Update: Rates listed below in this blog post have changed. Please refer to the above table for the latest rates.
Delta Community Credit Union has lowered its CD rates since my April post, but a few of the CDs remain competitive. The best one is currently their 2-year CD which has a 2.15% APY. Also competitive is the 3.00% APY 5-year CD. The same rates are also available as IRA CDs. Minimum deposit is $1,000. These rates are listed at the credit union's rates page as of 7/09/2010. Note, the credit union typically updates rates at the start of each month.
The credit union's money market account also continues to be competitive with a top rate of 1.45% APY on the $100K tier. This is down from 1.60% in April.
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 rates page for more details.
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 the full 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 2008 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). The credit union is also part of the CU Service Center network which allows you to perform many basic banking transactions at a shared branch.
Delta Community Credit Union's rating for safety and soundness has gone down a bit at Bankrate.com. It's now 3 stars (performing) based on 12/31/09 data compared to 4 stars (sound) when it was based on 9/30/09 data. It continues to have the highest rating at BauerFinancial of 5 stars based on 3/31/10 data. It has an overall health score of 4 out of 5 at DepositAccounts.com (see our Delta Community Credit Union financial overview financial overview). The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with $3.62 billion in assets.