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POSTED ON BY Ken Tumin
Banks and credit unions can get pretty creative in their special CD offerings. Unfortunately, they can sound much better than they really are. I suppose that's why they do it. Nevertheless, these can sometimes be good deals for the consumers. Below are some examples. To take advantage of these you usually have to live near a branch. Some of the credit unions can have other membership eligibility requirements besides location.
Extra 0.01% for every year of your age - Chiphone Federal Credit Union is offering a special CD called "It's your birthday certificate". They don't explain it this way, but based on their examples, it looks like you add 0.01% to any of their current CD rates for every year of your age. So if you're 50 years old you would add 0.50% onto any of their current CD rates. This wouldn't be much of a deal if their current rates were low, but they do have some respectable CDs rates. For example, their 1-year CD yields 4.08%. So the birthday-rate for a 50-year-old would be 4.58% which is an excellent rate for a 1-year CD.
Chiphone is located in Indiana. Membership eligibility is based on employee groups.
10% APY 1-Year CDs with $1K Max Deposit - Two credit unions and one bank are offering these. The maximum deposit into this CD is $1K. You can think of these as a $60 bonus and a 4% 1-year CD. The $60 is the difference between one year of interest of a 10% CD and a 4% CD for a $1K deposit.
Central Macomb Community Credit Union is one of the two CUs offering this special 10% CD. It's also worth noting that their money market account has some very respectable rates of up to 3.75%. Its main office is in Clinton Township, Michigan, and membership eligibility is open to all who live in Macomb county Michigan.
The other CU with the 10% CD special is First U.S. Community Credit Union which is located in Sacramento, California. Membership eligibility is open to the 7-county Sacramento area.
Finally, Allen Bank and Trust Company has this same 10% CD special. Its main branch is in Harrisonville, Missouri.
Plain Old CD - There's nothing fancy about this. I just thought it was worth mentioning. The University of Iowa Community CU is offering a 4.00% APY 9-month CD and a 4.30% APY 15-month CD. They have several Iowa branches including 3 in Iowa City. Membership is open to residents in 14 Iowa counties including Washington, Marshall, Jasper and Benton.
Extra 0.01% for every year of your age - Chiphone Federal Credit Union is offering a special CD called "It's your birthday certificate". They don't explain it this way, but based on their examples, it looks like you add 0.01% to any of their current CD rates for every year of your age. So if you're 50 years old you would add 0.50% onto any of their current CD rates. This wouldn't be much of a deal if their current rates were low, but they do have some respectable CDs rates. For example, their 1-year CD yields 4.08%. So the birthday-rate for a 50-year-old would be 4.58% which is an excellent rate for a 1-year CD.
Chiphone is located in Indiana. Membership eligibility is based on employee groups.
10% APY 1-Year CDs with $1K Max Deposit - Two credit unions and one bank are offering these. The maximum deposit into this CD is $1K. You can think of these as a $60 bonus and a 4% 1-year CD. The $60 is the difference between one year of interest of a 10% CD and a 4% CD for a $1K deposit.
Central Macomb Community Credit Union is one of the two CUs offering this special 10% CD. It's also worth noting that their money market account has some very respectable rates of up to 3.75%. Its main office is in Clinton Township, Michigan, and membership eligibility is open to all who live in Macomb county Michigan.
The other CU with the 10% CD special is First U.S. Community Credit Union which is located in Sacramento, California. Membership eligibility is open to the 7-county Sacramento area.
Finally, Allen Bank and Trust Company has this same 10% CD special. Its main branch is in Harrisonville, Missouri.
Plain Old CD - There's nothing fancy about this. I just thought it was worth mentioning. The University of Iowa Community CU is offering a 4.00% APY 9-month CD and a 4.30% APY 15-month CD. They have several Iowa branches including 3 in Iowa City. Membership is open to residents in 14 Iowa counties including Washington, Marshall, Jasper and Benton.
