We already knew the 60-month promotional CD from American United Federal Credit Union was newsworthy, but now I’ve discovered it’s better than we thought.
The certificate is listed as paying 2.30% APY. But the fine print informs you that:
- It’s a bump-up CD, allowing you one rate boost during the certificate’s duration if the published 60-month rate increases.
- You can instead waive the bump-up option to earn 2.40% APY from Day 1.
Either way, you’ll do better than the top nationally available 5-year return of 2.27% APY from the banks on our CD Rates Leaderboard.
And a search through Bankrate’s extensive database of the day’s best CD rates is likely to further convince you of how hard either of these rates is to beat.
American United membership is open to anyone who lives or works in Utah’s Salt Lake and Tooele counties, or works for about two dozen mostly Utah-based employers affiliated with the credit union.
The Morongo tribal community in Cabazon, California, is also eligible, including employees and their families of the Morongo Casino Resort Spa.
The minimum deposit is $500, and cashing in before maturity will cost you an early-withdrawal penalty of six months’ interest.
Joining American United and opening its certificates of deposit can be done online, by mail or at one of its eight branches in the Salt Lake Valley or its Cabazon, California, location.
To find dozens more local offers that outpay the top national bank CDs, be sure to search our constantly updated roundup of the best-paying credit union and community bank deals from across the country.