It has become difficult in finding 2% CDs these days. Fortunately, there are still a few credit unions that continue to offer a 2.00% APY 5-year CD, and I have reviewed 4 easy-to-join credit unions that are still offering 2%. I've come across a new one. It's Communitywide Federal Credit Union, and in addition to a 2.00% APY 5-year CD, it's also offering two competitive special CDs: a 1.70% APY 49-month CD and a 2.00% APY 59-month CD. Minimum deposit is $2,000. These rates are listed in the credit union's rates page as of 10/01/2012.
Below the CD rate table, the small print listed the early withdrawal penalty:
Early Withdrawal Penalty: Any funds withdrawn before the maturity date will be assessed a penalty equal to 35% of the dividends that would be earned by those funds during the entire term.
For a 5-year CD, that penalty would equal 21 months of interest which is a large early withdrawal penalty.
Credit union membership is open to donor members of Michiana Goodwill Boosters and Marine Corps League. There are also a long list of select employer groups that can make you eligible to join the credit union. Please refer to the credit union's membership eligibility page for more details. This page doesn't have much info on the membership application, but it said to call (574) 239-2700 if you want to join. I called this morning, and the CSR said that they can mail a membership application along with a new-member packet with more details. I was told you can join one of the above associations at the same time that you join the credit union. It requires a $5 fee for the association and a minimum $5 deposit for the credit union savings account. If you're interesting in joining, you should call (574) 239-2700 and ask them to mail you the documents.
Credit Union Overview
Communitywide FCU branches are located in the Indiana cities of South Bend, Elkhart, Goshen, Granger, Mishawaka, Plymouth and Warsaw.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 16.46% (average) based on March 2012 data. Please refer to our financial overview of Communitywide FCU for more details. The credit union is federally insured by the NCUA (Charter # 18336).
How This CD Rate Compares
Unless you get lucky with a hot local deal, 2% is about the best you can expect for a 5-year term. Communitywide FCU joins the list of 4 other easy-to-join credit unions with a 2% APY 5-year CD. These other ones are Eli Lilly FCU, Mountain America CU, Pen Air CU and Connexus CU.
You can still get a 2.00% APY 5-year CD at the large bank BBVA Compass, but this isn't nationally available. You have to live in the market areas where Compass has branches. These are in AZ, CA, CO, NM, AL, FL and TX.
These rates are accurate as of 10/1/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.