I don't know why, but credit unions that serve American Ukrainians seem to have very competitive CD rates. I just noticed one in Philadelphia, Ukrainian Selfreliance Federal Credit Union, which has a 5-year CD and IRA CD with a 2.50% APY for a minimum of $500 (2.55% APY for a $75K minimum). These rates are listed in the credit union's rates page as of 4/27/2012. The early withdrawal penalty is equal to 12 months of interest.
There's a similar credit union in New York City, Self Reliance New York FCU, that offering a 3.05% APY 5-year CD. However, as I described in November, not many people can qualify for membership into this credit union.
Unlike the NYC credit union, more people in Philadelphia may be able to qualify for Ukrainian Selfreliance Credit Union. The credit union's Eligibility section lists who can qualify. In addition to members of the Ukrainian Selfreliance Philadelphia branch, members of the Ukrainian Educational and Cultural Center and the Church of Evangelical Christians “Word of Life” can qualify for credit union membership.
Ukrainian Selfreliance FCU has branches in Philadelphia, Jenkintown, and in Trenton, NJ.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.55% (excellent) based on December 2011 data. Please refer to our financial overview of Ukrainian Selfreliance FCU for more details. The credit union is federally insured by the NCUA (Charter # 7875).
How This CD Rate Compares
If you're in Philadelphia and you can't qualify for this credit union, you can get a 2.27% APY 5-year CD at Eagle One Credit Union. If you can't qualify for Eagle One, Polonia Bank is offering a 2.25% APY 5-year CD. One nice thing about banks is that you don't have to worry about membership qualifications. However, be sure to call before a branch visit to ensure you are in their market area.
The best 5-year CD rate that's nationally available is 2.31% APY at Michigan State University FCU. This requires a $100K minimum deposit. The best 5-year CD rate for only a $1K minimum is 2.25% APY at McGraw-Hill Federal Credit Union.
These rates are accurate as of 4/27/2012.
Searching for Top CD Rates
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