6.00% 12-Month CD at an Ohio CU (Firefighters Community).

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Update 11/05/07: The special 6% CD is no longer available.

Firefighters Community Credit Union will be offering a special Freedom Certificate with a 6.00% APY and a 12-month term. The minimum deposit is $500 with no maximum. It also has an add-on feature that allows unlimited deposit during the term.

Membership is open to anyone who lives, works, worships or attends school in Cuyahoga or Lake counties of Ohio. You can also be eligible to join via Select Employer Groups and via family. Please see the credit union's who can join page for more details. Membership requires a minimum $5 deposit in your savings account.

Branches are located in Cleveland, Broadview Hts and Willoughby, Ohio. This credit union is NOT federally insured by the NCUA. Instead it is privately insured by American Share Insurance. Financial information on this credit union is available at this ASI page.
Comments
Anonymous
Anonymous   |     |   Comment #1
Is anybody familiar with American Share Insurance? Or with a credit union that is not insured by NCUA? I can't really find any information on it. Is there any possibility that the credit union can cancel their insurance? Is it really a safe place to put my money? The 6% is really tempting if I could get comfortable with the insurance aspect?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
American Share Insurance (ASI) is used instead of NCUA for deposit insurance at a few credit unions in the US. The biggest is Patelco CU in California. I have more discussion on Patelco and ASI here. Many credit unions use ASI to supplement NCUA insurance.

There is some more discussion of NCUA and ASI in this post.
Anonymous
Anonymous   |     |   Comment #3
This rate is no longer available.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Thanks, I've updated the post.
6.00% 13-Month CD at an Ohio CU (Sun Center)
Sun Center FCU is offering a promotional certificate of deposit with a yield of 6.00% APY and a term of 13 months. The minimum deposit is $1,000, and it requires money new to the credit union.

Regarding eligibility, at the bottom of their home page it states:

Branches are located in the Ohio cities of LaGrange, Oberlin, Ridgeville, Wellington and South Amherst. Late last year the credit union changed its name to Sun Center FCU and expanded its charter to include all of Lorain County. Previously, the credit union was named Cleveland...



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