bank rates

New Leader In 3- And 6-Month CD Rates

Wow. Who’d have thought this was possible?

Two unusual credit unions that allow anyone to join, regardless of where they live or work, now offer all of the best nationally available CD rates.Fort Knox Federal Credit Union is paying 1.40% APY on both terms.

Fort Knox Federal Credit Union has grabbed the lead in 3- and 6-month CDs, offering 1.40% APY on both, with a $500 minimum deposit.

That certainly beats our previous leaders, Hudson City Savings Bank, which is paying 1.00% APY on 3-month CDs, and First City Bank, which is paying 1.25% on 6-month CDs.

Melrose Credit Union has dominated our CD Rates Leaderboard the past couple of weeks by offering the best nationally available rates on 12-, 24-, 36- and 60-month certificates of deposit.

While most credit unions have limited membership, Fort Knox allows anyone to join by signing up for membership in the American Consumer Council, a non-profit that promotes financial literacy through credit unions.

From the credit union’s home page, just click on “Become a member.” Then look for the line that says “Not a credit union member? Click here to get started.”

Where the next page says “I’m eligible for membership through” use the pull-down menu to click on “AMERICAN CONSUMER COUNCIL/KENTUCKY CHAPTER.”

When you complete the application, Fort Knox will automatically enroll you in the consumer advocacy group.

You’ll also be able to buy certificates of deposit as part of the application process.

Joining the American Consumer Council is free. Joining the credit union costs $15.

Fort Knox Credit Union has a dozen branches surrounding the military base and the nation’s gold repository, in central Kentucky.

We wrote about it a month ago, when Fort Knox was offering a good deal on 23-month CDs.

At the time it was paying 2.25% APY. Now it’s paying 2.30% APY. So that deal is not only still available, it’s actually gotten better.

But more importantly, we’ve received no complaints about the credit union’s customer service or any problems buying CDs, since that post was published.

Always a good sign.

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  1. RateRunner said:
    on July 16th at 03:14 pm

    That is half a point more than the best nationally available savings accounts are paying.North Middlesex Savings Bank is still offering customers in suburban Boston a good rate on its “Simply Save” savings account. It’s not quite as good as when we first wrote about it – 2.05% APY rather than 2.25% APY. But that’s still a half-point more than you can make with the best nationally available savings accounts.