Credit Unions in Ohio Offering Top 30 month CD Rates

Three credit unions in Ohio are offering 30 month CD rates with yields that crush not only the national average, but the top interest rates from nationally available banks as well. 30 month CD’s are a mid-level term – we wouldn’t call it a short term CD nor a long term one. While we’ve continually preached here at BankVibe that one should be hesitant to get involved in a long term CD given our current environment for savings rates, we believe 30 month CD’s may be a good place to draw the line.

Ben Bernanke made it clear in his latest meeting regarding interest rates that these levels are not expected to rise at least through 2012, so getting involved in a 30 month CD may be good timing in that respect. This will free up your money potentially at a time when rates are on the rise – allowing you to then capitalize on those more favorable market conditions.

That being said, if you happen to live in Ohio (or even in the Midwest) you may want to check out the following 30 month CD rates we were alerted on by three credit unions in Ohio.

Best 30 month CD Rates (Ohio Credit Unions):

*Rates accurate as of October 2011. Visit our CD rates center for today’s top rates.

- Chaco Credit Union (West Chester, OH) is offering 30 month CD’s yielding 1.75% APY with a minimum deposit of $500.

- General Electric Credit Union (Farfield, OH) is offering 30 month CD’s yielding 1.73% APY with a minimum deposit of $500.

- American Airlines Federal Credit Union (Cincinnati, OH) is offering 30 month CD’s yielding 1.61% APY with a minimum deposit of $10,000.

Like most regional credit unions, the above institutions may open their doors to consumers in or around Ohio depending on employment, place of residence and family connections.

Premier Money Market Rates Found at Huntington Bank

We just got word of some exceptional money market rates for those of you looking to keep a large chunk of change in a liquid FDIC insured investment.

Currently with a “Premium Plus Money Market Account” from Huntington Bank you’ll earn a nice 1.25% APY on balances above $20,000 (and all the way up to $2 million). The only catch is that you’ll also need to open one of their checking accounts and maintain a $1,500 balance. The checking account, unfortunately, garners little in the way of APY, so you may want to factor that in to your overall projected earnings with the MMA.

Huntington Bank, while based out of Ohio, opens it’s doors to consumers across the country excluding only residents in California and Massachusetts. They have over 600 branches in the United States with a large number of them in the mid-west and east (Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia).

Compare this offer with some of the top yielding money market accounts from our database of nationwide institutions and you’ll see that it beats most of them on interest rate by roughly 25% (the top institution available nationally and online pay just 1.00% APY but come with no minimum balance requirements and requires no additional accounts with the institution).

To put this offer in further perspective, the national average for money market rates on balances above $25k sits at roughly 0.80% APY. The national average for money market accounts with balances of $0-$10k and $10k-$20k sit at roughly 0.55% APY and 0.63% APY, respectively.

Best CD Rates in 2011 – Top 10

CD rates in 2011 have undoubtedly left FDIC-insured investment seekers cranky. And just to make savers a little more frustrated we’ve seen CD rates throughout the country show tiny glimmers of hope as they bounce off of their all-time lows only to return to those levels the following week.

The current national averages for 6 month CDs, 12 month CDs and 3 year CDs currently sit at 0.56% APY, 0.90% APY and 1.40% APY by the leading online and nationally available FDIC insured institutions. With average deposit rates struggling to keep up with inflation, many savers are beginning to get restless.

Sometime next week Federal Reserve Chairman Ben Bernanke will hold his first quarterly news conference regarding (among other things) interest rates. However, I wouldn’t hold your breath as to whether he’ll decide to raise rates. Many analysts have suggested Mr. Bernanke and his team will claim it’s still too early to raise key rates as it may have an adverse impact on the still fragile economic climate.

Where can you find the best CD rates in 2011?

Your best bet is with either online banks – as they can offer slightly higher rates due to their lack of overhead costs that traditional brick and mortar institutions have – or local credit unions. Credit Unions can sometime offer higher CD rates (and better bank rates in general) because they don’t have a board of directors breathing down their necks demanding higher profit margins. Credit Unions are generally not-for-profit institutions which are owned by their members and any profits derived from business are passed along back to their members in the form of higher savings rates and lower loan rates.

Top 10 CD Rates Available (April 2011):

(Please keep in mind interest rates are time sensitive in nature. If this article is outdated, refer to our CD rate database to find the best local and nationally available CD rates.)

1) PEF Federal Credit Union (Ohio) has a 60 month CD rate yielding 3.29% APY with a minimum deposit of just $500 required.

2) Domino Federal Credit Union (Texas) has a 60 month CD rate yielding 3.257% APY with a minimum deposit of just $500 required.

3) Liberty Bank (Florida) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $10,000 required.

4) Premier Community Credit Union (California) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $1000 required.

5) Signature Bank (New York) has a 60 month CD rate yielding 3.01% APY with a minimum deposit of $5000 required.

