I don't like reporting on credit unions that lack federal deposit insurance, but when there's a good deal, I feel I need to at least report on it. That's the case of Fort Meade Community Credit Union which is listing a 3.55% APY 30-month CD special on its front page as of 11/17/2010. It's a limited time special. Minimum deposit is $10,000. Thanks to the reader who mentioned this special in the comments.
I think it's worthwhile to report on ASI-only credit unions since they are legitimate credit unions that are chartered and regulated by their state. Fort Meade Community Credit Union has a Maryland State charter. You can see it listed at Maryland's website.
Instead of being federally insured by the NCUA, it's insured by the private company, American Share Insurance (ASI). I just did a updated review of ASI on Monday. I'll leave it up to you to make your own decision about ASI's safety. Fort Meade Community Credit Union is listed in ASI's database. You can review their financials in this ASI page. It's a small credit union with only $30.4 million in assets and $27.6 million in deposits.
The credit union is not in the best health. It has a 2-star rating at Bankrate (below peer group) based on June 2010 data.
According to the credit union's membership page, "persons living or working within 25 miles of an FMCCU office" are included in the field of membership. Please refer to the membership page for the full details.
In addition to Fort Meade, there's a branch office located in Odenton, Maryland. A 25-mile radius from here appears to include all of Baltimore and most of the Washington DC metro area.
How Does It Compare
The closest CD rate to this special rate that's available nationwide is 3.49% APY at PenFed Credit Union. However, this is a 7-year CD. The best 36-month CD rate that's nationally available is 2.27% APY at Melrose Credit Union.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.