First American Credit Union continues to offer very competitive CD rates especially for minimum deposits of $50,000. Some of these include a 2.52% APY 5-year CD, 1.76% APY 3-year CD and a 1.26% APY 1-year CD. These rates are listed in the credit union's rates page as of 11/29/2011. 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."
A reader was kind enough to email me what she found out from two calls to the credit union. She said that they claim to have no requirements for joining, and that accounts can be opened long distance with an application and notarized signature.
The reader also found out about some account details. According to the credit union representative, the penalty for early withdrawal of CDs with terms over 6 months is 3 months of dividends. Business accounts are also available with proper documentation.
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 2.00% (excellent) based on September 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 at Velocity Credit Union (scheduled to end on 11/30/2011).
The best nationally available 1-year CD rate without a checking relationship is 1.15% APY. This is available at three institutions, but the best deal is at CIT Bank since it has an add-on and bump-up option.
These rates are accurate as of 11/29/2011.
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.