4.30% 60-Month / 4.11% 24-Month CD at an Arizona CU (First).

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Update 3/22/08: The CD rates have gone down. Please check the financial institution's website for the latest rates.

Update 3/15/08: The 60-month CD yield has fallen from 4.40% to 4.30% APY, and the 24-month CD yield has fallen from 4.15% to 4.11% APY. The title has been modified to reflect this change.
Update 3/08/08: The 60-month CD yield has fallen from 4.60% to 4.40% APY, and the 24-month CD yield has fallen from 4.45% to 4.15% APY.
Update 2/23/08: The 60-month CD yield has fallen from 4.75% to 4.60% APY, and the 24-month CD yield has fallen from 4.70% to 4.45% APY.

First Credit Union continues to offer high yields on its term certificates. The rates have gone down since my last post in November, but they're still very competitive. The best rates require a minimum deposit of $50K. These include a 4.75% APY 60-month CD, 4.70% APY 24/36-month CD and a 4.60% APY 12-month CD. Lower rates are available for several minimum deposit tiers. They also have some very competitive IRA certificate rates with a top yield of 4.80% APY for a 36-month term and a minimum deposit of $50K. The rate table has a 2/11/08 date, so hopefully these rates will last for a while.

The credit union also offers a reward checking account with a top yield of 6.01% APY for balances up to $25K (see post).

Membership is open to anyone who lives, works or worships within 10 miles of a First Credit Union branch. Please refer to the credit union's membership page for more details. Membership requires a minimum deposit of $5 into your regular share savings account.

Branches are located in Phoenix, Flagstaff, Tucson, Glendale, Chandler, East Mesa, Ocotillo, Scottsdale and Tempe, AZ. The credit union is federally insured by the NCUA (Charter # 68444). It has $461.3 million in assets and 58,765 members.

Comparing CD Rates

Although these First Credit Union CD rates may appear low, they're high compared to what's available in this interest rate environment. The best 5-year and 2-year CD rates listed at Bankrate are 4.25% APY for a 5-year CD at Eastern Savings Bank and 3.85% APY for a 2-year CD at Intervest National Bank. The best 5-year and 2-year CD rates listed in my latest weekly rate summary are 4.85% APY for a 5-year CD at Pentagon FCU and 4.65% APY for a 2-year CD at Alliant CU.
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1.75% Reward Checking at an Arizona CU (First Credit Union)
Update 4/04/09: The top yield has fallen to 1.75% APY. Refer to the bottom of the post for the rate history.

First Credit Union is offering a reward checking account that pays 1.75% APY on balances up to $25,000 (1.01% for over) and refunds ATM fees (up to $25/cycle) if the following monthly requirements are met: 1) 12 debit card purchases, 2) one electronic deposit or withdrawal, 3) login to eTeller online access, and 4) enroll in eStatements. If these are not met, the rate falls to 0.05%. There are no...

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5.33% 60-Month / 5.10% 36-Month CD at an Arizona CU (First)
Update 12/15/07: Rates have gone down: 5.51% to 5.33% for the 60-month term and 5.35% to 5.10% for the 36-month term.

First Credit Union is offering high yields on its term certificates. The best rates require a minimum deposit of $50K. These include a 5.51% APY 60-month CD, 5.35% APY 36-month CD, 5.30% APY 24-month CD and a 5.25% APY 12-month CD. Lower rates are available for several minimum deposit tiers. They also have some very competitive IRA certificate rates with a top yield of 5.75% APY for a 36-month term...

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5.12% Money Market Account and $120 Checking Bonus
The American First Credit Union is offering a money market account with a rate of 5.12% APY. The rate is guaranteed till February 2006. It requires a minimum deposit of $10K with new money.

Based on rates of other accounts at this credit union, this might be just a teaser rate. Most of its CDs don't have rates this high. So there's a good chance that the rate will fall substantially next Februrary. But even considering this, it's a good deal. Just think of it as a 3-month 5.12% CD.

There's also...



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