Athol Credit Union's internet division called Quabbin Online Credit Union continues to offer a very competitive 6-month CD special. It has a 2.25% APY with a maximum deposit of $100,000 per house hold. Minimum deposit is $1,000. New money is required. This rate is listed at the credit union's rates page as of 3/20/2012. Thanks to the reader who emailed me news of this CD.
Quabbin Online Credit Union also has competitive savings and money market rates. The savings account has a 1.10% APY for all balances, and the money market account has a 1.00% APY on balances up to $100K and 1.05% APY for balances of $100K and above. These rates are listed at the credit union's rates page as of 3/20/2012.
I last reported on this online credit union in September when the savings account was paying 1.35% APY. So the credit union does have some history of maintaining competitive rates.
There's an online application provided by andera.com which is a common online application service. Unfortunately, the credit union's field of membership is narrow. In the application, you have to enter your zip code, and if it's outside their geographic region, you're not allowed to continue. Persons and their direct relatives who live, work or attend school in one of several towns in the three Massachusetts counties of Worcester, Franklin and Hampshire are eligible to join. Please refer to this credit union page for the full list of towns.
Two other of the credit union's promotions to note are a $50 referral bonus and a sweepstakes with up to a $200 gift card for just liking their Facebook page. Also, if you live in this area, you may also want to go into a branch to take advantage of an $80 checking account bonus.
It's interesting to see such a small credit union with an online division. Athol Credit Union just has two branches in Athol, MA. Total assets are just under $81 million. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.47% (excellent) based on December 2011 data. Please refer to our overview of Athol Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66819).
How The CD Rate Compares
Most short-term CDs haven't been good deals since their rates are lower than the best savings account rates. This Quabbin 6-month CD special is different with a rate that's a full percentage point above the best savings account rate (1.25% APY at TIAA Direct). The best short-term CD rate that's nationally available is only 1.00% APY for a special 7-month term at KeySource Commercial Bank.
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.