Delta Community Credit Union lowered its CD rates in November, but a few of the CDs remain competitive. The best one is currently their 5-year CD which has a 2.65% APY. Also fairly competitive is the 2.00% APY 3-year CD. The same rates are also available as IRA CDs. Minimum deposit is $1,000. These rates are listed at the credit union's rates page as of 11/09/2010.
One nice feature of the credit union CDs is a mild early withdrawal penalty: 31-day interest penalty for maturities of 12-months or less and 90 days interest-penalty for maturities over 12 months. Please refer to the bottom of the rates page for more details. Also, be sure to review the Truth in Savings Account disclosure for potential risks of long-term CDs as I discussed in this post.
As a comparison to internet banks, the best 5-year CD rate is 2.65% APY at First Internet Bank as of 11/09/2010. However, this 5-year CD early withdrawal penalty is 360 days of interest.
Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for the full details. Membership requires a minimum $5 deposit into the savings account.
One reader left the following comment in my last Delta Community post about his experiences with the credit union:
Delta Community CU has excellent customer service and online features. They are also a member of the Credit Union Service Center network, allowing instantaneous transfers of funds from any of the Service Center branches throughout the United States. There is no fee for transfers by CUSC to a credit union.
Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro). As the reader mentioned in the comment, the credit union is also part of the CU Service Center network which allows you to perform many basic banking transactions at a shared branch.
Delta Community Credit Union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 7.47% (excellent) based on June 2010 data. It's a sizable credit union with $3.19 billion in deposits. Please refer to our financial overview of Delta Community Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66357).
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: