With today’s historically lame landscape for savings rates, we here at BankVibe.com are constantly struggling to find savings products worth while for our readers.
For those who just recently began researching FDIC-insured savings products, the first thing you should know is that rates are horrific. That said, we understand that these financial instruments still fill a roll in most individuals long term investment strategy(s). So for those who are interested in opening a CD, below are four instituions featuring deposits with rates above 2.0 percent. They all require terms of 60 months and potentially come with early withdrawal penalties.
CD Rates above 2.0 Percent:
1) Melrose Credit Union – Melrose CU is regularly featured here for their outstanding rates when compared to the current national average(s). Today they are offering a 60 month CD yielding 2.17% APY requiring a minimum deposit of $5,000. Although Melrose CU is based in New York, they can accept deposits online. You’ll have to open a supplemental savings account and fund it with $5 to join the credit union.
2) Justice Federal Credit Union – Justice FCU also has a comparatively attractive 60 month CD. Their CD is currently providing yields of 2.10% on balances between $500 and $100k as well as 2.20% on balances above $100k. Although their 5 year deposits are still providing decent yields they actually fell a long way from the 2.75% APY level they were at in the beginning of 2012.
3) Connexus Credit Union – Again, another regular here for their outstanding rates when pitted against the current national average(s). Connexus CU is offering a 5 year certificate of deposit with an annual percentage yield of 2.0% on deposits above $10,000. Unlike the institutions mentioned above, CCU is a tad more restrictive with their membership. You’ll also need to open up a checking account with them in conjunction with this deposit.
4) Fort Knox Federal Credit Union – These guys have a 5 year CD featuring an interest rate of 2.0% as well requiring a minimum deposit of $500. This rate tumbled from 2.30% just three months ago. You may qualify for membership with just a one-time membership fee of 15 bucks. There locations, however, are geographically exclusive so prepare to conduct your banking over the phone or online if you dont reside near one of their Southeast locations.