bank rates

How Far Do You Go For A Good CD?

Poll QuestionEvery week, we scour bank and credit union websites for the best CD deals.

We’re talking hundreds here.

We hope you take advantage of all those CD deals we find and post.

But what you might not realize is that we reject many other great CD rates – so many others – based mainly on geographic location and membership eligibility.

Our goal here is to serve the masses. Dangling an amazing rate in front of our readers that they can’t take advantage of, say at a small community bank requiring a branch visit in its tiny town of 300 people, seems somewhat cruel.

Making those types of geographic distinctions is actually easy. Membership eligibility, on the other hand, is more of head-scratcher.

Credit unions with even the strictest of qualifications, like you have to work for a certain company or live in a specific town or county, usually have at least one other way to join.

Almost always, membership is extended to members’ family or household members. But sometimes, this courtesy goes beyond that, to family members of those who are eligible to join the credit union.

What’s this, you say?

Imagine your brother works for a major company with its own credit union, but he doesn’t belong. Check the qualifications. You might be able to join anyway, simply because of his eligibility.

This obviously requires more legwork than joining the credit union serving your community or company. But it’s an option.

Some credit unions will also let others join if they first become members of an area nonprofit or foundation, or an organization like the American Consumer Council.

Often, they’ll handle the logistics of that membership for you – sometimes fee and all.

We highlight as many of these credit union deals as we can, because they turn a local deal into a national deal.

But we can’t help but wonder how many readers will take that extra step for credit union membership to buy a certificate of deposit that tops our CD Rates Leaderboard.

Now, for this week’s burning question.






How have you gone the extra mile to join a credit union?
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