With long-term CD yields taking such a beating lately, it’s definitely worth your time to ferret out any local or regional deals that outpay today’s less-than-impressive top national yields.
For savers in metropolitan Provo, Utah, that search would lead you to Nebo Credit Union.
Serving all residents of Utah County, Nebo is paying 2.35% APY on 60-month certificates, which offers a premium over the top nationally available return of 2.27% APY from the banks on our CD Rates Leaderboard.
It’s also enough to earn Nebo a spot in our constantly updated roundup of the nation’s top-paying CDs from credit unions and community banks.
In addition to extending membership to all residents of Utah County, anyone who works within the Nebo School District is eligible to join, regardless of where they live. Immediate family of Nebo members are eligible as well.
The minimum investment for Nebo’s certificates of deposit is remarkably modest, at just $25. In contrast, its early-withdrawal penalty is almost draconian, at half the number of months in the CD’s term.
Since cashing in a 60-month certificate before maturity would ding you with a startling 30-month interest penalty, this CD is obviously best suited to those with high confidence they can keep their funds invested until maturity. (Nebo will not, however, dip into principal.)
Opening a Nebo CD must be done at one of its branches in Springville, Spanish Fork and Payson. While you can begin the account opening process online, finishing the process will require a branch visit.
To make sure you’re getting the best return possible before committing your funds, always check Bankrate’s extensive database of the day’s best CD rates before locking in.