Schools Federal Credit Union has three competitive long-term certificate rates. The best rates require a $90K minimum deposit and a Platinum Rewards relationship. These include a 2.33% APY for 5 years, 2.08% APY for 4 years and 1.84% APY for 3 years. Rates are 2 basis points lower for a $50K minimum and 6 basis points lower for a $2K minimum. These rates are listed in the credit union's deposit rates page as of 2/7/2012.
According to the credit union's Relationship Rewards page, the bonus rate for the Platinum Level is 10 basis points. The Platinum Level requires either a combined household loan and deposit balances of $50,000 or both checking with direct deposit of at least $500/month and a combined household loan and deposit balances of $20,000.
Unfortunately, not everyone in the LA metro area can qualify. Credit union membership is limited to employees of several school districts and colleges. Students of several colleges can also qualify. The credit union does list two organizations which may allow those not employed with the schools to qualify. They're the Parent Counsel and the Boys & Girls Club of East LA. Another way to join for those not connected with these schools is through their relatives. In addition to immediate family members, you can qualify if your nieces, nephews and cousins are members. For the full details, please refer to the credit union's Who We Serve page.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 23.99% (average) based on September 2011 data. Please refer to our financial overview of Schools FCU for more details. The credit union is federally insured by the NCUA (Charter # 3526).
How These CD Rates Compare
The best 5-year CD rate that's nationally available is 2.60% APY at Digital Credit Union. This requires a $25K minimum deposit and Relationship Checking. Without this relationship, the rate is 2.35% APY for a $25K minimum and 2.25% APY for a $500 minimum deposit.
The best 3-year and 4-year CD rates are 1.90% APY and 2.20% APY at Fort Knox Federal Credit Union.
These rates are accurate as of 2/7/2012.
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.
Edit 9:40pm ET 2/7/12: Correction in the FOM paragraph.