A few institutions around the nation offer CDs with some slight variations. They give the depositor more flexibility, but they often come with the price of a lower rate. A good example of an institution offering these flexible CDs is American United Family of Credit Unions. In addition to the standard CD, it offers a flex option CD which allows 1 quarterly withdraw with no penalty. The tradeoff for adding this option is a reduction of 0.25% from the standard rate. It also offers a bump option which provides a one-time rate bump on CDs with terms of at least 3 years. The member can choose to waive the bump for an extra rate of 0.10%.
Without the flex or bump option, the credit union's 5-year CD rate is very competitive. It's CD and IRA CD APY is 2.10% for a $500 minimum deposit. The Jumbo version with a $75,000 minimum deposit has an APY of 2.15%. The shorter terms are not nearly as competitive. These rates are listed at the credit union's rates page as of 12/18/2012.
Credit union membership is open to anyone living, working, worshiping, volunteering or attending school in Salt Lake County. Please refer to the credit union's how-to-join page for the full details. There's an online application that lists a few additional ways people can qualify for membership. One interesting option is being a member of Apostolic United Brethren. According to Wikipedia "The Apostolic United Brethren (AUB) is a polygamous Mormon fundamentalist church within the Latter Day Saint movement."
Credit Union Overview
Credit union branches are located in the Utah cities of Salt Lake City, Cottonwood Heights, Sandy and Draper, and in the California city of Cabazon.
The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 25.92% (average) based on September 2012 data. Please refer to our financial overview of American United Family of Credit Unions for more details. The credit union is federally insured by the NCUA (Charter # 8187).
How Do These CD Rates Compare
If you're looking for CDs with flex options, there are not many nationally available CDs to choose from. The best known bump-up CDs are at Ally Bank which offers two Raise Your Rate CDs: a 1.14% APY 2-year CD and a 1.35% APY 4-year CD. The 2-year CD allows one rate increase and the 4-year allows two.
Another internet bank with a flex-type of CD is CIT Bank which offers two Achiever CDs that allow one rate bump and one add-on deposit during the term: a 1.05% APY 1-year CD and a 1.20% APY 2-year CD.
If the interest rate is much more important to you than these flex features, you can get 2.20% APY on a Jumbo 5-year CD at Pen Air Credit Union. The standard 5-year CD APY is 2.00%. You can also get 2.00% APY at Mountain America Credit Union. This is an all-access credit union that also has many branches in Utah.
These rates are accurate as of 12/18/2012.
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.