Attention – Update 2013: The 7 month CD rate promotion is no longer available. Visit Elevations Credit Union’s rate tables to see all current certificate of deposit products and updated rates.
This CD rate promotion is available to residents of Colorado and/or any individuals or families eligible to join Elevations Credit Union only.
Offer – Elevations Credit Union (Colorado) is offering new and existing customers a 7 month CD yielding 7% APY for deposits up to $2,000!
Before you get too excited, you’ll want to scan the terms and conditions (listed below). While this is certainly an attractive savings rate, its also a clever marketing tactic by Elevations CU because they’ll be getting three new accounts from you when/if you decide to proceed with this promotion. As we’ve highlighted below, you’ll need to fund a checking account with them requiring a minimum balance of at least 100 bucks as well as an additional savings account requiring a minimum deposit of just $25. Including the deposit you’ll effectively have 3 active accounts with Elevations Credit Union. Both banks and credit unions regularly deploy these promotions in an attempt to get individuals to conduct all of their banking through them by luring them in one account at a time. Of course, we also wish Elevations Credit union would have offered this fabulous rate on deposits up to $250,000 (current FDIC and NCUA limit) rather than just $2,000, but we understand the intent.
If you’re not eligible to join Elevations Credit Union, you may want to snoop around for other credit unions in Colorado offering decent CD rates as we’ve seen a number of local promotions in the state providing savings products with impressive rates for new members.
Terms and Conditions:
- Only one person (or one social security number) per CD
- Must be at least 13 years old to open the deposit
- New members must also open a checking account with $100 and a savings account with $25
- Min deposit of $1,000 and maximum of $2,000.
This CD rate promotion from Elevations Credit Union more than doubles the national average for CD rates. Too bad its not applicable to jumbo CDs.