Apple Federal Credit Union has recently come out with a special 14-month IRA certificate with an APY of 4.50%. Minimum deposit is $500, and the maximum is $500,000. This promotion is listed in the credit union's January promotion page as of 1/04/2009. According to the small print, this offer is scheduled to last through February 15, 2009, but it's subject to change at any time.
From November through December this credit union had been offering 5.10% 5-year CDs. The rates are down for January, but they're still competitive. The 60-month APY is now 4.60% for a $50K minimum (4.50% for $500 minimum). They still have a 5% APY, but this requires a 10-year term. These rates are listed in the credit union's rate table as of 1/04/2009.
A reader has reported being told by the credit union that members of Northern Virginia Athletic Directors, Administrators, and Coaches Association (NVADACA) qualify for credit union membership. NVADACA is listed in the credit union's field of membership list. Membership into NVADACA is open to anyone. There is a $10 membership fee. For more ways to be eligible to join Apple FCU, please refer to the credit union's Membership Page. Membership requires a minimum balance of $5 in the regular savings account.
Apple FCU is located in Fairfax, Virginia and has additional branches in Centreville, Falls Church, Herndon, Manassas, Alexandria, Springfield, Stafford, Winchester, Woodbridge and Washington, DC.
The credit union is federally insured by the NCUA (Charter # 11307). It has $1.0 billion in assets and 90,481 members.
Thanks to the reader who left a comment on this new IRA special.
Other Options for IRA Certificates of Deposit
If you're looking for CD deals for an IRA, it can be a hassle to do the trustee-to-trustee direct transfers and make sure it's completed before the offered rate expires. One alternative is brokerage CDs in an IRA account. Refer to my previous post for a review of some brokerage options.