|0.65%||$500||-||Countryside Federal Credit Union||12 Month Share Certificate|
Countryside Federal Credit Union has a long history with its March Madness CD promotion. It is again offering the promotion, but the deal isn’t as good as previous ones. Like before if you pick the right final four NCAA basketball teams, you’re rewarded with a top rate on a 12-month CD. If only some of your picks are correct, you can still get a rate bump. If you don’t get any right, you’ll just get a base rate on your 12-month CD. Unfortunately, that base rate is low this year. The link to the full details of the current promotion is on the credit union’s front page. Below is a summary of this promotion:
Use the credit union promotions form to pick your favorite final four NCAA men’s basketball teams. Establish a 1-year certificate by March 26, 2014. Minimum deposit is $500. Base rate of the certificate is 0.50%. If all of your picks are correct, the APY will increase to 1.50%. Below is a list of potential rates based on your picks:
- 0.50% APY 1-year CD if no picks are correct
- 1.50% APY 1-year CD if all picks are correct
- 0.10% for each Final Four team for a total of 0.40%
- 0.20% for each Final Two team for a total of 0.40%
- 0.20% for the National Championship team
I first reported on Countryside's March Madness CDs in 2006. In 2007 the March Madness 12-month CD yield ranged from 5.50% to 6.50% (the good old days).
Credit union membership is open to those who live, work, worship, or attend school in Onondaga County, New York. The county seat is Syracuse. Please refer to the credit union's application page for more details. Membership requires a $5 minimum balance in the savings account.
Credit Union Overview
Countryside FCU is a small credit union with one branch in East Syracuse, New York.
The credit union has an overall health grade at DepositAccounts.com of an A with a Texas Ratio of 5.33% (excellent) based on December 2013 data. Please refer to our financial overview of Countryside Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 4745).
Unwanted Gimmick or a Good Deal?
In a 2011 post I asked readers if they thought these promos are good ideas or unwanted gimmicks. 65% said unwanted gimmicks. 17% said it was okay since the base rate was competitive, and 17% said it was a good idea.
If this year’s base rate was close to 1.00%, I would consider this a good deal. With a base rate of only 0.50%, you’ll only get a good deal if you’re very lucky. If you only get two final four teams right and one final two team right, the 1-year CD rate will only be 0.90%. You can easily get 1-year CDs with rates over 1% at several internet banks. For example, GE Capital Retail Bank is offering a 13-month CD with a 1.10% APY as of 3/17/2014 (see post).
If you find any other March Madness deposit account promotions, please leave a comment.
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.