.50%. All certificates must be opened by March 19, 2008.
Membership is open to those who live, work or worship in most areas of Arizona. Please see the credit union's Member Eligibility page for the full details. Membership requires a minimum deposit of $25 in the savings account.
Branches are located in Phoenix, Goodyear, Payson, Tempe and Tucson, AZ. The credit union is federally insured by the NCUA (Charter # 68502). It has $138.3 million in assets and 22,902 members.
For those looking for other special March Madness CDs, Countryside FCU in New York has offered some good ones in the past. It looks like they'll be launching a new one soon.