6) Bank of Utica (New York) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

7) SeaComm Federal Credit Union (New York) has a 60 month CD rate yielding 2.99% APY with a minimum deposit of $1000 required.

8 ) Liberty Bank (Illinois) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $10,000 required.

9) American Savings Bank FSB (Ohio) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

10) Citadel Federal Credit Union (Pennsylvania) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

The banks and credit unions we’ve listed above are regional institutions. Visit their individual website(s) to see if they have branches near you or if you can open a deposit product over the phone or online.

Do you know of a better CD rate offered through your local bank or credit union that we haven’t mentioned? If so, please share by leaving a comment!

General Electric Credit Union: Best CD Rates for 5 year terms

Like most massive, USA-based companies, General Electric formed it’s own member-owned credit union to serve the financial needs of their employees back in 1954. Generally speaking, companies with hundreds (or thousands) of employees typically form these financial thrifts or institutions so that their employees can obtain better financial products at lower costs. It just makes sense at a certain point to essentially create your own bank rather than sending the masses to another for-profit banking institution. However, as the company’s forming these credit unions grow, they tend to extend their membership’s to not only the employees families but also other individuals in the area as well. For example, Boeing Employee Credit Union (BECU), once served just the employees of Boeing but now serves anyone residing in Washington state (the state in which Boeing was founded). And General Electric Credit Union is no different. GECU now provides membership to a large number of people in Ohio. Memberships are extended based on employer, place of residence and family connections. Check out their full membership checklist here.

If you are eligible to join General Electric Credit Union and happen to be in the market for a bank CD, you may want to check out some of their current CD rates. Like most credit unions, GECU is a not-for-profit institution wholly owned by it’s members. And because of this dynamic they pass along their would-be-profits in the form of higher savings rates and lower loan rates to their customers.

Current CD Rates offered by General Electric Credit Union:

(Rates accurate as of 2/2011)

- 6 month CD yielding 1.04% APY with a minimum deposit requirement of $500 required.

- 12 month CD yielding 1.26% APY with a minimum deposit requirement of $500 required.

- 18 month CD yielding 1.45% APY with a minimum deposit requirement of $500 required.

- 2 year CD yielding 1.69% APY with a minimum deposit requirement of $500 required.

- 30 month CD yielding 1.94% APY with a minimum deposit requirement of $500 required.

- 5 year CD yielding 2.85% APY with a minimum deposit requirement of $500 required.

Check out their updated CD rates here.

If you’re already a member of General Electric Credit Union and have experience with opening one of their bank CDs (certificates of deposit), please feel free to share by leaving a comment!

You may want to compare these rates with the best CD rates in Ohio.

Top 6 month CD rate in Ohio crushing national average!

If you happen to reside in the state of Ohio and are in the market for a six month CD, you’re in luck! Steel Valley Federal Credit Union, based out of Warren Ohio, has a 6 month CD yielding 2.12% APY with a minimum deposit requirement of only $500. To put their offer in perspective, the current national average for 6 month certificate of deposits is only 1.03% APY.

How to Join SVFCU…

Complete a membership card designating a single or joint membership and forward it to Steel Valley Federal Credit Union Office, along with a check for $10.00 which will be deposited into your share savings account. Every member must maintain a minimum balance of $50.00 to retain membership. Once you become a member, you may remain a member even if you leave employment in the Field Of Membership, retire or move away from the area. Once a member, always a member at SVFCU!

Complete List of CD Rates…

Compare this with other CD rates in Ohio and you’ll see this offer sets the bar fairly high. SVFCU has a presence (either ATM or physical branch) within all of the major cities in Ohio (Cleveland, Cinncinati, Akron, Columbus, etc).

Best CD Rates in Columbus, Ohio: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Columbus, Ohio. The institutions we will cover serve (at least) the following cities in Ohio: Grove City, Upper Arlington, Dublin, Westerville, Gahanna, Reynoldsburg, Newark and Lancaster. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Columbus as well as Ohio, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

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.

Best 6 month CD rates in Columbus, OH:

• United Midwest Savings Bank has a 6 month CD yielding 1.75% APY with a minimum deposit of $500 required.
• Benchmark Bank (Gahanna, OH) has a 6 month CD yielding 1.50% APY with a minimum deposit of $500 required.
• Columbus First Bank (Worthington, OH) has a 6 month CD yielding 1.50% APY with a minimum deposit of $500 required. 

Best 12 month CD rates in Columbus, OH:

• United Midwest Savings Bank also has a 12 month CD yielding 2.30% APY with a minimum deposit of $500 required.
• Benchmark Bank has a 12 month CD yielding 2.05% APY with a minimum deposit of $500 required. 
• Columbus First Bank has a 12 month CD yielding 2.05% APY with a minimum deposit of $500 required as well.

Best 24 month CD rates in Columbus, OH:

• First Community Bank (Columbus branch) has a promotional 27 month CD yielding 2.50% APY with a minimum deposit of $5,000 required.
• Hudson City Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. This is a national bank and can accept deposits from any state.
• KEMBA Financial Credit Union has a 24 month CD yielding 2.30% APY with a minimum deposit of $500 required.

Best CD Rates in Cleveland, Ohio: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Cleveland, OH. The institutions we will cover all include the following cities in Ohio: Warren, Massillon, Brecksville, Akron, Elyria, Canton, Mansfield, Toledo, and Lima. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Cleveland as well as the state of Ohio, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

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.

Best 6 month CD rates in Cleveland, OH:

• Steel Valley Federal Credit Union has a 6 month CD yielding 2.12% APY with a minimum deposit of $500 required. 
• Cleveland Police Credit Union has a 6 month CD yielding 1.75% APY with a minimum deposit of $500 required. This credit union is particularly hard to join if you do not have any family members working in the police department.
• Navy Federal Credit Union has a 6 month CD and a 9 month CD yielding 1.50% APY with a minimum deposit of $10k required.

Best 12 month CD rates in Cleveland, OH:

• Steel Valley Federal Credit Union also has a promotional 13 month CD yielding 2.52% APY with a minimum deposit of $500 required (their 12 month CD yields 2.17%)
• ING Bank has a 12 month CD yielding 2.25% APY. They are a national bank and can accept deposits from any state.
• Cleveland Police Credit Union also has a 12 month CD yielding 2.0% APY.

Best 24 month CD rates in Cleveland, OH:

• Hudson City Savings Bank has a 24 month CD yielding 2.50% APY. They are a national bank and can accept deposits from any state. They require a minimum balance of $5000.
• Steel Valley Federal Credit Union has a 25 month CD yielding 2.47% APY with a $500 minimum deposit required.
• Fifth Third Bank (Brooklyn, OH) has a 24 month CD yielding 2.15% APY with a minimum deposit of $5000 required.

Massillon Area Credit Union’s special 9 month CD rate

Massillon Area Credit Union out of Ohio just extended their 9 month certificate of deposit special until the end of March.  This 9 month CD comes with an interest rate of 2.97% or 3.0% APY and has a minimum deposit of $1,000. The current national average for 12 month CD’s is slightly less than 2.20% which makes this a pretty lucrative deal.

If you are looking for safe and temporary investments, then 6-12 month CD’s are probably a good bet. The current rates aren’t great but if you find CD rate promotions offered by local banks and credit unions you can usually snag a rate that tops the national average for 50% or so. Another benefit of the short maturity date is that your money stays relatively liquid and gives you the flexibility to move on to more lucrative investments should they present themselves in the near future.

Massillon Area Credit Union Special 9 month CD terms and conditions:

Rates are subject to change weekly

Dividends compounded quarterly

Penalty for early withdraw

About Massillon Area Credit Union (as seen on website)

The Massillon Area Credit Union (MACU) was founded in 1958 to serve the financial needs of employees of the Massillon school system. In 2001, MACU became a Community Charter credit union. Now, all business, individuals and their families who live, work, worship, or attend school in Stark County, Ohio are eligible to join.

MACU is a full-service financial institution with over $31 million in assets and serving more than 4,500 members. The friendly staff at MACU is fully committed to servicing its membership.

Your shares, commonly known as savings, are protected up to $250,000.00 per account. This unparalleled level of protection is possible because of our affiliation with American Share Insurance, (ASI), the nation’s largest private deposit insurer.

Certificate of Deposit Special – 15 month term 3.00% APY

Greater Warren Credit Union of Ohio, is offering a special 15 month CD with a rate of 3.00% APY as of March 19, 2009. To apply for this CD and receive their “special” rate you must be able to make a minimum deposit of $5,000.

Greater Warren Credit Union CD Rates (Ohio)

6 month CD – 1.75% APY

12 month CD – 2.25% APY

15 month CD (SPECIAL) – 3.00% APY

48 month CD – 2.75% APY

60 month CD – 3.50% APY

Certificates of deposit, in general, are experiencing a unique and dramatic lull as far as rates are concerned. If you have been a frequent BankVibe reader you probably noticed our (sometimes successful) quest for 3.0% returns. In some instances we have been successful in scrounging up those rates for 18 month, 12 month and even (in one instance) 6 month maturities, however, they are very few and far between. Typically when we do discover them they are offered through local credit unions and banks which have strict geographical restrictions on who can become a member.

To find the best CD rates nationally available review our CD rates tables, or if you are searching for the BEST rates available you can dig through our archive titled “best cd rates” (upperleft). Again, the best CD rates usually vary from state to state.

If you know of a 3.0% rate, help us out in our quest by leaving a comment below!