14 month CD rate promotion: 1.40% APY (available nationwide)

Although it’s pretty tough to get excited about a CD (certificate of deposit) that has a longer maturity than one year and still yields under 2.0% APY, we’d like to give a shout out to Fort Knox Federal Credit Union for offering two pretty decent CD rate promotions. Both offers (a 14 month CD and a 23 month CD) beat the current national average by a fairly significant margin. Their 14 month CD rate special offer comes with an APY of 1.40% and their 23 month CD comes with an APY of 2.25%.

To put these promo’s in perspective the current national average for 12 month CD’s sits at just 1.15% APY and the current avg. for 36 month CD’s sits at 1.98% APY.

* Compare the top 12 month CD rates and 3 year CD rates available throughout the country from our rate tables.

Unlike most credit unions, this one accepts people throughout the country so long as you join American Consumer Counsil – a non-profit aimed at educating consumers of fiscal responsibility – and pay a on time $15 membership fee to the credit union.

Headquartered in Radcliff, Kentucky, FKFCU has 13 branch locations throughout the state – in Hardin, Grayson, Meade, Nelson, Boyle, LaRue and Taylor counties. Currently, Fort Knox Federal Credit Union has over 72,000 members with over $815 million in assets.

Deposit Product Terms and Conditions:

- $500 minimum deposit required.

- Promotional CD Rates accurate as of June 1, 2010

- Dividends paid and compounded quarterly/monthly.

- Rates subject to change at anytime without notice.

Fort Knox Federal Credit Union’s promotional CD rates

After compiling the post, “Best CD rates in Kentucky” we discovered one particular credit union currently running some very noteworthy promotional deposit products. Fort Knox Federal Credit Union out of Radcliff, Kentucky has three promotional CD rate offers which absolutely crush the current national average.

All of their promotional products hold relatively short maturities with “odd-ball” durations. The first is a 7 month CD which is yielding an APY of 2.50%. To put this in perspective the average rate for 6 month CD’s currently sits at around 1.30% APY.

The second is a 11 month CD yielding an APY of 2.60%. The current national average for 12 month CDs is around 1.65% APY.

And their third promotional deposit product is a 17 month CD with an APY of 2.75%. The current national average for 24 month CD’s sits at around 2.0% APY.

Like most credit unions, this one is particularly hard to join if you don’t fit precisely within their eligibility guidelines. First, if aren’t serving in the military you may have a difficult time obtaining a membership (unless you reside near one of their 12 branches), second if you ARE serving and live outside of Kentucky, then you may be eligible but it will most likely require a physical visit to one of their branches.

Fort Knox Federal Credit Union has seen tremendous growth over the past few years which has allowed them to expand into many neighboring communities. Their latest addition is the Campbellsville Branch, making 12 branch locations across Kentucky in Hardin, Grayson, Meade, Nelson, Boyle and Taylor counties. Currently, Fort Knox Federal Credit Union has over 67,000 members with over $700 million in assets.

Best CD (certificate of deposit) rates in Kentucky: Top 3

Below are the top 3 CD rates available to residents in the state of Kentucky and the institutions which offer them. Some of the banks and credit unions listed below may serve a regional area, therefor you may also want to search through the best CD rates in Indiana, best CD rates in Tennessee and/or CD rates in Ohio to ensure the optimal product and highest yield.

Keep in mind, some of the institutions listed below have strict eligibility requirements (esp. credit unions) so you may want to contact a representative directly to see if you are eligible. However, even if you do not live in Kentucky you may be able to take advantage of the products but it will most likely depend on your living situation (ie where you work, live, worship, attend school, etc).

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates (Kentucky):

(clicking on the institution will bring you to their rates page)

Fort Knox Federal Credit Union: Radcliff, KY. 17 month CD yielding 2.75% APY with a minimum deposit amount of $500. This is a promotional offer and is available for a limited time only. As a rule of thumb, when you receive offers with maturities outside the standard 6 month increments (ie 17 months) it is almost always a promotional offer. These offers may remain on the table for 1 day to 3 months depending on the institution. Like all CD rates they are time-sensitive in nature. Fort Knox Federal CU currently has a few promotional CD rates – a 7 month, 11 month and 17 month CD with yields of 2.50% APY, 2.60% APY and 2.75% APY, respectively.

Fort Campbell Federal Credit Union: Hopkinsville, KY. 24 month CD yielding 2.80% APY with a minimum deposit amount of $1,000. Like Fort Knox Federal CU, this credit union has fairly strict eligibility requirements. To sign up for one of the deposit products you must have a military ID and live or serve near one of their seven locations throughout Kentucky. You may also be eligible if you are a family member of someone who fits that criteria. Fort Campbell is also offering a very noteworthy 12 and 36 month CD which are yielding 2.50% and 3.0% APY respectively.

First Citizens Bank of Carrollton: Carrollton, KY. 36 month CD yielding 3.0% APY with a minimum deposit amount of $1,000. First Citizens Bank of Carrollton has been around since the 1880′s but only has a few ATM and branch locations within the state of Kentucky. Their rates page was last updated in February so I would contact a representative directly to ensure yourself the most up to date rates.

All of the institutions mentioned above are federally insured by either the FDIC or NCUA and your deposits are secure up to $250,000. If you reside in the state of Kentucky and know of a better CD rate offered by your local institution, please share by leaving a comment.