If you’ve been in the market for short term certificate of deposits for a while now then I’m sure there isn’t much need for us to reiterate the current state of their rates, however, for those whom are just entering the marketplace – please realize rates are FAR from decent.
If you’ve been scanning through some of the larger national banks’ rate pages for 6 month CDs, 12 month CDs or even 18 month CDs you’ve probably noticed rates being offered at or around 1.0% APY. Our advice would be to consider a credit union, mainly small and exclusive ones, that you may be able to join. Just be sure it’s insured by the NCUA (FDIC equivalent for credit unions).
Here is an example of one tiny-little credit union out of Lenoir County, North Carolina which is currently offering between 1.76% and 1.81% APY on six month CDs. The national average for 6 month CDs currently sits at a pathetic 0.95% APY.
If you deposit between $1,000 and $99,999 into one of Carolina Family Credit Union’s 6 month CDs you will earn 1.76% APY and if you can make this a jumbo CD (ie depositing $100,000 or greater) you can earn 1.81% APY on your deposit.
Carolina Family Credit Union only has one branch and it’s in Lenoir County, North Carolina. They were originally chartered in December of 1975 as Dupont K.P. Employees Federal Credit Union and now operate under their current name – Carolina Family Credit Union. Their single office is located in Kinston, NC after their second office was closed down in 2005. Anyone who lives, works, worships or attends school within Lenoir County is eligible for membership. You may also be eligible if you happen to have family located within the county.
For the top rates in this state you may want to compare this offer to the best CD rates in North Carolina.
Thanks to BankVibe reader Glen for giving us the heads up on this sweet little offer by such a sweet little credit union!