San Antonio Federal Credit Union (SACU) continues to offer some of the best long-term CD and IRA CD rates in the nation. It's one of the few institutions that still offer CD rates over 3%. Below is a summary of its best long-term CD and IRA CD rates as listed at the credit union's rates page as of 6/26/2012:
- 3.55% APY 10-year CD ($90K+), 3.51% APY 10-year CD ($10K-$90K)
- 3.05% APY 7-year CD ($90K+), 3.00% APY 7-year CD ($10K-$90K)
- 2.36% APY 5-year CD ($90K+), 2.30% APY 5-year CD ($10K-$90K)
The early withdrawal penalty is 365 days of interest for terms of 5 years and over. For terms of 3 years to under 5 years, the penalty is 270 days of interest. The 5-year and 3-year penalties are a little above the typical 6-months of interest. However, the 1-year penalty is common for CD terms over 5 years. Please refer to the CD Truth-in-Savings disclosure (pdf) for the full details.
Reward Checking Account
The credit union is still offering a reward checking account which it calls mY generation checking. However, the yield has fallen considerably. The top yield is now only 1.06% APY for balances up to $25K (as of 6/26/2012). This used to have a top yield of 6.01% back in 2007. I have more info on this reward checking account in this 2007 post.
Many people, but not all, who live in San Antonio and Houston are eligible to join the credit union. Membership is open to students enrolled in a postsecondary educational institutions who live in San Antonio. You can also be eligible via Select Employer Groups in San Antonio and in Houston and via family. People who live in Houston and are members of a parish in the Archdiocese of Galveston/Houston are also eligible. Please refer to their membership application page for more details. Membership requires a minimum $5 deposit into the share savings account.
Branches are located in both Houston and San Antonio. Most branches are located in San Antonio. The credit union is a member of the CU Service Center which gives credit union members access to shared branches across the nation.
It's a large credit union with $2.96 billion in assets. The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 22.37% (average) based on March 2012 data. Please refer to our financial overview of San Antonio Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24382).
How the CD Rates Compare
These SACU CD rates are much higher than what you can get from CDs that are nationally available. The best CD rate for terms of 7 years or longer is 2.50% APY at Patelco Credit Union. This has a 7-year term. The best 5-year CD rate is 2.20% APY at Justice Federal Credit Union for a $100K minimum deposit. These rates are accurate as of 6/26/2012.
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: