2.35% 12-Month CD at Delta Community Credit Union - Easy Membership
Delta Community Credit Union continues to offer some competitive CD rates. The two most competitive ones include a 2.35% APY 12-month CD and a 2.50% APY 24-month CD. These same rates are also available as IRA CDs. Minimum deposit is $1,000. These rates are listed at the credit union's rate table as of 8/05/09.
One nice feature of the credit union CDs is a mild early withdrawal penalty: 31-day interest penalty for maturities of 12-months or less and 90 days interest-penalty for maturities over 12 months. Please refer to the bottom of the rate page for more details.
Another nice feature is that they update their rates at the start of each month, and then they don't change them until the next month (at least in my observations). This can reduce the risk of missing out on the CD rate you wanted.
The money market account also continues to have competitive rates. It's a tiered rate account with rates that range from 1.50% APY for balances of $1K to $10K to 2.25% APY for balances over $100K (as of 8/05/09). The Money Market Account offers an ATM card and limited check writing (checks are not free). According to the fees page, there are no monthly fee.
Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for more details. Membership requires a minimum $5 deposit into the savings account.
Joining the credit union and opening accounts are much quicker if you can visit a branch. Readers commented on their experience joining this credit union in my November post when the credit union was offering a 4.50% 12-month CD. The reader who joined with a branch visit reported a very easy process.
Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro).
Delta Community Credit Union has fair to strong ratings for saftey and soundness: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with $3.2 billion in assets and 185,702 members
Other Competitive Certificate of Deposit Rates
I used to call these rates high, but in today's environment there are no "high" deposit rates. I'll use the term competitive instead which means that the rate will be better than what other federally insured institutions offer on a similar bank deposit product. As a comparison, in Bankrate.com's list of CD rates, the top nationwide 12-month CD and 24-month CD rates are 2.07% APY and 2.47% APY as of 8/05/09. Refer to the following links to find other competitive CD rates: