Competitive CD Rates at Pen Air Credit Union - Easy Membership

It has been a while since I last reported on Pen Air Credit Union. It continues to have competitive CD rates. One thing that has changed for the better is an expanded field of membership. The credit union's best CD rate is its special 42-month CD which has a 1.75% APY. There's also a special 13-month CD with a 1.00% APY. The most competitive standard CD is the 5-year term which has a 2.00% APY. The same rates are also available in IRAs. These rates are listed in the credit union's share rates page as of 4/26/2012.

The credit union used to limit membership to active duty or retired military and current or retired federal civil service employees. However, there's now an additional way to qualify. Membership is now open to Friends of the Navy-Marine Corps Relief Society Member. Please refer to the credit union's membership page for the full details.

There's an online application which allows people to join and open accounts. According to the first page of the online application:

Join the "Friends of the Navy Marine Corps Relief Society" association and become eligible for Pen Air FCU membership. A $3 membership fee required.

Credit union membership also requires a one-time $2 fee and a minimum balance of $25 in the savings account.

Credit Union Overview

Pen Air FCU branches are located in the Pensacola metro area in Florida and in the Mobile metro area in Alabama. The credit union is also part of the CU Service Centers which is a nationwide network of shared branches.

The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 9.98% (above average) based on December 2011 data. Please refer to financial overview of Pen Air Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1303).

How These CD Rates Compare

A 42-month term is rare, but this can compared to 36-month and 48-month terms. The best 3-year and 4-year CD rates that are nationally available are 1.76% APY and 1.96% APY at Melrose Credit Union (rates have just gone down by 10 basis points). These CD rates are accurate as of 4/26/2012.

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.