6.00% IRA Savings Account at Ohio University Credit Union

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Ohio University Credit Union is offering a new product called the Easy Save IRA Account which has a 6% APY that's good through January 2008. It has no minimum requirement. In addition to this IRA special, the credit union has some competitive rates on its CDs including a 5.60% APY 60-month CD, a 5.35% APY 28-month CD and a 5.20% APY 16-month CD. All have a minimum deposit of $500.

In addition to Ohio University employees, alumni and students, the field of membership includes members of several associations including the Ohio University Friends of the Libraries which has a $30 membership fee. Membership into the credit union requires a $10 minimum deposit into the share savings account.

The credit union is federally insured by the NCUA. It has $188.7 million in assets and 22,445 members.
Comments
Jouissance
Jouissance (anonymous)   |     |   Comment #1
I'm a big fan of this site, but I would never recommend a fixed rate IRA. 6% for a retirement investment is a pretty low level of return.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
For long term investments, it is probably best to take some risk and go with stock/bond mutual funds or similar investments. But for those who are already near or in retirement, CDs or high yield savings accounts may be a reasonable part of their portfolio. Several of my readers have been interested in CD IRAs. 6% is very high in terms of a banking type product.