Earlier this week we were tipped off on a exemplary 3 year CD rate coming from Coreplus Federal Credit Union of Connecticut. As of this week they are offering a 3 year “Scorecard Rewards” certificate of deposit with an APY of 2.35 percent requiring a rather hefty minimum deposit of $10,000.
To put this offer in perspective, the current national average for 3 year CDs sits at roughly 1.10% APY while the top 5 year CD rates from our database of online banks sits at just 1.80% APY.
This offer also blows away even the best 5 year deposits we tracked down from local institutions in Connecticut a few months ago.
A 3 year CD, in our opinion, may be the optimal FDIC-insured investment vehicle given today’s current landscape for savers. The FED has basically stated rates aren’t going to rise until at least 2014. And with the potential of a looming recession/depression this date could very well get pushed out even further. A 3 year deposit, therefor, will allow your funds free up at roughly the same time in which interest rates begin to tick upwards.
Coreplus Federal Credit Union is a mid-level credit union. They control roughly $180 million in consumer deposits and $112 million in loans. They have a little over 20,000 members, 60 employees and 7 branch locations (all of which are in Connecticut). They have a relatively healthy BBB rating of an A-. Just one complaint has been registered with the BBB. The details aren’t fully disclosed however the issue has been stated as stemming from a ‘billing or collections’ issue.
Below is a snapshot of Coreplus Federal Credit Union’s current deposit rates. Their long term deposits (3 years or greater) are providing very generous rates when compared to the national average, however, their short term rates sit well below the current national average.
You must live in the area (Connecticut) to gain access to this not-for-profit credit union.
Contact them at: