Sometimes a bank or credit union will offer higher IRA CD rates than CD rates. That’s the case at Transportation Federal Credit Union. Both of its regular and IRA CD rates are competitive, but the IRA CD rates are exceptional since they’re 25 bps higher. There’s also a rate bump of 10 bps for Jumbo accounts with a $100,000 minimum deposit. Below are three of the credit union’s Jumbo IRA CD rates as listed in the credit union’s savings rates page as of 7/3/2013:
- 2.17% APY 5-year Jumbo IRA CD
- 1.86% APY 4-year Jumbo IRA CD
- 1.51% APY 3-year Jumbo IRA CD
Last year when I reviewed this credit union, there didn’t seem to be an easy way for people to join if they weren’t employed by the Department of Transportation or other select employer groups. I recently noticed another way to qualify. The credit union now lists the American Consumer Council (ACC) in its Join Us page. Anyone can join this council. However, the credit union has this council under its “Washington, D.C. and surrounding areas” list. In summary, it appears only ACC members who live in the DC area are eligible to join. For more details about membership eligibility, please refer to the credit union’s Join Us page.
Branches are located in Washington, DC and in Cambridge, MA. The credit union is a member of the CU Service Centers so members can conduct many banking transactions at other credit unions around the nation that are also part of this network.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 2.06% (excellent) based on March 2013 data. Please refer to our financial overview of Transportation FCU for more details. The credit union is federally insured by the NCUA (Charter # 3140).
How These CD Rates Compare
As I mentioned yesterday, you can get a 2.22% APY 5-year Jumbo CD and IRA CD at Stanford Federal Credit Union. This is nationally available, but it requires an active checking account with direct deposit. The best rate without a checking account requirement is 1.96% APY at Melrose Credit Union. These rates are accurate as of 7/3/2013.
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.