Hanscom Federal Credit Union has a few good deposit deals. The best short-term CD deal is its special 11-month CD which has a 1.50% APY. The downside to this special is that it requires the member to have the Premier Checking Account which has a monthly fee unless you maintain $2K in the checking or a combined savings and loan balance of $6K. Two other good deals include the 18-month CD which has a 1.60% APY and the 30-month CD which has a 2.05% APY. The IRA CDs are even better deals with rates 25 basis points higher than these. Minimum deposit is $1,000 for regular CDs and $500 for IRA CDs. These rates are listed in the credit union's rates page as of 1/10/2011.
As a comparison to the internet banks on 1/10/2011, the best 1-year and 18-month CD rates are 1.50% APY and 1.65% APY at CNB Bank Direct, but these require a $25K minimum. The best 30-month CD rate is 1.96% APY at USAA Bank, but this requires a minimum deposit of $175K. With a $1K minimum, the rate is only 1.65% APY.
My last post on Hanscom FCU was back in October 2007 when this 11-month CD yield was 5.50%. Back then I would never have thought that a 1.50% yield would eventually be a competitive rate.
Hanscom Federal Credit Union has an online application (via Andera) for membership, and in the eligibility section of the application it allows you to select "I am a member of or will be joining a sponsoring member organization." In this credit union page, three organizations are listed. You can also be eligible to join the credit union if you're an active or retired employees of the Federal Government in Massachusetts. Please check with the credit union for the full details. Membership into the credit union requires a minimum deposit of $25 into the Prime Share savings account.
Branches are located in the Massachusetts cities of Boston, Bedford, Burlington, Concord, and in the Hanscom Air Force Base. There's also a branch in McLean, Virginia. As you might expect, many of the branches are in Federal government buildings.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 5.42% (excellent) based on September 2010 data. Please refer to our financial overview of Hanscom Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 9095).
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.