| Bank or Credit Union | Apy | Min | Max | Product | |
| HEW Credit Union | 1.76% | $2k | - | 60 Month Silver Share Certificate |
Top 5-Year CD Rate at HEW Federal Credit Union in DC - Local Only
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.
HEWFCU Overview
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.
Banks Mentioned in this Post:
- Weekly Rate Summary
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- 40 Ways to Get the Most Out of Your Bank
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- What Do You Need to Open a Bank Account?
- Difference Between Banks and Credit Unions
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3-year Term IRA CD
1.21% APY
Truthseeker (anonymous) - #1, Wednesday, October 3, 2012 - 3:36 PM
When are folks going to finally realize that neither CD ladders nor any other type of CD is worth investing in now, and certainly NOT the long term type, like a 5 - 10 year CD that pays a whopping 2%. The Federal Reserve, whose debt instrument the so-called dollar (Federal Reserve Note) is, is printing money...trillions of it. Just like with the issuance of new stock in a company, the issuance of new money dilutes current owners. In other words, they are debasing your money, and at a MUCH faster than 2% per year pace, especially after taxes. The real inflation rate is about 10.2% right now, regardless of what government statisticians tell us. This site is still useful for finding the best liquid money market accounts, but buying into a sure loser in the form of a long term CD, will get no sympathy
Anonymous - #2, Wednesday, October 3, 2012 - 5:24 PM
Series I Savings Bonds are earning a bit over 2% for the current 6 month period. If inflation continues at its current trend or increases, then the I Bond rate will continue to climb upward from 2% over the next five years. This offer will be the better one only if rates continue to bottom down and inflation rates drop.
Anonymous - #3, Thursday, October 4, 2012 - 1:46 PM
The problem again is that Series I bonds only pay interest linked the OFFICIAL inflation rate. If you are the tinfoil hat type and believe that inflation is actually higher than officially reported, then that won't help. But then again, nothing else will either.
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