In today’s rate environment, a 1-year CD may seem appealing for those who don’t want to be locked into a low-rate long-term CD. However, the vast majority of 1-year CDs have rates that are lower than the best money market account rates. Today I found one of the rare exceptions. Communitywide Federal Credit Union just came out with a special 1-year CD with a 2.00% APY. Maximum deposit is $100,000, and the CD requires a checking account with a debit card and a recurring deposit (like direct deposit). There are also some competitive standard CDs. These include a 2.00% APY 5-year CD and a 1.70% APY 4-year CD. Minimum deposit is $2,000, and the early withdrawal penalty is equal to 35% of the dividends that would be earned by those funds during the entire term. These rates and details are listed in the credit union’s rates page as of 8/22/2013.
Credit union membership is open to donor members of Michiana Goodwill Boosters and Marine Corps League. There’s also a long list of select employer groups that can make you eligible to join the credit union. Please refer to the credit union's membership eligibility page for more details. This page doesn't have much info on the membership application, but it said to call (574) 239-2700 if you want to join. I called last year, and the CSR said that they can mail a membership application along with a new-member packet with more details. I was told you can join one of the above associations at the same time that you join the credit union. It requires a $5 fee for the association and a minimum $5 deposit for the credit union savings account. If you're interesting in joining, you should call (574) 239-2700 and ask them to mail you the documents.
Credit Union Overview
Communitywide FCU branches are located in the Indiana cities of South Bend, Elkhart, Goshen, Granger, Mishawaka, Plymouth and Warsaw.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 15.50% (average) based on March 2013 data. Please refer to our financial overview of Communitywide FCU for more details. The credit union is federally insured by the NCUA (Charter # 18336).
How These CD Rates Compare
Other than this 2% CD, the highest 1-year CD rate that’s nationally available is 1.10% APY at Connexus Credit Union. This requires an active checking account with direct deposit. Without the checking requirement, the highest 1-year CD rate is 1.05% APY at GE Capital Bank and at DollarSavingsDirect. Higher rates are available with slightly longer terms. These include a 1.20% APY 14-month CD special at Fort Knox FCU, a 1.15% APY 15-month CD at GE Capital Retail Bank and a 1.25% APY 15-month CD at Aspire FCU.
The highest 5-year CD rate that’s nationally available is 2.05% APY at iGObanking.com.
The above rates are accurate as of 8/22/2013.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.