bank rates

Baltimore’s MECU Offers 2 CD Rate Bumps

If you’re working under the assumption that CD rates just have to increase in the next couple of years, buying a long-term certificate of deposit right now might make you nervous.

That competitive, but historically awful, 5-year yield you earn today could look truly bad a few years from now.

We know the Federal Reserve has plans to keep interest rates low at least through the end of 2014.

So perhaps the best (worst?) case scenario is that today’s 60-month CD becomes a real stinker about three years from now.

This scenario is why we really like the 5-year bump-up CD deal at Baltimore-based MECU.

It pays 1.90% APY with a $500 minimum deposit.

That beats the best nationally available 60-month certificate on our CD Rates Leaderboard.

Already, that makes this a deal worth exploring.

But MECU offers two chances to increase your yield. Two bites at the apple is an unusual feature among bump-up CDs.

Of course, rates have to actually increase for these bump-up CDs to have value.

You have to be a member of MECU to buy these certificates of deposit.

Membership is available to anyone who lives, works, attends school or worships in the city of Baltimore, as well as their blood relatives and spouses, or who lives within five miles of a branch. Employees of MECU’s business partners and members’ household members may also join.

Members can buy CDs through the mail or in person at one of MECU’s eight branches, which are located in Baltimore and its suburbs of Catonsville, Dundalk and Pikesville.

You can learn more about MECU at or call 800-248-6328.

Compare this deal with the best CD rates from scores of banks in our extensive database.

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Comments (1)
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One Existing Comment
  1. Dorothea Stierhoff said:
    on August 29th at 07:35 am

    MECU also has a 48 month CD with 2 bumps.