It's hard to find decent CD rates anywhere in the country, but it's especially hard in Arizona. I found one credit union in Arizona with a branch in the Phoenix metro area that continues to offer some competitive rates. First American Credit Union's most competitive rate is its 5-year CD with a 2.52% APY for a minimum deposit of $50K (2.37% APY for $1K minimum). The 1-year CD is also fairly competitive with a 1.26% APY for a $50K minimum. These rates are listed in the credit union's rates page as of 8/15/2011. This page has some old dates, but according to the credit union rep, these rates are still valid.
The credit union doesn't provide many details about its field of membership. In its How To Join page, it just says "All it takes to join First American Credit Union is an opening deposit of just $5. You can join at any branch." If you live near a branch and are interested in this credit union, you should give them a call.
First American Credit Union branches are located in Casa Grande and Window Rock, Arizona and in Gallup, New Mexico. Casa Grande is about 25 miles south of Phoenix.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 0.87% (excellent) based on March 2011 data. Please refer to our financial overview of First American Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 64412).
How These CD Rates Compare
There are a few credit unions which are available in all states that have higher 5-year CD rates. The highest rate is 2.83% APY that's available at University Federal Credit Union. The best 5-year CD rate at a bank is 2.50% APY at Airbanking (division of MainStreet Bank). These rates are accurate as of 8/15/2011.
Searching for the Best 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.