6.80% 6-Month CD at a Washington DC Credit Union (Transit Employees).
POSTED ON BY Ken Tumin
Update 2/23/08: The credit union has extended this offer to 2/26/08.
Transit Employees Federal Credit Union is offering a special 6.80% APY 6-month certificate of deposit. The minimum deposit is $500, and the funds must be new to the credit union. There doesn't seem to be a maximum deposit, but the small print states they may cap the 6.80% APY promo on the first $2.5 million deposited. The offer is scheduled to end on Friday, February 22, 2008.
In addition to this promo, they're also advertising a 0.68% APY bump on their standard certificates. The rates on their standard certificates are competitive with a top yield of 4.65% APY for the 12-month CD. These are also available in an IRA.
The main problem with this promotion is the credit union's narrow field of membership. To qualify for membership you must be "employed by the Washington Metropolitan Area Transit Authority (WMATA), retired from WMATA or any of it's predecessor companies, or a Metro Access Employee. Once qualified for membership through your employer, you can share the benefits with your spouse, siblings, parents, grandparents, children, and grandchildren (natural, step, or adopted)."
Membership in the credit union requires a fee of $3 and a minimum deposit of $50 in the savings account.
The credit union is federally insured by the NCUA (Charter # 3764). It has $68.7 million in assets and 10,719 members.
Transit Employees Federal Credit Union is offering a special 6.80% APY 6-month certificate of deposit. The minimum deposit is $500, and the funds must be new to the credit union. There doesn't seem to be a maximum deposit, but the small print states they may cap the 6.80% APY promo on the first $2.5 million deposited. The offer is scheduled to end on Friday, February 22, 2008.
In addition to this promo, they're also advertising a 0.68% APY bump on their standard certificates. The rates on their standard certificates are competitive with a top yield of 4.65% APY for the 12-month CD. These are also available in an IRA.
The main problem with this promotion is the credit union's narrow field of membership. To qualify for membership you must be "employed by the Washington Metropolitan Area Transit Authority (WMATA), retired from WMATA or any of it's predecessor companies, or a Metro Access Employee. Once qualified for membership through your employer, you can share the benefits with your spouse, siblings, parents, grandparents, children, and grandchildren (natural, step, or adopted)."
Membership in the credit union requires a fee of $3 and a minimum deposit of $50 in the savings account.
The credit union is federally insured by the NCUA (Charter # 3764). It has $68.7 million in assets and 10,719 members.
Too bad this CU has such strict membership requirements. (Now THIS is the CU that needs that membership policy where one just signs a letter of faith.)