After a BankVibe.com reader notified us on a competitive 5 year CD coming from a regional credit union based out of Florida, we conducted a little further research an outed a few more noteworthy long term CD rates (with 5 year terms, to be exact) coming from credit unions in Florida.
Although we wouldn’t necessarily recommend locking your money into a 5 year CD in this miserable landscape for FDIC-seeking-savers, we still thought we’d highlight them since they’re beating the national average by such respectable margins.
Before we mention the top 3 however, we’d like to state that these are fairly exclusive, regionally operated credit unions. It may be difficult to join if your individual circumstance (ie place of work, residence, family ties, etc) doesn’t meet their targeted market. That being said, if you do fall into their list of selected employers, have family members that do, or reside in their area of regional operation, it’s certainly worth a shot at applying for membership. Check with the individual institutions’ website or give them a call for further clarification.
Top Rates on 5 year CDs from Florida Credit Unions:
(Rates accurate as of October 2011.)
- American Airlines Federal Credit Union (Miami, FL) has a 5 year CD yielding 2.78% APY with a minimum deposit requirement of $10,000. Visit aacreditunion.org or call (800) 533-0035.
- United Police Federal Credit Union (Miami Beach, FL) has a 5 year CD yielding 2.58% APY with a minimum deposit requirement of $1,000. Visit unitedpolicefcu.com or call 1-800-609-3277.
- Saint Joseph’s Hospital Federal Credit Union (Tampa, FL) has a 5 year CD yielding yielding 2.30% APY with a minimum deposit requirement of $1,000 required. Visit sjhfcu.org and use their contact form for further inquiries regarding membership.
To put the annual percentage yields in perspective, the national average for 5 year certificates of deposit sits at roughly 1.78% APY.