San Antonio Federal Credit Union (SACU) has some very competitive long-term CD and IRA CD rates. The best ones include a 4.09% APY 10-year CD, a 3.80% APY 7-year CD, a 3.00% APY 5-year CD and a 2.20% APY 3-year CD. Minimum deposit is $90,000. The rates are 5 to 10 basis points lower for a $10,000 minimum deposit. These rates are listed in the credit union's rates page as of 3/27/2011.
Early Withdrawal Penalty
The early withdrawal penalty is 365 days of interest for terms of 5 years and over. For terms of 3 years to under 5 years, the penalty is 270 days of interest. The 5-year and 3-year penalties are a little above the typical 6-months of interest. However, the 1-year penalty is common for CD terms over 5 years. Please refer to the CD Truth-in-Savings disclosure (pdf) for the full details.
Reward Checking Account
The credit union is still offering a high yield reward checking account, but the yield has fallen from 6.01% to 2.25% APY. I have more info on this reward checking account in this 2007 post.
Membership is open to students enrolled in a postsecondary educational institutions who live in San Antonio. You can also be eligible via Select Employer Groups in San Antonio and in Houston and via family. People who live in Houston and are members of a parish in the Archdiocese of Galveston/Houston are also eligible. Please refer to their membership application page for more details. Membership requires a minimum $5 deposit into the share savings account.
Branches are located in both Houston and San Antonio.
It's a large credit union with $2.92 billion in assets. The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 21.46% (average) based on December 2010 data. Please refer to our financial overview of San Antonio Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24382).
How It Compares?
It's rare to find any CD yields over 4.00% these days. The best nationally available 10-year CD rate is 3.50% APY at Apple Federal Credit Union, and the best 7-year CD rate is 3.05% APY at Navy Federal Credit Union. For a 5-year term, the best rate without any checking requirement is 2.93% APY at Melrose Credit Union. These rates are accurate as of 3/27/2011.
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: