Update 8/08/08: The CD special appears to have been replaced by an 18-month 5% CD.
Georgia Heritage FCU is offering a special 5.00% APY 60-month certificate. The minimum deposit is $5,000. The special is listed in the rotating image on the credit union's front page. Clicking this will open up a PDF with the details.
The early withdrawal penalty is 6 months of interest. I appreciate the small print of the promotion page including this early withdrawal info. Many times institutions just state "early withdrawal penalty applies". In this case the small print has "six-month early withdrawal penalty applies." I wish all institutions were this specific in their small print.
With the possibility of inflation forcing rates up, the early withdrawal penalty is an important feature for long-term CDs. If rates do rise substantially, you can always close the CD, take the penalty, and re-invest the money into a higher paying CD. The smaller the penalty, the less costly this option will be. Look for penalties of no more than 6 months of interest for terms of over one year.
Memberhip is open to anyone who lives, works, worships, or attends school in Chatham, Effingham, or Bryan Counties in Georgia. Please refer to the credit union's Who Can Join Page for more details. Membership requires a minimum balance of $5 in the share savings account.
Branches are located in Savannah, Georgia. The credit union is federally insured by the NCUA (Charter # 3800).