With the new month, many banks and credit unions have changed their rates. Unfortunately, most of the changes have been rate cuts, but there are a few bright spots. One is HAPO Community Credit Union which raised its 6-month and 12-month CD rates to very competitive levels: 1.25% APY for 6 months and 1.35% APY for 12 months. The longer terms also also competitive. Some of these include a 1.60% APY 2-year CD and a 2.10% APY 3-year CD. Minimum deposit is $5,000. These rates are listed in the credit union's rates page as of 8/2/2011.
Under the CD rate table, the credit union lists some nice CD features. One is the add-on feature for the 6-month and 12-month CDs. These allow additional deposits through the term of the CD. No more than $100,000 may be added to the certificate after the initial purchase. Another nice feature is a mild early withdrawal penalty. CD terms under 2 years have a 90-day interest early withdrawal penalty, and CD terms of 2 years and longer have a 120-day interest penalty.
Like many Washington State credit unions, membership is open to anyone in the state. As described in the credit union's membership page:
HAPO Community Credit Union offers membership to anyone who lives, works, worships or attends school in Washington State. You may even become a member if you have a relative who is a member or is eligible to become a member.
HAPO Community Credit Union branches are located in the Central Washington State cities of Kennewick, Pasco and Richland.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 1.36% (excellent) based on March 2011 data. Please refer to our financial overview of HAPO Community Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68239).
How These CD Rates Compare
Bank of Internet used to have top rates for its 6-month and 12-month internet CDs, but these didn't last long. For internet banks, the best 1-year CD rate is 1.26% APY at E-LOAN and the best 6-month CD rate is 1.04% APY at Aurora Bank, FSB. However, the best deal for a short-term CD is Ally Bank's 11-month No-Penalty CD which has a 1.13% APY. Due to its no-penalty feature, customers can make this into any term they want from 7 days to 11 months.
Credit unions with easy membership continue to provide the highest CD rates. If you don't mind maintaining an active checking account, Connexus Credit Union continues to offer a 1.50% APY 6-month CD and a 1.75% APY 1-year CD. If you don't want this checking requirement, the best 12-month CD rate is 1.31% APY at Melrose Credit Union and Self-Help Credit Union and the best 6-month CD rate is 1.01% APY at Self-Help Credit Union.
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.