If you withdraw funds before the year is up, you may forfeit all interest accrued up to that point.Eligibility for this credit union is mainly based on military status, governmental employment status, affiliation with certain associations and organizations or relation to eligible members.
Maybe you’ve even heard that credit union CD rates offer higher returns—but is that really the case? As of December 2017, the average one-year credit union CD had a 0.68% annual percentage yield (APY), compared to the 0.54% APY average among one-year bank CDs.
Each of these credit unions have restricted membership criteria, but don’t let that scare you away.
If you don’t meet their membership criteria, it’s possible to make a small donation to their charity of choice in order to become eligible for membership.
They have a lot of flexible certificates, such as add-on certificates that let you start with as little as 0, and bump-rate certificates that let you opt for a one-time interest rate increase if rates go up.
You can even take out a loan from your certificate should you need the cash before it’s matured.