So here is the latest in BankVibe’s quest for 3.0% APY FDIC insured investments:
Fort Financial Credit Union out of North Carolina is offering customers using new money a 15 month CD yielding 3.05% APY (if you are already banking with them and cannot fund this account with new money they will still offer you a respectable 2.75% for the same 15 month duration.)
It’s a bit discouraging to say the least that we can’t get over this 3.0% APY hump that seems to be in place for shorter term deposits, but local credit unions and banks are constantly running CD rate promotions that will at least crush the current national averages.
To sign up for Fort Financial Credit Union’s “Spring Savings Special” CD rates you must first become a member. Like many credit unions there are geographical restrictions in place for membership. If you have family that is eligible to join you may also be eligible as For Financial Credit Union allows even distant family members eligibility. You’ll need to contact them directly for specifics regarding membership.
If you live in the following cities you may be eligible for membership:
Fort Wayne, Indiana
Gastonia, North Carolina
Morganton, North Carolina
South Beloit, Illinois
If you know of a short term deposit (6 – 18 months) yielding 3.0% PLUS please let us know about it by leaving a comment!
CD Rate Outlook:
Expect CD rates to continue their decline as the FED keeps putting downward pressure on key rates. We would recommend locking in a long term CD such as a 5 year deposit to take advantage of today’s high rates and to hedge against tomorrow’s undoubtedly lower ones. In North Carolina and much of the east and southeast there are also a number of decent options still available in local community banks and credit unions. Visit our CD rates archive for bank deals in North Carolina to get a better feel for the options available through these smaller institutions.