Promotional 9% CD rate at Educational Community Credit Union!

January 20, 2009 2 Comments »

Attention – Update 2013: The promotional certificate of deposit being offered by Educational Community Credit Union is no longer available. Visit their savings rate tables to see all products and current rates.

The promotional CD rate offered below is available for residents of the state of Missouri as well as individuals who are eligible to join Educational Community Credit Union.

An unbelievable CD rate is being offered by Educational Community Credit Union out of Missouri. As of the 2nd of this month they are offering new customers a bonus CD (certificate of deposit) rate yielding 9% for single deposits of $900.00 when you first open a 16 month builder certificate. This is a great offer for those who are just beginning to build a nest egg and don’t have too much cash to stash away.

Although the promotional product is capped at just 900 bucks, ECCU still has some regular CDs with very respectable rates (rate table shown below). Given the fact that interest rates as a whole are on the decline, we would recommend trying to lock in a long term deposit with a decent rate. Longer term CD rates in both Missouri and the rest of the country will likely continue on a downward trajectory before flatlining probably sometime in 2011. Therefor taking advantage of high interest rates now on long term CDs (3 years to 5 years) may be advantageous in the long run.

Credit unions frequently dangle these teaser rates out in an attempt to draw you in for more business (which they are certainly doing in this case), but you can’t ignore the fact that this CD promotion smashes all other cd rate promotions in comparison.

Here is the chart for Educational Community Credit Union’s CD rate offers (including the obligatory 16 month builder and the promotional 9% rate).

Certificate of Deposit Rates and Products

Term Name Minimum Balance APY
6 Month Certificate $500.00 2.00%
1 Year Certificate $500.00 2.25%
2 Year Certificate $500.00 2.75%

*16 Month Building Certificate
$900.00 -
*16 Month Building Certificate $15,000 and over 3.25%
**Bonus 9 Month Certificate $900.00 9.00%
3 Year Certificate $500.00 3.00%
4 Year Certificate $500.00 3.15%
5 Year Certificate $500.00 3.25%

Outlook for Missouri CD Rates:

As with the rest of the US, expect rates to decline. Missouri and other southern and southwestern states offer a variety of local credit union options which generally beat out the big banks when it comes to rates and service. You can skim through some of our favorite bank accounts in Missouri from our archives for additional options.

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  • Jill

    What is the builder certificate all about? Does that mean it “builds” up to the rate of 3.25% like is states under APY? If it does build up to 3.25% what are the first 15 month’s APY?

  • Mark

    That’s no big deal, only $900.00 earns at 9%, the 900 – 14999 on up earns at 2.36% and 15000 up at 3.25%
    The 900 and up part they call the “16 month building CD”

    So I computed that 900.00 for 9months at 9% compounded daily will earn you about $63 …. whooptie do.