I was surprised last December when I saw Navy Army Community Credit Union offering a 3.00% APY 30-month CD. It's amazing that this credit union continues to offer this CD which is the best CD deal in the nation. Minimum deposit is $1,000, and the maximum is $500,000. Its shorter-term CDs are also very competitive. These include a 1.45% APY 1-year CD and a 1.85% APY 2-year CD. Minimum deposit is $100,000. Rates are 10 basis points lower for a $1,000 minimum deposit. These rates are listed in the credit union's term share rates page as of 11/13/2012.
The credit union also has one of the best reward checking accounts in the nation with a 3.51% APY for balances up to $25K. It's called the Liberty Checking Share Draft Account, and I did my first review of the account in this 2009 blog post.
As you might have guessed, membership is limited. Because of the name you might think it's limited to the Navy and Army personnel. However, its field of membership is community based. Anyone who lives, works, worships or attends school in any of the following Southeast Texas counties are eligible to join: Aransas, Bee, Jim Wells, Kleberg, Nueces and San Patricio. Please refer to the credit union's membership page for the full details.
Branches are located in the Southeast Texas cities of Corpus Christi, Beeville, Kingsville, Portland and Rockport. New branches have recently opened at Brownsville and McAllen.
The credit union has recently changed from a federal charter to a state charter. This was approved by members in 2011. The credit union claimed the intent of this change is to expand into other geographic areas. That's good news. The only downside is that the credit union is now allowed to change to private deposit insurance. There's no indication they plan to do this.
It's a sizable credit union with $1.3 billion in deposits. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 2.13% (excellent) based on June 2012 data. Please refer to our financial overview of Navy Army Community Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68615).
How This 30-Month CD Rate Compares
You can often find a local CD rate that's a little higher than the best nationally available CD rate. It's rare when the local deal is this much higher. The highest 30-month CD rate that's nationally available is 1.50% APY at Salem Five Direct. This is only half the yield of the Navy Army Community Credit Union CD.
Searching for the Best 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.