Athol Credit Union's internet division called Quabbin Online Credit Union is again offering a very competitive 6-month CD special. The 6-month CD special has a 1.25% APY. Minimum deposit is $1,000, and the maximum is $100,000 per household. New money is required. This rate is listed at the credit union's rates page as of 3/18/2013. Thanks to the reader who emailed me news of this CD.
Quabbin Online Credit Union also has competitive savings and money market rates. The savings account has a 1.00% APY for all balances, and the money market account has a 0.90% APY for all tiers. These rates are listed at the credit union's rates page as of 3/18/2013. These rates have remained competitive over the last year. Almost exactly one year ago I reported on this credit union’s old 6-month CD special and noted the competitive savings and money market rates. At that time the savings account had a 1.10% APY and the money market had a top APY of 1.05%.
An internet credit union has one big difference from an internet bank. Membership at credit unions has limitations. Unfortunately, Athol Credit Union’s field of membership is narrow, and not many people can qualify for credit union membership.
In the online application, you have to enter your zip code, and if it's outside their geographic region, you're not allowed to continue. Persons and their direct relatives who live, work or attend school in one of several towns in the three Massachusetts counties of Worcester, Franklin and Hampshire are eligible to join. Please refer to this credit union page for the full list of towns.
It's interesting to see such a small credit union with an online division. Total assets are just under $85 million. The online division with top rates doesn’t seem to be helping a lot to grow deposits. Over the last year, the credit union has gained just $1.5 million deposits. Total deposits are currently $58.5 million.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 4.89% (excellent) based on December 2012 data. Please refer to our financial overview of Athol Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66819).
How The CD Rate Compares
It’s hard to find short-term CD rates today with rates over 1.00%. The highest 6-month CD rate that’s available nationwide is 1.00% APY at Connexus Credit Union. However, this requires an active checking account with direct deposit. The highest rate at an internet bank is 0.89% APY at Doral Bank Direct. A better deal in my opinion is the 11-month No Penalty CD at Ally Bank which has a 0.85% APY. Since there is no penalty, it can be made into any term from 7 days to 11 months. An even better deal is at EverBank which has a 6-month intro rate on its checking and money market account of 1.25%. However, this is only for new customers, and the balance that qualifies for this rate is limited to $50K for the money market and $100K for the checking account. These rates are accurate as of 3/18/2013.
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.