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March Madness 1-Year CD Special at Countryside Federal Credit Union in New York - Local Only

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Countryside Federal Credit Union

Countryside Federal Credit Union is again offering a special March Madness CD special. If you pick the right final four teams, you can get a 2.41% APY 1-year CD. If you don't get any picks right, you'll still receive a competitive base rate of 1.41% APY. Minimum deposit is $5,000. The special is listed on the credit union's front page (rotating banner) and in this promotion page. You have to pick the four teams that you think will make it to the Final Four of the NCAA basketball tournament. You also pick the final two and the national champion. The brackets must be submitted to the credit union by March 23, 2011.

I don't see where they describe the details of the extra rates you get for picking the correct teams. If it's the same as last year, the extra rates will be as follows:

  • 0.10% for each Final Four team for a total of 0.40%
  • 0.20% for each Final Two team for a total of 0.40%
  • 0.20% for the National Championship team

I first reported on Countryside's March Madness CDs in 2006. In 2007 the March Madness 12-month CD yield ranged from 5.50% to 6.50% (the good old days).

How It Compares?

At least the base rate of the CD is competitive. So even if you don't get get any correct, you'll still receive a competitive 1-year rate. As a comparison, the best 1-year CD rate available nationwide at an internet bank is 1.45% APY at Incredible Bank.

Membership

Credit union membership is open to those who live, work, worship, or attend school in Onondaga County, New York. The county seat is Syracuse. Please refer to the credit union's application page for more details. Membership requires a $5 minimum balance in the savings account.

Countryside FCU has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 9.08% (above average) based on December 2010 data. Please refer to our financial overview of Countryside Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 4745).


  Tags: CD rates, New York, Countryside Federal Credit Union

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Comments
1 Comments.
Comment #1 by Sandra posted on
Sandra
How is this not considered "wagering" and therefore illegal? You have to put down $5000, which you cannot get back for a year (without a penalty) if you lose on your picks. Is there a legal opinion on this?

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