In today’s interest rate environment, most short- and mid-term CD rates are not much higher than the rates you can get from top internet savings accounts. That’s not the case for the CD specials being offered by Firelands Federal Credit Union. It’s offering two CD specials with very competitive rates. These include a 2.00% APY 18-month CD and a 1.60% APY 1-year CD. There’s also a 9-month CD which has a good rate but not an exceptional rate of 1.00%. New money is required, and these are not available in an IRA. These rates are listed in the credit union’s rates page as of 8/19/2013.
Credit union membership is primarily limited to persons who reside, work, or worship or attend school in the Ohio counties of Huron and Crawford. Please refer to the credit union’s membership page for the full details.
Credit Union Overview
Firelands Federal Credit Union branches are located in the Ohio cities of Bellevue, Norwalk, Galion and Bucyrus. The credit union is also part of the Co-Op Shared Branch network that allows credit union members to use branches of other network credit unions to conduct basic teller transactions.
Based on the name, I had thought the credit union was established to serve firefighters. It was actually originally established in 1955 to serve railroad employees. That changed in 1970 when membership was expanded to anyone who lives or works in the community.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 5.27% (excellent). Please refer to our financial overview of Firelands Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 11674).
How These CD Rates Compare
The highest 1-year CD rate that’s nationally available is 1.10% APY at Connexus Credit Union. This requires an active checking account. Without the checking requirement, the highest rate is 1.05% APY at GE Capital Bank, DollarSavingsDirect and GE Capital Retail Bank.
The highest 18-month CD rate that’s nationally available is 1.10% APY at GE Capital Bank.
The best nationwide CD with a term that’s near these two is at Aspire Federal Credit Union which has a 1.25% APY 15-month special CD.
These rates are accurate as of 8/19/2013.
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.