RTN Federal Credit Union is offering a 1.70% APY on its Jumbo 12-month certificate. This requires a $50K minimum deposit. The rate for a $1K minimum deposit is much smaller at 1.20% APY. This is one of the few institutions that provide a sizable reward for a large deposit. This CD is also available in an IRA. These rates are listed in the credit union's rate table as of the morning of 7/19/2010.
My last post on this credit union was in early May when this CD yield was 2%. Unfortunately, that didn't last long. Hopefully, this current rate will last for a while. A yield of 1.70% is currently quite competitive for a 1-year term (unfortunately).
In addition to select employee groups, you can also qualify for membership in this credit union if you belong to certain organization groups. Refer to the credit union membership page for more details. The sponsors group list has all the eligible employers and organizations. Two organizations which appear open to all are the Gore Place Society or the Waltham Historical Society. Individual membership for the Gore Place Society is $30. Note, it's always best to check with the credit union about an organization to ensure membership will make you eligible to join the credit union. There have been cases at other credit unions in which they changed the listed requirement from membership of an organization to an employee of that organization.
The credit union has some details about the member application process in this page. Here's an important excerpt:
If you are a Massachusetts resident, we request that you visit an RTN branch location to process your membership application. When applying for an RTN membership via the US mail from outside of Massachusetts, we require your signature to be notarized and you provide us proof of membership eligibility.
You can tell this credit union was originally set up to serve Raytheon employees. Many of the branches are located in Raytheon facilities. Branches that are publicly available are located in the Massachusetts cities of Amesbury, Danvers, Marlborough, Tekksbury and Waltham.
The credit union's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of RTN Federal Credit Union). These ratings are based on March 2010 data, except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 24311).
Searching for the Best CD Rates
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