Meritrust Credit Union did something rare in today's environment. It increased the yield on its 5-year share certificate from 2.00% to 2.50% APY. That's now a very competitive rate. The rates on the shorter terms are much less competitive. The only noteworthy one is a 1.50% APY 3-year CD. Minimum deposit is $500, and I was told last year that the 3- and 5-year CDs have an early withdrawal penalty of 90 days of interest. These rates are listed in the credit union's rates page as of 1/18/2012.
Credit union membership is open to those who live, work or worship or are related to someone who lives, works or worships in one of several counties in Kansas. This includes Sedgwick County where Wichita is located. Please refer to the credit union's membership page for the full details. It's interesting to see the "related to someone" feature of the field of membership. Usually, credit unions require that the person related to you is a member of the credit union, but there are a few like this one in which the related person only needs to be qualified for membership.
Meritrust Credit Union branches are located in the Kansas cities of Wichita, Lawrence, Junction City, Haysville, Derby and Andover.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.79% (excellent) based on September 2011 data. Please refer to our financial overview of Meritrust Credit Union for the full details. The credit union is federally insured by the NCUA (Charter # 63283).
How This 5-Year CD Rate Compares
The only 5-year CD that's nationally available with a higher rate is at Melrose Credit Union which has a 2.68% APY. However, as I described in my Melrose Credit Union CD review, its early withdrawal penalty is harsh and confusing. Digital Credit Union has a 2.60% APY 5-year CD but this has a relationship checking requirement. These rates are accurate as of 1/18/2012.
Looking 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.