Sandia Laboratory Federal Credit Union (SLFCU) is offering competitive rates on its 2-year and 3-year share and IRA share certificates. The highest rate is 2.02% APY for a minimum $200,000 deposit in a 3-year IRA CD. The 2-year IRA CD rate for a $200,000 minimum deposit is 1.61% APY. Regular CD rates are 10 basis points lower. Rates fall 10 basis points for minimum deposits of $100,000, $50,000 and $1,000. Below is a sample of the CD and IRA CD rates for a $100,000 minimum deposit as listed in the credit union's rates page as of 7/11/2012:
- 1.82% APY 3-year CD, $100,000 minimum
- 1.41% APY 2-year CD, $100,000 minimum
- 1.92% APY 3-year IRA CD, $100,000 minimum
- 1.51% APY 2-year IRA CD, $100,000 minimum
Details of the term share certificates are listed starting on page 23 of the credit union's universal disclosure. The disclosure describes the early withdrawal penalty for CDs with terms of 1-year and above as follows:
If the withdrawal is after six days of account opening, and the term is 12 months or more, an early withdrawal of principal will result in a penalty of 180 days’ dividends on the amount withdrawn. Early withdrawal penalties may invade principal.
One interesting thing I found in the disclosure is the CD grace period at maturity. It's the longest grace period that I've seen at 21 days.
In addition to employees at Sandia National Laboratories and several other companies, membership in SLFCU is open to members of the National Museum of Nuclear Science & History. Please refer to the credit union Who Can Join page for the full details.
There's an online application in which you can join and open accounts. In the "Eligibility Information" section, you can select this museum by first selecting "I am a current or retired employee of an SLFCU select employee group" followed by "association member" under employment status and the museum name under company. According to the museum website, basic membership costs $40 ($35 for those 65 or over). You may want to call the credit union at 800.947.5328 to see if there's a cheaper way to join.
Credit union membership requires a $5 minimum balance in the share savings account.
Credit Union Overview
SLFCU branches are located in Livermore, California and in the New Mexico cities of Albuquerque, Edgewood and Los Lunas. The credit union is also part of the shared branch network.
It's a large credit union with $1.82 billion in assets. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 2.84% (excellent) based on March 2012 data. Please refer to our financial overview of Sandia Laboratory Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5851).
How These CD Rates Compare
Melrose Credit Union also has the highest 3-year CD rate with a 1.76% APY. The highest from a bank is much lower at 1.50% APY at Doral Bank Direct.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.