Long-Term Flexible CD Special at First Choice Credit Union in SE Florida - Local Only

First Choice Credit Union is offering a 4.25% APY CD special. The downside is that it's a 10-year term. However, it has some liquid features that may ease your mind about locking into this very long term. First, it allows additional deposits. There is a limit of $25,000 which is the maximum amount you can have in this CD per member. Minimum deposit is $1,000. The second flexible feature is that it allows a penalty-free withdrawal each year of 20% of the balance. The credit union's promotions page lists the 4.25% APY and the account details as of 2/09/2010.

I emailed the credit union with some additional questions. According to the CSR, the 10 year CD is paid out on a quarterly basis. It can be deposited into your savings account instead of rolling over. They currently don't have an end date and expect to be offering this for a while.

Membership is open to anyone who lives or works in Palm County, Florida. Also eligible are all employees and retirees of the Federal Government and veterans of any branch of the service living in one of several Southeast Florida counties. Please refer to the credit union's membership page for the full details.

The credit union's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 67725).