Industrial Credit Union continues to offer some very competitive short-term CD rates. Its longer-term CD rates are not quite as good, but they're still near the top compared to what's available nationwide. The following rates for a $1,000 minimum deposit are listed at the credit union's CD rates page as of 4/6/2011:
- 1.40% APY 6 month CD
- 1.60% APY 1-year & 18-month CD
- 1.75% APY 2-year CD
- 2.00% APY 3-year CD
- 2.50% APY 4-year CD
- 2.75% APY 5-year CD
Another plus with these CDs is a mild early withdrawal penalty which is listed at the bottom of the rate table: 3 months of interest for terms of more than one year and one month of interest for terms of one year or less.
High-Interest Checking Account
In addition to top CD rates, the credit union has a good rate for its checking account called NOWPlus Checking. It has a 1.15% APY, and according to the NOWPlus Checking page, this rate is in effect through April 2011. It requires a minimum balance of $2,500 to receive for this rate. There are no monthly service charges. When I last reported on Industrial CU in June 2010, the rate was 1.50% APY.
According to the credit union's FAQ:
Anyone who lives or works in the Greater Boston area is eligible for membership. Once a member, always a member, even if you move to another state. To become a member, simply open a Savings, NOW or NOW Plus Checking Account, Certificate of Deposit or IRA. Membership is free and immediate!
Credit Union Overview
It's a small one-office credit union that's located in downtown Boston. The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 23.49% (average) based on December 2010 data. Please refer to our financial overview of Industrial Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 67994).
How It Compares?
It's hard to find short-term CD rates over one percent these days. As of 4/6/2011, the best nationally available rates are at Connexus Credit Union which offers a 1.50% APY 6-month CD and a 1.75% APY 12-month CD, but these require an active checking account. Without an active checking, Ally Bank has the best short-term CD deal with its 1.15% APY 11-month No-Penalty CD. With the no-penalty feature, you can make it into any term you want (for under 11 months). Melrose Credit Union has the best nationwide 1-year CD rate at 1.41% APY.
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: