As I described yesterday, I'm not a fan of short-term CDs. Most of the short-term CDs these days have rates lower than the best savings account rates. However, that is not the case at Miami Postal Service Credit Union which has a new 9-month CD with a 1.26% APY. They call it a "super jumbo", but it only requires a $25,000 minimum deposit. They used to only offer a regular jumbo with a $5,000 minimum deposit (the smallest jumbo CD that I've seen). This regular jumbo CD rate is only 1.00%. The credit union also offers a fairly competitive 5-year CD with a 2.02% APY with a $1,000 minimum deposit. These rates are listed at the credit union's deposit rates page as of 1/24/2012.
In addition to postal employees and retirees, membership is open to everyone who lives, works or worships within a 15 mile radius of the three credit union branches. Membership is also open to Federal Government employees and their families. Please refer to the credit union's eligibility page for the full details. Membership requires a minimum $5 balance in the share savings account.
Miami Postal Service Credit Union branches are located in Miami, Hialeah and Pinecrest.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 2.39% (excellent) based on September 2011 data. Please refer to our financial overview of Miami Postal Service Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 67330).
How This CD Rate Compares
The best 9-month CD rate that's nationally available is 0.95% at AloStar Bank. A better deal in my opinion is Ally Bank's 11-month No-Penalty CD which has a 0.91% APY. The no-penalty feature allows this CD to have any term from 7 days to 11 months.
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.