bank rates

Grab Top CD Rates For Children – And Adults, Too – In Washington, D.C.

HEW Federal Credit Union pays more than 2% on 60-month CDs.HEW Federal Credit Union’s 6-month CD rates for the under-age-18 set may have Washington, D.C.-area savers searching for the fountain of youth.

It pays:

  • 2.02% APY for balances of $100 to $499.99.
  • 2.12% APY for balances of $500 to $999.99.
  • 2.22% APY for balances of $1,000 and over.

The top nationally available 6-month CD rate on our CD Rates Leaderboard fell to 0.80% APY earlier this month.

So, yeah, the rates on this HEWEY/Generation APY certificate of deposit are pretty good.

Plus, young savers can add money with additional direct deposits of at least $25.

A child – a member of either the HEWEY Cub Club or the Generation APY Club – must be the CD’s primary holder.

Adults shouldn’t despair.

HEW Federal Credit Union also pays 2.02% APY for 60-month CDs with a $2,000 minimum deposit.

Considering that the 60-month term’s lead rate also dropped recently, to 1.85% APY, that’s not a bad deal either.

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

Membership is open to people who live, work, worship, attend school or regularly conduct business in Washington, D.C.; the city of Alexandria and Arlington and Fairfax counties in Virginia; and most areas of Prince George’s and Montgomery counties in Maryland.

Members’ relatives and employees of select employee groups can also join. A list is on the website and includes groups in the Washington, D.C., and Philadelphia areas.

Membership requires a $5 deposit in a share savings account.

Members can buy CDs over the phone, by mail or in person at one of the credit union’s four offices in Washington, D.C.; Alexandria and Falls Church, Va.; District Heights, Md.; and Philadelphia.

Learn more about HEW Federal Credit Union at www.hewfcu.com or call 202-488-5400.

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

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  1. Kathy at Bankaholic said:
    on March 8th at 08:52 am

    HEW’s rates for the under-18 set haven’t changed, but its 60-month rate for everyone else has dropped to 1.76% APY.