| Bank or Credit Union | Apy | Min | Max | Product | |
| Fort Knox Federal Credit Union | 1.30% | $500 | - | 48 Month CD | |
| Fort Knox Federal Credit Union | 1.05% | $500 | - | 36 Month CD |
Top CD Rates at Fort Knox Federal Credit Union - Easy Membership
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- Visa Platinum Cash-Back Credit Card
- Membership Eligibility
- Credit Union Overview
- Searching for Top CD Rates
Earlier this month Fort Knox Federal Credit Union did something that's rare these days, it raised its CD rates. Its long-term CD rates are now very competitive. These include a 2.75% APY 5-year CD, a 2.55% APY 4-year CD and a 2.25% APY 3-year CD. Minimum deposit is $500. One thing that recently changed is an extra rate of 0.15% for Jumbo CDs with a $100K minimum deposit. These rates are listed on the credit union rates page as of 2/23/2010.
This credit union used to offer high rates on its short-term special CDs. These rates not only went down, but the credit union restricted these special CDs to local residents. The regular CDs remain open to all members.
Earlier this year one reader emailed me about a very convenient way to open CDs. The credit union is part of the CU Service Center which allows you to take care of many banking transactions at a shared branch. The reader deposited a large check at a local credit union that belonged to this network. The deposit was made to his Fort Knox savings account. He called Fort Knox FCU that same day, and he was able to open the CD with the funds from the deposited check.
For more CD details, please refer to my previous post in which I discuss the early withdrawal policy and penalties.
Visa Platinum Cash-Back Credit Card
Fort Knox FCU also offers a great cash-back credit card with 5% cash back for gas and 1.25% cash back on all other purchases.
Membership Eligibility
Fort Knox FCU used to have a typical field of membership which included residents of several counties in Kentucky. However, earlier this year I noticed the following highlighted sentence in the credit union's membership eligibility page:
If you do not meet any of these eligibility criteria, you may qualify for membership by joining the American Consumer Council --it's free!
I just noticed the credit union now has an online application. In the online application where you select how you're eligible to join, it states:
If you can't find an eligibility requirement to match your situation, you can still join the credit union. Just select the "I'm eligible for membership through" drop down to the left and choose the "other" option.
Credit Union Overview
Branches are located in several cities in Kentucky including Fort Knox, Radcliff, Elizabethtown and Campbellsville. Also, as I mentioned above, the credit union belongs to the shared credit union network that allows you to perform several banking transactions at shared branches across the nation.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 2.20% (excellent) based on September 2010 data. Please refer to our financial overview of Fort Knox Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 7000).
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.
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- Difference Between Banks and Credit Unions
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3-year Term IRA CD
1.21% APY
Capital One 360
360 Checking Account
0.85% APY
Anonymous - #1, Saturday, December 25, 2010 - 4:39 AM
What is the penalty on early withdrawal for the 5 year CD. With the prospect of ultra-high inflation rates over the next few years, as a result of our irresponsible Federal Reserve printing trillions of new funny-money dollars, it is absolutely necessary to be able to get out of these long term CDs when the urgent need arises. I am sure, however, that, within 5 years, one dollar will buy no more than $0.15 worth of goods. That is why most of my money has been in gold, silver and platinum, over the last few years. My annual "yield" by the way has been something like 30%, as these monetary metals have soared in price. But, still, I have some cash, and I'd put it in a CD so long as I could be sure of getting it out when the hyperinflation hits.
pearlbrown - #2, Saturday, December 25, 2010 - 5:26 PM
Ken's earlier post (referred to in paragraph 4, and beginning with "For more CD details please refer to.." discusses the early withdrawal penalty.
Anonymous - #3, Monday, December 27, 2010 - 2:40 PM
It may not be all that relevant what the CD penalties are today. I imagine they can be changed if the credit union wants to even after one has been purchased. So you should consider that before you purchase one.
Skipweston - #4, Tuesday, February 8, 2011 - 8:01 PM
I just opened a 5 yr CD on the 1st and was told starting next month the penalty for early withdrawl is go to be increased from 3 month to 6 months interest.
KenBDG - #5, Wednesday, February 9, 2011 - 7:54 AM
@Skipweston, thanks for the info. Did they say this change will affect your existing CD or just new CDs opened next month?
Skipweston - #6, Wednesday, February 9, 2011 - 11:43 AM
Sorry for a bit of mis-information. I called to verify date when the change will take effect. The increased penalty (from 3mo to 6mo) will be for any CD set up after February 15, 2011.
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