Update 12/16/13: This CD special has ended.
In today’s interest rate environment, any short- or mid-term CD with a rate near 2% is a hot deal. That’s the case with the CD special at Money One Federal Credit Union. It’s offering a promotional share certificate with a 19-month term and a 1.90% APY. Minimum deposit is $9,000, and the maximum deposit is $99,000. New money is required. This rate is listed on the top of the credit union’s share certificates page as of 11/07/2013.
This credit union also offers reward checking and savings accounts under the Kasasa brand. I have more details about these accounts in my Money One Kasasa account review.
The credit union’s "Open an Account" page describes how you can be eligible to open an account:
There are three ways to be eligible to open an account with Money One.
1. If you are an employee or member of any of the nearly 100 approved employers, churches, and organizations.
2. You are an immediate family member or household member of anyone who meets criteria #1.
3. If you don't meet #1 or #2, you can become eligible simply by making a one-time donation to Gifts for Easter Seals. Use this Easter Seals Donation Form and bring it to any Money One location to complete your application.
There’s an online application, but I noticed a "residency requirement". It appears a new member must reside in either DC, Maryland or Virginia to meet this residency requirement. Also, the online application doesn’t list this 19-month CD special as an option. I’ve sent a message to the credit union asking about these two issues. I’ll update this post when I get their reply.
Update 11/15/13: I received a reply from the credit union. According to the Money One representative, the special certificate cannot be opened online for people out-of-town. They will open certificates for people out of town by phone. Their phone # is 301-925-4600.
Credit Union Overview
Money One has a long history of CD specials. Several readers may remember its old CD specials back in 2008 when it was offering a special 5.25% 9-month Add-On CD.
Money One FCU branches are located in Largo and College Park, Maryland. The credit union is part of the shared branch network.
The credit union has an overall health grade at DepositAccounts.com of a C+ with a Texas Ratio of 14.63% (above average) based on June 2013 data. Please refer to our financial overview of Money One Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 7264).
How This CD Rate Compares
There are two good CD specials with similar terms at all-access credit unions. One is a 2.02% APY 3-year CD at PenFed, and the other is a 1.50% APY 15-month CD at McGraw-Hill Federal Credit Union. This 15-month CD requires an active checking account with direct deposit.
The best 18-month CD rate at an internet bank is 1.15% APY at GE Capital Bank.
These rates are accurate as of 11/7/2013.