Top 7-Year CD Rate at Amplify Credit Union in Austin
Update 2/12/13: The 11-month CD special has ended. Also, the early withdrawal penalty has been increased.
Amplify Credit Union has been advertising its 11-month CD special, but the best deal is currently its Jumbo 7-year CD which has a 2.01% APY. Minimum deposit is $100,000. Rates go down substantially for smaller deposits (1.75% APY for $50K, 1.50% APY for $25K and 1.25% APY for $10K). Rates are also much lower for shorter terms.
The special 11-month CD rate is 0.70%. These rates are listed in the Amplify Credit Union's deposit rates page as of 1/23/2013. Rates are subject to change at any time.
The early withdrawal penalty used to be 180 days of dividends earned for CDs with terms longer than 12 months. This has recently changed. Now CDs with maturities from 60 months or longer have an early withdrawal penalty of 365 days of interest. According to a credit union official, the new penalty only applies to new certificates opened on or after 2/1/2013. Refer to Amplify Credit Union's Truth-in-Savings disclosure for more details. This is similar to PenFed which has an EWP of 1-year of interest for CD terms of 5 years and over.
Amplify Credit Union used to allow unlimited additional deposits on all of its CD terms. Now only CDs with terms up to one year are eligible for this feature (excluding special CDs). I think they learned this was too good of a deal when rates are falling.
Membership is open to anyone who lives, works, or goes to school in Bastrop, Caldwell, Hays, Travis and Williamson counties. Please refer to Amplify Credit Union's About page for more details.
You can apply for membership and open accounts using Amplify's online application. It's powered by Andera, and it allows funding with an ACH transfer from your existing bank accounts.
Credit Union Overview
Amplify was first established in 1967 as the IBM Texas Employees Federal Credit Union. The name changed to Amplify in 2006, and membership was expanded to include several Austin metro counties.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 7.70% (excellent) based on September 2012 data. Please refer to our financial overview of Amplify Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 18304).
How This CD Rate Compares
This 7-year CD rate for a $100K minimum deposit just tops the highest 7-year CD rate that's nationally available. That's 2.00% APY at PenFed and at Air Force FCU. The highest 7-year CD rate from an internet bank is 1.90% APY at Discover Bank.
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.
Banks Mentioned in this Post:
|Amplify Credit Union|
Locations: 6 Health Rating:
|Recent Posts: Expired: $150 Checking Account Bonus at Amplify Credit Union in Texas|
|Latest Review: "I've been a member since the mid 1990's, and have watched the quality of emplo..."|