bank rates

60-Month Deal: Top CD Rates Available In Parts Of Illinois, Indiana And Nevada

This credit union is not federally insured.Credit Union 1 has decent long-term CD rates for its more than 87,000 members in Illinois, Indiana and Nevada.

This includes Chicago — and trust us, good CD rates don’t blow through the Windy City often. We haven’t featured a Chicago deal since January.

For 60-month CDs, it pays:

  • 2.00% APY with a $1,000 minimum deposit.
  • 2.10% APY with a $10,000 minimum deposit.

If you pony up the $10,000, you’ll earn a fifth of a percentage point more than you would on the top nationally available 60-month CD rate on our CD Rates Leaderboard.

In addition, for 36-month CDs, it pays:

  • 1.65% APY with a $1,000 minimum deposit.
  • 1.75% APY with a $10,000 minimum deposit.

You have to be a member of Credit Union 1 to buy these certificates of deposit.

The field of membership isn’t clearly detailed on the website, but a member services representative noted that membership is open to members’ family members, employees of the credit union’s many employer groups and people who live near credit union branches — although the radius varies by branch.

Considering that Credit Union 1 has more than 87,000 members and 22 branches in three states, it might be worth a phone call if you live in or near Indianapolis; Charleston, Chicago, Elgin Hopkins Park, Libertyville, Lombard, Northlake, Oak Lawn, Rockford, Springfield or Tuscola, Ill.; and Henderson or Las Vegas, Nev.

Membership requires a $5 membership fee and a $5 deposit in a savings account.

We should note that these same rates are available at USA One Credit Union, which recently voted to merge with Credit Union 1.

The only difference is that the lower of the two minimum deposit amounts is $250 instead of $1,000.

USA One Credit Union has a single office in Matteson, Ill., and its field of membership includes employees of 400 organizations and anyone who lives or works within a 12.5 mile radius of the Chicago suburb, as well as others in communities listed on the website.

We have reservations about this deal because the deposits at Credit Union 1 are not federally insured. Rather, it holds private mortgage insurance up to $250,000 per account.

There’s nothing to suggest private mortgage insurance won’t be there if a credit union fails, but it’s not the same as having the backing of the federal government, which banks insured by the Federal Deposit Insurance Corp. and credit unions insured by the National Credit Union Administration have.

While most credit unions are insured through the NCUA, a few states allow credit unions to opt for private mortgage insurance instead.

You can tell which form of insurance your credit union has by looking at the bottom of its website. If it doesn’t have an NCUA designation, it should have a private insurance logo, much like Credit Union 1 has.

Learn more about Credit Union 1 at www.creditunion1.org or call 800-252-6950.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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Comments (4)
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4 Existing Comments
  1. Mike Sante said:
    on June 1st at 01:52 pm

    These rates are still good as of June 1.

  2. Kathy at Bankaholic said:
    on June 27th at 07:07 am

    You can still get these rates.

  3. Kathy at Bankaholic said:
    on August 3rd at 05:51 am

    Credit Union 1 has dropped its rates. It’s now paying:

    60-month: 1.95% APY with $1,000 minimum and 2.05% APY with $10,000 minimum.

    36-month: 1.45% APY ($1,000) and 1.55% APY ($10K).

  4. Kathy at Bankaholic said:
    on December 4th at 10:21 am

    Credit Union 1 has dropped its rates:

    60-month = 1.85% APY with $10,000 minimum and 1.75% APY with $1,000 minimum.
    36-month = 1.30% APY with $10,000 minimum and 1.20% APY with $1,000 minimum.