FAA Credit Union (OK) has a top-rate 36-47 month CD (1.91% APY). The minimum opening deposit is $500 and there is no maximum balance cap. This 36-47 month CD is also available as an IRA (Traditional and Roth) at the same rate, with the same balance requirements. According to CSR, the Early Withdrawal Penalty (EWP) is 90 days interest.
An interesting side note concerning the EWP: during the Federal Government shutdown in October 2013, FAA Credit Union offered several financial options to assist current members who were government employees; one of these options was no penalty on early CD withdrawals.
|1.26%||$500||-||True Sky Credit Union||36-47 Month CD|
|1.26%||$500||-||True Sky Credit Union||36-47 Month IRA (Traditional, Roth)|
Membership eligibility in FAA Credit Union is residency based. Anyone who lives, works, worships, or attends school in the Oklahoma Counties of Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma and Pottawatomie is eligible for membership.
Joining FAA Credit Union requires either an in-person visit to any of seven branches located in Edmond, Mustang, Norman, and Oklahoma City (4), or printing the FAA Quick Membership Application and returning it by mail. Opening a CD requires a branch visit.
Credit Union Overview
FAA Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 4.54% (excellent), based on June 30, 2014 data. In the past year, FAA Credit Union improved its Texas ratio by 85.44%, indicating a dramatic improvement in its balance sheet and financial strength. Please refer to our financial overview of FAA Credit Union for more details.
Like so many credit unions, FAA (Federal Aviation Agency) Credit Union (NCUA Charter # 62568) was founded to help employees help each other with their financial needs. The founding name in 1946 was CAA (Department of Commerce Civil Aeronautics Administration) Employees Credit Union, and was changed in the 1950s when the Federal Government consolidated the CAA Department with the FAA. In 1997, FAA Credit Union adopted a community charter, extending membership to residents of the counties surrounding the Oklahoma City Metro area. Today, FAA Credit Union has close to 50,000 members and assets in excess of $562 Million.
How the Rate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com, with a $500 minimum deposit and available to Oklahoma residents, FAA Credit Union’s 36-47 month CD is highly competitive.
|Interest Rate||CD Length||Institution|
|1.91% APY||36-47 month CD Special||FAA Credit Union|
|1.71% APY||35-month CD Special||USAlliance Credit Union|
|1.60% APY||36-month CD||First Technology Federal Credit Union|
These rates are accurate as of 10/10/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.