We are starting to see some 3% CDs. As you might expect, these CDs have very long terms. Nevertheless, it shows that rates are starting to go up. The latest institution to offer a 3% CD is Hutchinson Credit Union in Kansas. It has a special 10-year CD with an APY that ranges from 3.00% to 3.15% depending on the balance. Minimum deposit is $5,000. One downside is that non-youth accounts must also have an active checking account, funded loan, credit card, or mortgage. Also, there’s a large early withdrawal penalty of 3 years of interest. However, there’s a special early withdrawal feature that allows a penalty-free early withdrawal of up to 10% of principal in years 8, 9 and 10. Below is the list of rates for different minimum deposits:
- 3.15% APY 10-year CD, $250K minimum
- 3.10% APY 10-year CD, $100K to under $250K
- 3.05% APY 10-year CD, $25K to under $100K
- 3.00% APY 10-year CD, $5K to under $25K
There’s also a special 6-year CD with an APY that ranges from 2.25% to 2.50%. This has a $500 minimum deposit. The early withdrawal penalty is 2 years of interest, and unlike the 10-year CD, it doesn’t have any special early withdrawal feature. Like the 10-year CD, it has the same checking account (or loan) requirement. Below is the list of rates for different minimum deposits:
- 2.50% APY 6-year CD, $250K minimum
- 2.40% APY 6-year CD, $100K to under $250K
- 2.30% APY 6-year CD, $25K to under $100K
- 2.25% APY 6-year CD, $500 to under $25K
The above rates are listed at the credit union’s promotion page as of 8/15/2013. These CDs are available in IRAs, HSAs, Coverdells and SEPs.
Credit Union Membership
You can see if you are eligible for membership in this credit union by filling out the form on the credit union’s membership page. The first way you can qualify is if you live, work or worship in one of many Kansas counties. You can also qualify based on your family and your employer. The last way to qualify is based on your occupation. If you work in or are retired from one of many occupations, you can qualify for membership. There’s a wide range of occupations from “management” to “architecture & engineering” to “health care support” to “sales & related”. There are so many occupations listed, it seems most everyone should be able to qualify.
The credit union offers an online application for joining and opening the required primary share savings account. However, CDs and other products can only be opened after completion of the membership application. The online membership allows multiple beneficiaries to be designated.
Credit Union Overview
Hutchinson Credit Union branches are located in the Kansas cities of Wichita, Hutchinson, Newton and Haven.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 4.78% based on March 2013 data. Please refer to our financial overview of Hutchinson Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 62031).
Other 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.