Consumers Credit Union continues to offer very competitive rates on its certificates with terms of 9, 16, 22 and 59 months. Minimum deposit is $250. Jumbo CDs for the same terms are also available with rates 25 basis points higher. These are also available as IRA certificates. The rates as listed in the credit union's rate table (pdf) as of the morning of 4/13/09 include:
Term APY - $250 Min APY - $100K Min
9 months 2.50% 2.75%
16 months 2.75% 3.00%
22 months 3.00% 3.25%
59 months 3.50% 3.75%
These rates are down from my last post in November 2008 when rates were up to 5.05% APY. Nevertheless, the rates remain competitive.
One nice feature of these certificates is that the early withdrawal penalty is a little bit lower than average. The penalty is 120 days of interest for terms of more than 1 year. Most banks and credit unions have a penalty of at least 180 days of interest for terms over 1 year. Certificate rates and details are listed in the credit union's rate sheet (pdf).
The credit union also offers a reward checking account that currently pays 4.09% APY on balances up to $25,000 (see post).
You can become eligible for credit union membership by joining Consumers Cooperative Association. This can be done by paying a one-time $5 fee. Also required for membership is a minimum $5 balance in the share savings account. Please refer to the credit union's How to Join Page for details.
There's an online application that's provided by Andera. It appears to allow you to apply for both the association membership and the credit union membership at the same time. You can also select the accounts that you want to open and fund the accounts with an ACH transfer from a checking or savings account. When you select the accounts, a pop-up states that the maximum amount that you can fund an account using a checking or savings account is $205,000. For the official details about account opening, please contact the credit union.
Branches are located in the Illinois cities of Waukegan, Mundelein, Round Lake Beach, Gurnee and Volo.
Some time last year the credit union switched from private ASI insurance to NCUA insurance. So deposits are now federally insured (Charter # 68588). Its rating for safety and soundness at BauerFinancial is 4 stars (excellent) based on 12/31/08 data. For some reason, it's labeled as "not rated" at Bankrate.
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.