We list many credit unions in our rate tables with very competitive deposit rates, but unfortunately, most of these credit unions have very narrow fields of membership (FOM). These are typically small credit unions which serve a few select employee groups. Unless you work for one of the employers, you generally can't join even if you live near the branch. However, many of these credit unions have been expanding their fields of membership. An example is Tandem Federal Credit Union which is located in a Detroit suburb. It recently expanded its FOM to include many parts of the Detroit metro area.
If you live in the Detroit area, and if you are looking for competitive CD rates, you should check out Tandem Federal Credit Union. Its best CD deal is a 3-year CD with a 2.00% APY. Its 5-year and 2-year CDs are also competitive with APYs of 2.25% and 1.40%. Minimum deposit is $2,000. These rates are listed in the credit union's rates page as of 11/14/2011. According to the rate table, the 3-year and 5-year rates are scheduled to remain in effect until January 31, 2012.
I noticed the expanded FOM in the credit union's July 2011 newsletter. According to the newsletter:
We now welcome persons who live, work, worship, attend school, do business, and other legal entities in the following cities: Center Line, Eastpointe, Fraser, Roseville, Warren, Sterling Heights, Clinton Twp., Farmington Hills, Ferndale, Hazel Park, Oak Park, Southfiel (Oakland County)
Before this change, the credit union was limited to a few employee groups. The credit union's About US page has details about the eligible employee groups.
It's a small credit union with one office located in Warren, Michigan at 21043 Mound Road. The credit union is part of the shared branch network. This allows members to perform many banking transactions at other credit unions that are part of the network.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 1.00% (excellent) based on June 2011 data. Please refer to our financial overview of Tandem Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 4787).
How These CD Rates Compare
A 2% APY is very hard to find these days for 3-year CDs. This is especially the case for banks. The highest 3-year bank CD rate that's nationally available is only 1.65% APY at Doral Bank Direct. There are several higher 3-year CD rates at all-access credit unions. The best deal is currently at Velocity Credit Union which is offering a limited-time special 3-year CD with a 2.12% APY.
These rates are accurate as of 11/14/2011.
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.