The largest credit union in Mississippi Keesler Federal Credit Union is offering very competitive CD rates for terms from 2 years to 5 years. Its Jumbo share certificates have the highest rates. These include a 2.30% APY for a 5-year term, a 2.00% APY for a 4-year term and a 1.50% APY for a 2-year term. Minimum deposit is $100,000. Rates are 10 basis points lower for a $1,000 minimum deposit. There's also a bump-up 3-year CD with a 1.65% APY for a $100,000 minimum and a 1.55% APY for a $1,000 minimum. This bump feature gives one option to bump-up the rate during the CD term. All CDs are also available as IRA certificates. These rates are listed in the credit union's savings rates page as of 2/28/2014.
I was only able to find the truth in savings disclosure in the online application so I can't provide a link to it. The early withdrawal penalties were described in the disclosure. The penalty for CD terms of 1 year or less is up to 90 days of dividends. For CDs with terms over 1 year, the penalty is up to 180 days of dividends. The penalty doesn't eat into the principal so if the 5-year CD is closed before 6 months, the member will just lose all of the interest.
Reward Checking Account
The credit union also has a reward checking account that's called eAdvantage Checking. Its rate is a little disappointing with a 1.40% APY for balances up to $25K. Monthly requirements to qualify for this rate include: 1) 15 debit card purchases, 2) one bill paid with online bill pay, 3) direct deposit and 4) eStatements. The rate, balance cap and requirements are listed in the credit union's savings rates page as of 2/28/2014.
The credit union was initially established to serve those who work at the Keesler Air Force Base. Membership has expanded, and many more people are eligible to join. Anyone who lives, works, worships or attends school in Pearl River County, Hancock County, Harrison County, or parts of Jackson County, MS are eligible.
Many more people can also qualify via an association. In the eligibility section of the online application, you can select one of the associations. They all appear to be tied to Mississippi (One example is "American Cancer Society/Mid-South Division"). So I'm hesitant to call this easy membership for anyone in the nation. Before joining one of these associations, it would be a good idea to contact the credit union to ensure your association membership will make you eligible for credit union membership.
More details about membership and a link to the online application are located at this this credit union page.
Credit Union Overview
Keesler Federal Credit Union branches are located in several Southern Mississippi cities. Some of these include Biloxi, Waveland, Gulfport, Pascagoula and Wiggins. There are also some branches in air force bases in the U.K.
Keesler Credit Union is headquartered in Biloxi and is the largest credit union in the state of Mississippi. It has over $2 billion in assets. The credit union has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 4.04% (excellent) based on September 2013 data. Please refer to our financial overview of Keesler FCU for more details. The credit union is federally insured by the NCUA (Charter # 5561).
How These CD Rates Compare
The highest 5-year CD rate that’s available nationwide is 2.55% APY at Navy Federal Credit Union. This requires a $100K minimum deposit. Membership into Navy Federal has limitations. The highest 5-year CD rate at an institution without membership limitations is 2.20% APY at CIT Bank. This also has a $100K minimum deposit. Barclays has a 2.15% APY 5-year CD with no minimum deposit.
The highest 2-year CD rate that’s nationally available is 1.40% APY at Northrop Grumman Federal Credit Union. This requires a $40K minimum deposit. The highest 2-year CD rate at a bank is 1.25% APY at CIT Bank. This requires a $100K minimum.
The above rates are accurate as of 2/28/2014.
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.