There's another easy-to-join credit union that is offering a 2% CD. It's Pinnacle Federal Credit Union, and the CD has a 2.00% APY and a 5-year term. It's also available as an IRA. Minimum deposit is $500. There are also some shorter-term CDs with decent rates. These include a 1.25% APY 2-year CD and a 1.35% APY 3-year CD. There's also a Youth Share Certificate with a 1.50% APY 2-year CD. These rates are listed in the credit union's rates page as of 10/16/2012.
The credit union's CDs have a smaller-than-average early withdrawal penalty. It's only 90 days of dividends for terms of 18 months and greater and only 30 days of dividends for terms of 12 months or less. The full details are described in the credit union's Truth in Savings Share Certificate document. This is available from the credit union's disclosure page.
The credit union used to offer a reward checking account. I had first reported on it in 2008, but the credit union stopped listing it on its website in 2010, and it appears it's no longer available to new members.
According to the credit union's membership page:
You can also join Pinnacle FCU by becoming a member of the American Consumer Council in which we will pay your membership fee of $5.00.
When I last checked with the credit union, I was told they can mail you the application for both the credit union and the ACC.
Credit Union Overview
The credit union is located in Edison, New Jersey.
It's a small credit union with 39 employees and $152 million in assets. The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 15.02% (average) based on June 2012 data. Please refer to our financial overview of Pinnacle FCU for more details. The credit union is federally insured by the NCUA (Charter # 15095).
How This CD Rate Compares
Pinnacle joins 4 other all-access credit unions with a 2.00% APY 5-year CD. You can see these credit unions at the top of the 5-year CD rates table (Use "filter accounts" button to select "nationwide"). We recently lost one. It appears Eli Lilly FCU has ended its special 2% 5-year CD.
Yesterday I reviewed a small bank that's offering a Jumbo 5-year CD with a 2.00% APY. It can be opened online from any state.
BBVA Compass continues to offer its 2.00% APY 5-year CD. These Compass CDs aren't nationally available, but they are available to many people in market areas where Compass has branches (AZ, CA, CO, NM, AL, FL and TX).
The above rates are accurate as of 10/16/2012.
Searching for 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.