5-Year CD Rate At Cyprus Credit Unionis Not Fixed?

aelfa | Jul 13, 2017 | 1 posts since 2017

I don't do much with CDs, so please forgive my ignorance. Are the rates stated on DA fixed or adjustable? A local credit union, Cyprus, has a very high rate for a 5-year CD-- seen on both DA and the CU website. But in the terms, there's the statement:

1. Rate Information. The interest rate and annual percentage yield on your Share Certificate account may change at any time at the discretion of the Board of directors of Cyprus Federal Credit Union.

That doesn't sound good!

Is this a one-off, or are the results returned from DA a mix of fixed and adjustable? Or does "fixed" not mean truly "fixed"?

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