Justice Federal Credit Union is offering a special CD for its 75th anniversary. It's a 75-day CD with a 7.50% APY. Maximum deposit is $25,000. Minimum is $500. New money is required. Offer is available to new and existing members. It's a limited time special that began on December 1st. It's listed on the credit union's front page as of 12/22/2010. Details are listed in the credit union's promo page.
If a member deposits $25K, he'll make around $385 from this CD. As a comparison, if he deposited $25K in SmartyPig earning 1.75% APY (the highest non-reward liquid account rate), we would make around $90 after 75 days.
The credit union also has competitive rates on its standard and IRA certificates and Jumbo certificates. For the Jumbo certificates, the best yields include a 2.70% APY 5-year CD and a 2.00% APY 3-year CD. These are listed in the credit union's rates page as of 12/22/2010.
JFCU membership eligibility is based on employment in Select Employer Groups and membership in certain law enforcement organizations. A list of eligible law enforcement associations is available at this section of the membership page. A couple of these associations allow anyone to be a member for a fee. Once you are eligible, the instructions for joining provide an application that can be downloaded. Membership requires a minimum balance of $5 in the share savings account.
In 2007 JFCU had a very popular CD deal with a 6.25% 24-month CD. Many readers went through the membership process which wasn't easy. To review the issues, please refer to this post and the comments. Below is a list of the important membership issues from that post:
- Hard credit pull by Equifax is done
- National Sheriffs' Association (NSA) and National Native American Law Enforcement Association (NNALEA) are part of JFCU's FOM
- NSA membership costs $35, and you can join online.
- NNALEA membership costs $15. In 2007 readers reported problems with the NNALEA online application.
- Notarized copy of driver's license was required
- Proof of association membership was required. For the NSA, you must include the membership number.
Make sure to contact the credit union for the latest requirements for joining.
Branches are located in Washington DC, Los Angeles, San Diego, New York, Texas, Virginia and West Virginia. Many of their branches have restricted or limited access. They are members in the Shared Service Center which allows you to perform many banking transactions at credit unions around the country.
JFCU has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 13.62% (excellent) based on September 2010 data. Please refer to our financial overview of Justice Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 151).
Credit for this find goes to FW member ck90211 who mentioned this special in this FW CD thread.
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