Department of Commerce Federal Credit Union has recently cut its CD and IRA CD rates, but the rates remain competitive. The 5-year CD now has a 2.30% APY. Minimum deposit is $500. This also applies to terms over 5 years to up to 7 years. Some other noteworthy CD rates include a 1.25% APY 2-year CD and a 1.55% APY 3-year CD. These CD rates are listed at Dept. of Commerce FCU rates page as of 4/5/2012.
Some of the CD details are listed in the credit union certificates page. Note the word "variable" in the title refers to the term and not the rate. Dividends can be applied to the CD, or transferred to your DOCFCU savings or checking account. Rate increase of 0.01% for Gold Members for every month within a term.
Update 3/12/13: I've been told that DOCFCU's early withdrawal penalty for CD terms from 24 months to 60 months is now 180 days of interest.
One important CD detail that I can't find at DOCFCU's website is the early withdrawal penalty. A reader in my last DOCFCU post reported the EWP as follows:
If any principal is removed, they penalize the entire account balance. The penalty is two fold. No interest for 180 days, then from 181 days to the day of withdrawal, a one percentage point drop in the CD rate
In addition to employees of the Department of Commerce, membership is open to those who live, work, worship or attend school in Washington, D.C. Please refer to the credit union's membership page for the full details.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 6.97% (excellent) based on December 2011 data. Please refer to our financial overview of Department of Commerce Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 16410). The credit union also offers Excess Share Insurance (see my ESI review).
How The 5-Year CD Rates Compare
The best 5-year CD rate that's nationally available is 2.27% APY at Melrose Credit Union. If you have a military connection, you may be able to qualify for Air Academy Federal Credit Union which has a 2.45% APY 5-year CD for a $10K minimum deposit.
These rates are accurate as of 4/05/2012.
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.