Dedicated to Deposits: Deals, Data, and Discussion

5.05% 24-Month CD at an Illinois CU - ASI-Insured Only (Abbott Laboratories Employees)

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Abbott Laboratories Employees Credit Union is offering a special CD called the Accelerator Plus Certificate. The average yield is about 5.05% APY for 24-months. A different yield is applied for each 6-month period: 4.60% APY for 1st 6 months, 4.85% APY for 2nd 6 months, 5.00% APY for 3rd 6 months and 5.75% APY for last 6 months. The minimum deposit is $500. At the end of each 6-month period, you can make a penalty-free withdrawal. It also allows you to add funds anytime during the first 6-month period. It's also available as an IRA. The offer is valid through 3/31/08.

Membership eligibility is very limited. There are a few other Select Employer Groups in addition to Abbott Labs. Please refer to their Membership page for the full details. Membership requires a minimum deposit of $5 in the share savings account.

Another downside is that this credit union is NOT federally insured by the NCUA. It has private insurance through American Share Insurance (ASI). This was the same private insurance that Patelco Credit Union had before this year. Like NCUA, the ASI does provide access to each credit union's financial data. Here's the ASI page for this credit union. It has a 4 out of 5 star rating (sound) at Bankrate.com based on 9/30/07 data.

Thanks to the reader who emailed me info on this special.

  Tags: Illinois, CD rates, IRA rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
BankingGuy - can one bring up the "ASI page" for ANY ASI-insured Credit Union? This would be of interest because I'm considering investing in a CU that is only ASI-insured, & I'd like to get as much info. as I can about it.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
No problem. Here's the ASI credit union search page.

1