5.56% 16-Month CD at a Colorado CU (Space Age)

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Space Age Federal Credit Union is offering a special 5.56% APY 16-month share certificate. The minimum deposit is $500, and it requires new money. The rate will be 7% APR for the rest of 2007. Starting in 2008, the rate will automatically adjust to 5.00% APR for the rest of the term.

The 5.56% APY is specified in the promotion page, but it appears this will go down each day since the period during which the CD earns 7% is reduced. Based on my calculation, if the CD is opened tomorrow, the average rate for the 16 months will be about 5.34%. Assuming daily compounding, this would translate to about 5.49% APY.

Membership is open those who join the Rocky Mountain Road Runners. Please see the credit union's join now page for more ways to qualify. Membership requires a one time $5 fee and a minimum deposit of $25 into your regular share account.

Branches are located in Denver and Aurora, Colorado. The credit union is federally insured by the NCUA (Charter # 8029). It has $91.8 million in assets and 14,252 members.
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