Dedicated to Deposits: Deals, Data, and Discussion

4.50% 13-Month CD at a Maryland Credit Union (SECU).

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Update 9/12/08: The 13-month CD special has ended. Please check the credit union's website for the latest rates and specials.

SECU Credit Union is offering a certificate of deposit with a yield of 4.50% APY and a term of 13 months. The minimum deposit is $500. Funds have to be new to the credit union. There's also a good deal on an IRA certificate which has a yield of 4.75% APY and a term of 15 months.

You might remember SECU from last year when they came out with a promotional 7-month CD that had an effective yield of over 9% and a maximum deposit of $200K. Unfortunately, deals likes that haven't returned, but this current one is very respectable.

Membership is open to alumni, full and part-time students, faculty and staff of several Maryland schools and universities. It's also open to Maryland state employees and members of the Maryland State Firemen's Association. It appears that this association may be open to anyone who pays a $20 membership fee. I recommend checking with the association to confirm, and with the credit union to confirm association membership will make you eligible. You can also be eligible if your family member (not just immediate) is eligible to join. Please see the credit union's 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 $1.8 billion in assets and 251,070 members.

Thanks to the reader who mentioned this CD in the finding deals post.

  Tags: Maryland, CD rates, IRA rates

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Comments
Comment #1 by CapitalClimate (anonymous) posted on
CapitalClimate
SECU has posted new rates which eliminate the 13-month special. The new special is 4.85% APY for 18 months. It requires residence in MD, VA, PA, DE, WV, or DC, or SECU membership prior to 9/1/08.

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