Update 2012: Velocity Credit Union no longer offers this CD rate. Visit our archives of the top CD rates in Texas, to comb through the most recent savings account offers in the area. As of 2012, Velocity CU’s most lucrative CD rate is their 5 year “inflation fighter” which is yielding just 1.50% APY (national average sits at 1.20% APY). Although the name “inflation fighter” is applied to the deposit, you’d still likely be losing value, as the current rate of inflation in 2012 sits comfortably above 3 percent.
- Offer From Archive -
Velocity Credit Union of Texas, is offering a very decent 12 month CD (certificate of deposit) yielding an APY of 3.15%. The minimum deposit required with the certificate is $5,000 and it will be available through the end of this month. Velocity Credit Union will also allow you to use this as a regular CD or an IRA CD.
Before getting to excited about this offer, you should be aware that Velocity Credit Union has fairly strict eligibility terms. To be eligible for the certificate of deposit you must be either A) related to a member, or B) reside in Travis County, Texas, Williamson County, Texas, Hayes County, TX, Bastrop County, TX, or Caldwell County, Texas. They also have a list of 250 sponsoring/member companies whom are eligible for their CD rates. Visit VelocityCU.com for further information regarding membership.
Velocity Credit Union is well known for running savings account promotions and CD rate promotions which last very briefly but at the same time entice a new hodgepodge of customers to join their bank.
Just earlier this month they had an 18 month CD with a rate of 3.44% APY which could be used as a regular certificate of deposit or an IRA CD (similar to their current offer) which received a very warm response by Texas residents both here on BankVibe.com and other banking blogs. That particular CD rate promotion ended after only 2 weeks.
To apply for their current CD offer you must first join the credit union, then fill out their online application.