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.
Can you Join?
To find out whether or not your eligible for membership, you’ll first have to stop by a local branch and complete a membership card. In this card/application you will be need to fill out all of the standard information (name, social security number, joint or single account, etc). After this, you’ll simply need to write 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…
|
CERTIFICATE |
RATE |
APY |
|
| 3 MONTHS | $500.00 Minimum | 1.85% | 1.86% |
| 6 MONTHS | $500.00 Minimum | 2.10% | 2.12% |
| 12 MONTHS | $500.00 Minimum | 2.15% | 2.17% |
| 18 MONTHS | $500.00 Minimum | 2.35% | 2.37% |
| 24 MONTHS | $500.00 Minimum | 2.45% | 2.47% |
| 36 MONTHS | $500.00 Minimum | 2.60% | 2.63% |
| 48 MONTHS | $500.00 Minimum | 3.10% | 3.14% |
| 60 MONTHS | $500.00 Minimum | 3.30% | 3.34% |
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).
Our take:
The 6 month CD is undoubtedly the best offer in terms of rates when compared to the national average, however, we would also stress one to consider a longer term deposit. Ben Bernanke and the FED have stated that interest rates will be continuing downward in an effort to stimulate borrowing with enticingly low rates. Unfortunately for savers, this means pathetic interest rates on all FDIC-insured savings products in the coming months and years. Because of this, we would recommend opening a longer term deposit (3 year to 5 year) in order to lock in a solid rate before rates as whole fall and flat-line.
