Northrop Grumman Federal Credit Union is offering two competitive short-term certificates: 3.42% APY for 6 months and 3.96% APY for 12 months. Minimum deposit is $40,000. The rates for a $2,500 minimum are 25 basis points lower. The 60-month CD is also competitive with an APY of 4.56% for $40,000 minimum and 4.30% APY for a $2,500 minimum. Similar rates are also available for IRAs. These rates are listed in the credit union's rate table as of 1/13/09. The credit union typically changes rates on Tuesdays so these should last through this week.
In addition to employees of Northrop Grumman, the credit union's field of membership includes members of the Southern California Historical Aircraft Foundation. The credit union allows you to join this foundation concurrently with your membership to the credit union.
For details about these CDs, fees, membership and opening accounts, please refer to my Northrop Grumman FCU review.
Branches are located in several cities of California including Los Angeles and San Diego. There are also branches in Illinois, Maryland, Virginia, Louisiana and Florida.
The credit union has some strong ratings for soundness: 4 stars (sound) at Bankrate and 5 stars (superior) at BauerFinancial. Both ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 24292).
Other Top Certificate of Deposit Rates
Another credit union which is offering competitive CD rates is Western FCU. It has a promotional 13-month CD with an APY of 4.05% which is scheduled to last through January. Like Northrop, anyone can be eligible to join via an association membership. Also like Northrop, it has many branches in California (see post). For other top CD rates, please refer to my weekly rate summary. To find CDs local to your state, refer to my CD deals by state section.