CD Rate Promotion: Limited Time 18 Month Bank CD!

February 14, 2011 No Comments »

BankVibe.com reader Ben just forwarded us a fairly nice 18 month CD rate promotion available for a limited time through Velocity Credit Union out of Austin, Texas. From now until the end of this month VCU is providing it’s members with a 18 month CD yielding up to 1.56% APY depending on your deposit amount and whether or not you’ll be using it as an IRA CD. (Visit promo page here.)

Here is how the interest rates are broken down for this specific CD promotion. First, if you are just going to open a traditional CD (certificate of deposit) you will need to make a deposit of at least $5,000. If your deposit amount is between $5000 and $9,999 you’ll incur an APY of 1.26%, if your deposit is between $10k and $89,999 you’ll incur an APY of 1.46% and if your deposit is above $90k you’ll get a 1.50% APY.

OR, if you happen to be in the market for an IRA CD then this promotion will provide you with slightly better interest rates. On deposit between $5k and $9,999 you’ll get 1.31% APY, on deposits between $10k and $89,999 you’ll get 1.46% APY and with deposits above $90k you’ll snag an annual percentage yield of 1.56% APY.

To put the offers above in perspective the national average for 1 year CDs and 3 year CDs sits at roughly 0.90% APY and 1.47% APY, respectively.

About Velocity Credit Union:

VCU is a full service financial institutions that was originally chartered in 1947 to serve the city of Austin, TX employees. Today they oversee over $500 million in assets and have almost 70,000 members. They currently have several branch locations throughout RoundRock, Texas and Austin, Texas.

Who can join?

There are 3 ways to join this credit union. First, if you live within a 10 mile radius of any ATM or brach you are eligible for membership. Second, if you have a family who is a member, you are automatically qualified. Third, if you work for one of their selected employers you may join (over 100 sponsoring employers and organizations).

Compare the CD promotion above with some of the best CD rates in Texas.

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