Corporate America Family Credit Union is offering a 2.12% APY 3-year CD and IRA CD. Minimum deposit is $10,000. This rate is listed in the credit union's rate table as of 10/14/2010.
This is comparable to the best 3-year CD rate from an internet bank (2.15% APY at Sallie Mae Bank as of 10/14/2010). There are a few credit unions which offer higher 3-year CD rates such as Alliant Credit Union. However, this credit union has a couple of advantages.
One advantage of this credit union is that its early withdrawal penalty is a little better than average. According to page 14 of the credit union's disclosure, the early withdrawal penalty for terms of 24 and 36 months is only 150 days of interest. Also, the "penalties shall never exceed the actual dividends earned" (It won't eat into the principal).
The other advantage is that they have branches in several major metro areas across the nation. So if you prefer to visit a branch to open a CD, this could be a good choice. Some of the cities where they have branches include Peoria, AZ (in the Phoenix metro area); Foster and Santa Clara, CA (in the San Francisco Bay area); Bristol, CT (in the Hartford metro area); Atlanta, GA; Chicago, IL; Overland Park, KS (in the Kansas City metro area); Secaucus, NJ (in the New York metro area); High Point, NC (in the Piedmont Triad metro area); Marion, OH; Towanda, PA; Irving, TX (in the Dallas/Fort Worth metro area); and in Herndon, VA (in the Washington DC metro area).
Membership in the credit union is open to anyone who lives or works within a 25-mile radius of a branch. Also, members of The Hope Group are eligible to join the credit union, and anyone can join The Hope Group. Please refer to the credit union's Join CAFCU page for more details.
One downside to this credit union is that they require a minimum balance of $100 in the regular share savings account. Typically, credit unions don't require more than $25 in the savings account for membership.
The credit union's overall health score is 4 out of 5 at DepositAccounts.com with a Texas Ratio of 4.89% (excellent) based on June 2010 data. Please refer to our financial overview of Corporate America Family Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68215).
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