As you may know, finding certificates of deposit yielding 3% (plus) has been a challenge lately for shorter term maturities. However, thanks to BankVibe reader Christie I have two outstanding CD rates to report on which are being offered through the same credit union. Both of these outstanding rates became effective as of March 12, 2009 and may be subject to change. [WYMAR has an exclusive membership. Scroll further down this post to see who can join. If you are looking for the best CD rates available nationwide you will have to search by state using the search bar to the upper-right.]
The first is a 6 month CD yielding 3.04% APY through WYMAR Federal Credit Union out of Louisiana. This carries a minimum deposit of $5,000 and a maximum deposit of $75,000. WYMAR Federal Credit Union’s CD’s are federally insured by the NCUA (National Credit Union Administration), which is the FDIC equivalent for credit unions.
The second rate is equally impressive. It is a 12 month CD with an interest rate of 3.25% or 3.30% APY. The 1 year CD carries the same requirements as the six month CD as far as minimum and maximum deposits are concerned.
WYMAR Federal Credit Union is based out of Geismar, Louisiana and was established in 1958. Like a lot of local credit unions, Wymar is a not-for-profit financial institution, democratically-controlled, and organized in a cooperative spirit where all members are equal shareholders.
Unfortunately WYMAR Federal Credit Union has some very strict membership requirements which most of us probably can’t hack. For starters you must work for their very limited number of designated companies which are all based out of Louisiana. If you dont fall into that category than you must be a family member of someone working for those companies or a family member of an employee at the credit union.