Bump-up CDs that give CD holders the option to bump up the rate of a CD are rare and often have lower rates than regular CDs. That's not the case at Idaho Central Credit Union which has very competitive rates on its bump-up CDs that it calls Freedom CDs. The best rates are 2.15% APY for a 5-year term, 1.80% APY for a 4-year term and a 1.55% APY for a 3-year term. Minimum deposit is $500. These rates are listed in the credit union's Freedom CD rates page as of 8/16/2012.
The bump-up feature of the Freedom CDs can help ease concerns about being locked into a CD when rates are going up. If the rate goes up at anytime during the life of your CD, you can utilize a 1-time rate bump. It's important to note that this feature won't help if the credit union doesn't keep their CD rates competitive.
Another unique feature with this credit union's CDs is that they allow a 1-time deposit in the first 60 days. It's a very limited add-on feature that could come in handy if you're waiting for funds to become available.
As you might have guessed from the name, those outside of Idaho will probably not be eligible for membership. According to the credit union's Become a Member page, "Most residents of Idaho are within our field of membership and are eligible to join." On this page the credit union lists several groups who are eligible. One notable group includes:
Persons in the employ of the State of Idaho, other public employees within the State of Idaho, and members of credit unions located in the State of Idaho.
The last part of this group "members of credit unions located in the State of Idaho" may allow many to qualify for membership.
Membership requires a $5 one-time membership fee and a minimum balance of $25 in the share savings account. There's an online application for new members.
Credit Union Overview
Idaho Central Credit Union branches are located in Boise, Blackfoot, Burley, Chubbuck, Idaho Falls, Meridian, Nampa, Pocatello and Twin Falls.
With over $1 billion in assets, Idaho Central Credit Union is the largest credit union based on Idaho. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 2.88% (excellent) based on March 2012 data. Please refer to our financial overview of Idaho Central Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 63194).
How These CD Rates Compare
The highest 5-year CD rate that's nationally available is 2.12% APY for a $60K minimum at US Senate Credit Union.
If you want a CD with a bump-up option, there are not many nationally available ones.
Ally Bank offers 2 Raise Your Rate CDs which have have a bump-up feature. One is a 4-year CD with a 1.49% APY that gives customers 2 options to bump up the rate. The other one is a 2-year CD with a 1.14% APY that gives customers 1 option for a rate bump.
CIT Bank offers 2 Achiever CDs that not only provide a 1-time rate bump but also a 1-time add-on deposit. The 1-year Achiever CD has a 1.10% APY and the 2-year Achiever CD has a 1.25% APY. Minimum deposit is $25,000.
The above rates are accurate as of 8/16/2012.
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.