Pen Air Federal Credit Union had the top spot for the highest 5-year CD rate that's nationally available. Yesterday, Pen Air FCU reduced its CD rates. Its standard 5-year share certificate APY fell from 2.00% to 1.85%. Jumbo certificates used to have rates 20 basis points higher than the published standard rates. That has also gone down. According to a Pen Air FCU representative, the premium is now 10 basis points. So the new Jumbo 5-year share certificate APY is now 1.95%. Minimum deposits for the Jumbo certificates is $100,000. The regular CD and IRA CD rates are listed in the credit union's share rates page as of 1/3/2013.
For more details about Pen Air Credit Union's certificates including the early withdrawal penalties, please refer to my November Pen Air CD review.
The credit union used to limit membership to active duty or retired military and current or retired federal civil service employees. However, there's now an additional way to qualify. Membership is now open to Friends of the Navy-Marine Corps Relief Society Member. Please refer to the credit union's membership page for the full details.
There's an online application which allows people to join and open accounts. On the first page of the application, the user is required to select an eligibility option. Below is the option which appears to allow anyone to join:
Join the "Friends of the Navy Marine Corps Relief Society" association and become eligible for Pen Air FCU membership. A $3 membership fee required.
Credit union membership also requires a one-time $2 fee and a minimum balance of $25 in the savings account.
Credit Union Overview
Pen Air FCU branches are located in the Pensacola metro area in Florida and in the Mobile metro area in Alabama. The credit union is also part of the CU Service Centers which is a nationwide network of shared branches.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.45% (above average) based on September 2012 data. Please refer to financial overview of Pen Air Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1303).
How These CD Rates Compare
The new highest 5-year CD rate that's nationally available is 2.05% APY at Citizens State Bank in Florida (see CD review). The next highest for 5-year CDs is 2.00% APY at Mountain America Credit Union and at Communitywide Federal Credit Union. These rates are accurate as of 1/3/2013.
Searching for Top 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.