Countryside Federal Credit Union is again offering a special March Madness CD special. If you pick the right final four teams, you can get a 2.00% APY 1-year CD. If you don't get any picks right, you'll still receive a competitive base rate of 1.00% APY. Minimum deposit is $5,000. The special is listed on the credit union's promotion page. You have to pick the four teams that you think will make it to the Final Four of the NCAA basketball tournament. You also pick the final two and the national champion. The brackets must be submitted to the credit union by March 21, 2012.
Below is how a member can qualify for the higher rates:
- 0.10% for each Final Four team for a total of 0.40%
- 0.20% for each Final Two team for a total of 0.40%
- 0.20% for the National Championship team
I first reported on Countryside's March Madness CDs in 2006. In 2007 the March Madness 12-month CD yield ranged from 5.50% to 6.50% (the good old days).
Credit union membership is open to those who live, work, worship, or attend school in Onondaga County, New York. The county seat is Syracuse. Please refer to the credit union's application page for more details. Membership requires a $5 minimum balance in the savings account.
Credit Union Overview
Countryside FCU has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.26% (excellent) based on December 2011 data. Please refer to our financial overview of Countryside Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 4745).
Unwanted Gimmick or a Good Deal?
Last year I asked readers if they thought these promos are good ideas or unwanted gimmicks. 71% said unwanted gimmicks. 19% said it was okay since the base rate was competitive, and 10% said it was a good idea.
The special CD base rate is lower this year, but in today's awful interest rate environment, it's still competitive. If you are able to pick just two of the final four teams, you'll get an extra 0.20% bonus rate which will result in a yield of 1.20% which is a very good deal for 1-year CDs. As a comparison, the best 1-year CD rate that's nationally available is 1.15% APY at Doral Bank Direct and KeySource Commercial Bank. This rate is accurate as of 3/12/2012.
Searching for Top 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.