If you don’t want to lock your “safe” money up in long-term CDs, you probably won’t find short-term CDs appealing. Most CDs with terms under one year have rates that are lower than internet savings account rates. Every now and then you can find one that’s higher. That’s the case at Prairieland Federal Credit Union which is listing a special 6-month Jumbo CD with a 1.06% APY. Minimum deposit is $100,000. The rate and details are listed in this credit union’s promo page as of 5/8/2013. This is a limited time special. Hat tip to the reader who emailed me news of this special.
Unfortunately, not many can join this credit union. Membership is primarily limited to those who live, work, attend school, worship or volunteer in Mclean County Illinois. Please refer to the credit union’s Become-a-Member page for more details.
Prairieland Federal Credit Union branches are located in Normal and Bloomington, Illinois.
One unique thing about this credit union is its domain name: NotYourNormalBank.com.
It’s a small credit union with only $53 million in assets. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.47% (excellent) based on December 2012 data. Please refer to our financial overview of Prairieland FCU for more details. The credit union is federally insured by the NCUA (Charter # 2037).
How This CD Rate Compares
If you can’t qualify for this Illinois CD, the best 6-month CD rate that’s nationally available is 1.00% APY at Connexus Credit Union. This requires an active checking account with direct deposit. Without the checking requirement, the highest rate is 0.88% APY at Doral Bank Direct.
Another option is EverBank’s checking or money market account. EverBank offers a new-account promotion for these accounts which guarantees a 1.25% rate for the first six months.
The above rates are accurate as of 5/8/2013.