Southeast Financial Federal Credit Union continues to have very competitive rates on its short-term and mid-term certificates and IRAs. Below are the CD rates as listed in the credit union's rate table as of 7/05/09:
- 2.00% APY 90-day
- 2.25% APY 6-month
- 2.60% APY 1-year
- 2.75% APY 18-month
- 2.75% APY 2-year
You may notice there's a March date on the rate table. When I posted on this credit union in January, it had the same issue. I called and was told that these rate tables are kept up-to-date. There's no set time when the rates are updated, so they could change at any time. Since my first post on them in February 2008, they've had competitive CD rates.
According to the credit union's Who-Can-Join page, you can call member services at 800-521-9653 and make a $5 donation to the Autism Society of Middle Tennessee to automatically qualify for Southeast Financial membership. You can also be eligible based on Select Employer Groups and where you live. Please check the Who-Can-Join page for more details. Before my February 2008 post I called to see if there would be any complications. According to the CSR, you should be able to do the $5 donation even if you live out of state. The application must be mailed along with the a check for the $5 donation and a minimum $5 for the savings account. Also, they need a copy of your driver's license.
The check for a CD can also be included with the membership application. According the CSR, the rate won't lock until they receive the application. However, she said you could include a note specifying the rate at the time that you mailed the application, and they may honor that rate. At the very least, they can send you back the check if the rates fall.
If you're interested in joining and opening a CD, I recommend calling the credit union for the latest instructions.
Branches are located in the Tennessee cities of Athens, Nashville, Brentwood, Franklin, Cordova, Goodlettsville, Jackson, Knoxville, Chattanooga and Memphis, in the Kentucky city of Bowling Green, and in the Mississippi city of Corinth.
The credit union continues to have solid ratings for soundness, but the Bankrate rating has gone down a bit, from 4 stars based on 9/30/08 data to 3 stars based on 12/31/08 data. It continues to have 4 stars (excellent) at BauerFinancial based on 3/31/09 data. The credit union is federally insured by the NCUA (Charter # 68599).
Other High Certificate of Deposit Rates