To be eligible for credit union membership, you can donate to one of several organizations, including the Hope Rescue Mission (a homeless shelter), Goodwill Industries of Michiana, Inc., Habitat for Humanity and the Y.M.C.A.Ĭonnexus currently has a special certificate with an odd number of months: 5.25% APY on a 15-month term. This is a strong encouragement to keep your funds in the certificate for as long as possible, if not the whole term. Basically, you pay double the dividends you would have earned if you didn’t make the withdrawal. You multiply the amount you withdraw by how many days are left on the certificate, then multiply that by two times the certificate rate divided by 365. The early withdrawal penalty requires you to do a bit of math to figure out. All terms have a required minimum balance of only $1,000. The 12-month term is sandwiched by two certificates with a competitive 5.00% APY: the six-month and 18-month terms. As a member, you also have access to the CO-OP Shared Branch network with more than 5,900 locations and over 30,000 in-network ATMs.Īmong the credit union’s offerings, its 12-month certificate with a 5.25% APY may be your best option. The credit union will provide a complimentary one-year membership to the National Space Society (NSS), which will qualify you for credit union membership. To join (if you don’t already have a personal relationship with NASA), you simply have to apply. If you haven’t earned enough interest to cover the penalty, the fee still won’t touch your principal. You can make partial withdrawals, but, if your principal dips below the required balance, the certificate will be closed.
This is a wonderful option for young savers to see the benefits of financial prudence.Įarly withdrawal penalties apply to all certificates: 182 days’ dividends for terms up to 24 months 365 days’ dividends on longer terms. It offers 4.75% APY and allows you to make additional deposits of at least $25 at any time, up to a maximum principal of $50,000. The certificate with the lowest minimum required deposit ($50) is the 12-month Early Savers, which is only open to members aged 23 years and younger. On these, you’ll also need to fund the certificate from an external account that is, not with money that you already have in a NASA FCU account.įor most terms, the minimum requirement is only $1,000, you can fund them with an internal account and the dividend rates are still compelling, including a six-month term with a 4.80% APY and a 12-month with 4.75% APY. Among them are the nine-month term with a 5.65% APY, the 15-month term with a 5.45% APY and the 49-month term with a 4.85% APY. The highest-yield certificates here offer very competitive yields, but require a high minimum deposit of $10,000. Other than the terms on its products, financial institutions cannot influence our rankings. Aside from dividend rate, we also considered seven other factors, including the required minimum deposit requirement, amount of available terms and the compound interest schedule.
Credit unions with the highest average APY across all of their certificates scored well. Because depositors may want several certificate terms (and we don’t know exactly what term duration each person may be looking for), we took the average certificate yield. Tailored to savers, our methodology weighs a certificate’s annual percentage yield (APY) most heavily (70%). We evaluated hundreds of certificates offered by 40 national credit unions based on a methodology that we created. Rates and account details accurate as of June 6, 2023. Why not take advantage of that and look for the best credit union CD rates? While credit union CDs are called “share certificates” and the interest they earned is called “dividends,” they are functionally the same Credit unions tend to offer consumers better rates, and lower fees, than traditional brick-and-mortar banks.
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