El Paso Employees Federal Credit Union is offering very competitive CD rates for terms of 3 to 5 years. These include a 3.29% APY 5-year CD, a 3.03% APY 4-year CD and a 2.78% APY 3-year CD. Minimum deposit is $500. These rates are listed in the credit union's certificates rate page as of 10/12/2010. These rates are about half a percentage point over what you can find at the best internet banks.
One downside to these CDs is a harsh early withdrawal penalty. The details are described below the rate table:
Early withdrawal penalties for maturities greater than 360 days is loss of interest (whether earned or not) equal to interest that would have accrued over 25% of the remaining term.
For a 5-year CD that would equal 15 months of interest which is more than twice the average penalty of 6 months of interest.
Even though the credit union name has "employees" in the name, the credit union's field of membership is community based. Anyone who lives, works, worships or attends school in El Paso County, Texas is eligible to join the credit union. Please refer to the credit union's Why Join page for more details. Membership requires a minimum balance of $15 in the share savings account.
The credit union's overall health score is 4 out of 5 at DepositAccounts.com with a Texas Ratio of 1.90% (excellent) based on June 2010 data. Please refer to our financial overview of El Paso Employees Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1792).
Searching for the Best CD Rates
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