First Priority Credit Union out of Massachusetts currently has two noteworthy CD rate promotions going on.
First – they have an exceptional 9 month CD special which has an interest rate of 2.97% or 3.0% APY! To put this lucrative offer in perspective, the national average for 12 month CDs is currently 1.99% and the national average for 2 year CDs is 2.33%.
Second – they have a 5 year CD which is currently yielding 4.25% APY. The national average for 5 year CD’s sits at roughly 3.00% APY.
The only bad news about these CD rates is that you must be a member of First Priority Credit Union to apply for them. As stated on their website, First Priority Credit Union membership is available to members of the Postal Community (employees, retirees, family members) as well as those that live and work in Massachusetts’ Essex County or Suffolk County.
First Priority Credit Union is a fairly small credit union (46th largest in the country) and has just 26 employees in their Boston-based locations. They control a little over $100 million in consumer deposits and service roughly $68 million in loans.
Both of the CD rate promotions being held by First Priority Credit Union are great offers as far as interest rates are concerned. Both sit comfortably above the national average. However, if you decide to move forward with one of these deposits, we would recommend taking advantage of the five year deposit. The FED has made it quite clear they are going to continue to lower rates in hopes of stimulating borrowing by businesses. The current level the FED is aiming for is a key rate of between 0.25% and 0.50%. CD rates from both banks and credit unions across the country will inevitably follow this trend and lower their rates as well. Therefor locking your money into a 5 year deposit with a respectable rate is a smart move in our current environment.
For further info on these CD rates or membership eligibility contact a rep at – (800) 949-7628.