Credit Union 1 has several competitive certificate rates. These include a 2.65% APY 6-month CD and a 2.80% APY 12-month CD. Below is a full list of the CD rates for a minimum deposit of $10,000. IRA rates are 20 basis points higher except for the 60-month term which has a 70-basis-point premium. These rates are listed at the credit union rate table as of 4/08/09:
TERM CD APY CD IRA APY
6 months 2.65% 2.85%
12 months 2.80% 3.00%
18 months 2.95% 3.15%
24 months 3.10% 3.30%
30 months 3.25% 3.45%
36 months 3.40% 3.60%
48 months 3.60% 3.80%
60 months 3.80% 4.50%
According to the CSR, these rates were just updated this morning, and are typically updated every Wednesday.
The credit union is not too open with qualifications for becoming a member. In the credit union's membership page, it only states that:
To be eligible for membership in the credit union, you must be an individual or entity qualifying within our field of membership.
I wasn't able to get too many more details when I called. According to the CSR, you must pass a credit check and a Telecheck inquiry (which appears similar to ChexSystem). They can mail you an application, but it sounds like your best bet is to apply at one of their branches. A reader who emailed me info on this credit union said when he applied at a branch, membership seemed to be open to all.
Branches are located in Indianapolis, Chicago and in several other Illinois cities.
Not federally insured: It's important to note that Credit Union 1 only has private insurance via American Share Insurance. This is the same insurance that Christian Community Credit Union has (see post). It is NOT federally insured by the NCUA. Nevertheless, it's a legitimate credit union with an Illinois state charter. I tend not to post on many ASI-only credit unions, but when there's a good deal, I feel it's better to state all the facts and let readers decide if it's worth the risk.
You can review Credit Union 1's financial information at this ASI page. Since they're not NCUA-insured, they're not rated at BauerFinancial. However, Bankrate gives the credit union a rating for safety and soundness of 4 stars (sound) based on 9/30/08 financial data.
Thanks to the reader who emailed me info on this credit union.
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.