4% CD Rates Hanging On At A Few CUs

When summer began, 4% CD rates were available at many banks and credit unions if you were willing to tie your money up for 60-months or longer.

That’s no longer the case.

We don’t know of a single bank that’s still paying 4% on 5-year — or even 7-year — certificates of deposit.

Although credit unions usually offer better CD rates than commercial banks, the pronounced difference we once saw has diminished over the past few months.

The rate sheets at many credit unions are remarkably — some might say depressingly — similar to those at most banks.

Only a few continue to offer 4% on long-term CDs.

If you belong to one of those credit unions — or are eligible to join — consider yourself very lucky.

Pentagon Federal Credit Union is paying 4.00% APY on a 7-year CD with a $1,000 minimum deposit. Membership is open to uniformed members of the military, family members, and defense related government and private employees. (Check here for a complete eligibility list.)

Hamilton Horizons Federal Credit Union is paying 4.00% APY on a 60-month CD with a $1,000 minimum deposit. Membership is open to anyone who lives, works, worships or attends school in Hamilton Township, New Jersey.

Montauk Credit Union, is paying 4.25% APY with a $2,500 minimum deposit on a 7-year CD. Membership is open to anyone, but new accounts must be opened in person at its office, 111 West 26th Street, New York City.

Police and Fire Federal Credit Union is paying 4.00% APY on a 60-month CD with a $500 minimum deposit. Membership is open to scores of public and private employers in the Philadelphia area. (Click here to see the complete list of eligible employers.)

You can use our extensive database of CD rates to compare these offers with the best deals from scores of banks.

Related Posts:Top Rates From Top Credit UnionsOregon Community Credit Union 6.01% Checking AccountEarn 1.85% With The Best 3-Month CDsYou’ve Got To Go Longer To Find 3% CDsEarn 3.27% With The Best 36-Month CDs

Links from My Presentation at the National Credit Union Directors’ Convention

Thanks to everyone who attended my presentation: Ecommerce Opportunities for Credit Unions yesterday at the CU National Directors’ Convention in Las Vegas. 

Here are the links to the examples cited:

Mobile banking

• Walt Mossberg’s Mar. 25, 2009 article about iPhone apps
• Apple’s “Apps for Managing Money” page
• MasterCard ATM Hunter iPhone app (iTunes link)
• Mobile remote deposit from WV United FCU (previous post)
• Chase text banking page
• Evangeline Credit Union (Canada) text/mobile banking demo
• Bank of America’s SafePass mobile security page
• Mobile payments integrated with prepaid cards at Obopay
• iPhone app on homepage at Meriwest Credit Union

Second-generation online banking (online banking 2.0)

• Startups demoing new financial apps (link to videos) at FinovateStartup 2009
• Quicken Online’s “what’s left until payday” tool
• Online personal financial management at Mint
• Long-term financial planning at SimpliFi
• Wesabe’s co-branded site at UK’s Telegraph and coming soon to Delta Community Credit Union and Addison Avenue Credit Union (also mentioned Jwaala)
• Property tax savings at LowerMyAssessment.com
• Home-Account’s fee-based mortgage management
• Free credit grades at KnowBeforeYouApply.com (also mentioned Credit Karma)
• BillShrink’s wireless savings tool and credit card tool 
• Social savings at SmartyPig

Connecting with people

• Social networking tools showcased on Michigan State University Federal Credit Union’s (MSUFCU) homepage
• MSUFCU twitter page
• BakerTweet, the UK bakery using Twitter
• University of Wisconsin Credit Union’s blog, Source Code
• Blog feed on homepage of Piedmont Credit Union (no longer on homepage…blog has gone dormant)
• Subscription options at Piedmont CU’s blog site
• Facebook page at Fairwinds Credit Union
• FreeAllATMs campaign from Amplify Credit Union carried out on its Facebook page and YouTube page
• Video usage at Generations Federal Credit Union
• Our newsletter, Online Banking Report and next financial innovations conference Finovate 2009 in NYC, Sep. 29, 2009

FREE Luggage Tags at TripAdvisor

This deal has nothing to do with banking, but it is a nice deal nonetheless. TripAdvisor is giving out 2 free luggage tags just for filling out a short form (source: MyMoneyBlog).

If you travel a lot, this is a nice and free tag to strap onto your luggage to make it easier to spot on the conveyor belts.

Can’t beat free.