Savers in the Washington DC metro area are fortunate to have several credit unions with competitive deposit rates. In September I reported on competitive CD rates at the Department Of Commerce FCU and at the US Senate FCU. We can add another to this list with HEW Federal Credit Union. It's offering several competitive CD and IRA CD rates. Its CDs are called Silver Share Certificates, and the best rates are 1.75% APY for 2 years, 1.81% APY for 3 years and 2.52% APY for 5 years. The 3-year and 5-year IRA CD rates are even better: 2.17% APY for 3 years and 2.78% APY for 5 years. These rates are listed in the credit union's rates page as of 11/18/2011. I noticed the IRA rate table includes the column "minimum additional deposit". So it appears these IRA CDs allow additional deposits.
HEWFCU has a new member CD special which gives new members an extra 0.75% on the standard 1-year CD rate (1.15% APY). However, this new-member CD doesn't appear to be the typical CD. There's a $50 opening deposit, and according to the small print, direct deposit is required. So it appears the amount that you can deposit is limited to amounts of your direct deposit.
Credit union membership is open to those who live, work, worship, or attend school in Washington D.C., Alexandria, Arlington, Fairfax, or parts of Prince George's or Montgomery counties. Please refer to the credit union's membership page for the full details.
HEW Federal Credit Union branches are located in Washington DC; District Heights, MD; Falls Church, VA; and Philadelphia, PA .
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 11.16% (above average) based on June 2011 data. Please refer to our financial overview of HEW Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1407).
How These CD Rates Compare
As I mentioned above, there are several DC credit unions with competitive rates. However, HEWFCU's 2-year CD rate is the best at 1.75% APY. It far exceeds the best nationally available 2-year CD rate of 1.51% APY at Velocity Credit Union and the best 2-year CD rate at a bank (1.32% APY at CIT Bank).
For longer terms, CD rates at Department of Commerce FCU are a little higher.
These rates are accurate as of 11/18/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.