HEW Federal Credit Union continues to offer a top 5-year CD and IRA CD rate. Its CDs are called Silver Share Certificates, and the 5-year certificate has a 2.02% APY. Minimum deposit is $2,000. The shorter-term CD rates are much lower and haven't remained competitive. This 2.02% APY is listed in the credit union's rates page as of 10/2/2012. I noticed the IRA rate table includes the column "minimum additional deposit". So it appears these IRA CDs allow additional deposits.
Eligibility and Application
Credit union membership is open to those who live, work, worship, or attend school in Washington D.C.; or most parts of Alexandria, Arlington, Fairfax, VA; or most parts of Prince George's or Montgomery counties in MD. Please refer to the credit union's membership page for the full details.
The credit union has an online application that's serviced by Andera.com. It allows funding from a checking account.
HEW Federal Credit Union branches are located in Washington DC; District Heights, MD; Falls Church, VA; and Philadelphia, PA.
One reader described some problems with the customer service and the branch offices. So if you prefer to open CDs at a branch, this is something to consider.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 10.47% (above average) based on March 2012 data. Please refer to our financial overview of HEW Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1407).
How This CD Rate Compares
By using our 5-year CD rate table, you can find a credit union in the DC metro area that offers a higher rate. However, these have narrow fields of membership that are primarily limited to a few select employer groups. There is one other DC credit union with a geographic-based FOM that also has 2% 5-year CD. That's Department of Commerce Federal Credit Union.
There are currently 5 easy-to-join credit unions with a 2% APY 5-year CD. So if you don't live near these credit unions, you can still apply online or by mail. These five are Communitywide FCU, Eli Lilly FCU, Mountain America CU, Pen Air CU and Connexus CU.
These rates are accurate as of 10/2/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.