In today's interest rate environment, the vast majority of short-term CDs have rates under 1.00%. I found one exception at Xceed Financial Credit Union which has a special 9-month share certificate with a 1.00% APY. Minimum deposit is $500. This special CD rate is listed on the credit union's rates page and in the credit union's news & events page as of 11/21/2012. The news & events page has instructions about how the CD can be opened online.
Xceed has a history of CD specials. I reviewed the last one in July.
The credit union has two features that make it convenient for members who don't live near one of its branches. First, it's part of the shared branch network which allows members to perform many banking transactions from branches of other credit unions around the nation. Second, it belongs to the CO-OP and Allpoint ATM network for surcharge-free access.
Membership is open to members of several organizations. One is the Friends of the Webster Public Library which anyone can join for a $8 fee. You can also be eligible to join the credit union without joining an association if you live, work, worship or attend school in various communities around the nation. Some of these include San Jose, California, St. Petersburg, Florida and Dallas, Texas. For the full details of eligibility, please refer to the credit union's Membership page.
Credit Union Overview
Xceed Financial Credit Union started in 1964 as Scientific Data Systems Credit Union and became Xerox Federal Credit Union in 1970. In 2008, the credit union changed its name to Xceed Financial Credit Union.
Since the Xceed Financial used to serve Xerox employees, its branches were located near Xerox facilities in several parts of the nation. Current branches are located in California, Connecticut, Illinois, New Jersey, New York and Texas.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.23% (excellent) based on June 2012 data. Please refer to our financial overview of Xceed Financial Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 20068).
How This CD Rate Compares
The two best internet bank deals are at EverBank and at Ally Bank. EverBank has a special 6-month intro rate of 1.25% for its checking and money market account. This rate only applies to balances up to $100K for the checking and $50K for the money market account. The best short-term deal at Ally Bank is its 11-month No-Penalty CD which has a 0.95% APY. The no-penalty feature allows the customer to make this CD have any term from 7 days to 11 months. These rates are accurate as of 11/21/2012.
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. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state.