We lost another two-percent 5-year CD. Wings Financial Credit Union cut all of its CD rates yesterday, and its 5-year CD yield fell from 2.12% to 1.96%. Like at other credit unions and banks, the 5-year CD rate has fallen the most this year at Wings. The 5-year CD rate has fallen 35 basis points this year whereas the 2-year CD rate has fallen only 15 basis points.
Even though the rates have fallen, Wings Financial's CD and IRA CD rates are still competitive. Below is a list of the most competitive rates as shown on the credit union's rates page as of 10/31/2012:
- 1.96% APY 5-year CD (was 2.12%)
- 1.71% APY 4-year CD (was 1.86%)
- 1.56% APY 3-year CD (was 1.71%)
- 1.26% APY 2-year CD (was 1.31%)
Minimum deposit is $500. According to the account disclosure, the early withdrawal penalty is 180 days of interest for terms over 1 year and 30 days of interest for terms of 1 year and less.
Wings used to be only available to those employed in the air transportation industry. Over the years they have expanded the field of membership. Most people in the Minneapolis-St. Paul Metro area and in the Seattle-Tacoma Metro area are now eligible. Please refer to the Wings membership page for the full details.
The membership application can be done online. A minimum balance of $5 in the share savings account is required. When I checked with the credit union last year, I was told that a CD couldn't be opened at the same time that you apply for membership. You can fund the CD with money from the savings account, so if you apply for membership online, you might want to fund the share savings account with the money you want to use to fund the CD.
Credit Union Overview
Wings Financial is a large credit union with $3.66 billion in assets and with branches across the US including the states of California, Florida, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.
It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 3.98% (excellent) based on June 2012 data. Please refer to our financial overview of Wings Financial Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68601).
How These CD Rates Compare
The highest 5-year CD yield that's nationally available is 2.12% APY at Stanford FCU. However, this requires a $100K minimum and a checking account with direct deposit. The second highest yield is 2.00% APY which is available at one small bank and a few all-access credit unions. The highest yield at an internet bank is 1.85% APY at CIT Bank and Nationwide Bank.
Wings Financial's current 3-year CD yield is actually the most competitive CD rate. The highest 3-year CD rate that's nationally available is 1.51% APY for a $100K minimum at Sandia Laboratory FCU. You can get 1.75% APY at Connexus Credit Union but this requires an active checking account.
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: