bank rates

HOT DEAL: Earn Nearly 7% APY On 7-Month CDs Nationwide

Well, this is a startling first for me.

In the hundreds of Bankaholic posts I’ve written about national, regional and local CD deals over the last 15 months, the highest rate I’ve ever been able to tell our readers about is 4.00% APY.

And that deal was already quite an outlier.

Today, I have a completely astounding offer to share, as it pays not just upwards of 5%, but more than 6% – in fact, almost 7%.

Believe it or not, it gets even better. Instead of being limited to some small market of savers, anyone in the country can get their hands on this ridiculously great deal.

The promotion comes from NRL Federal Credit Union and pays 6.73% APY on a 7-month certificate.

Yes, you read all of that right.

There is one catch, as you might have guessed. The CD stipulates a maximum investment of $7,000, so this is not a certificate in which you can invest a huge portion of your nest egg.

Still, depositing $7,000 at 6.73% APY will earn you almost $275 in a very short period. Compare that to the relatively measly $42 your seven grand would earn if invested in the top nationally available 6-month bank CD, paying 1.05% APY.

The rate on this CD is so over the top, I’m not even going to bother telling you how it compares to our CD Rates Leaderboard or implore you to check Bankrate’s extensive database of the day’s best CD rates to make sure it’s your best deal.

This rate is simply in the stratosphere.

Virginia-based NRL primarily serves those affiliated with the U.S. Naval Research Laboratory. However, it also extends membership to anyone who joins the nonprofit American Consumer Council and will even cover the small ACC membership fee for you.

Joining NRL (and at the same time ACC) can be done online, by mail or at one of three NRL branches in the Washington, D.C., area.

Be forewarned, though, that this offer is barely referenced on the credit union’s website. Although it is briefly highlighted in a scrolling photo on the home page, when you go to NRL’s rate page, the promotion is nowhere to be found.

As soon as you begin the online application, however, the promotional CD (which is billed as a “777” special) appears as one of the accounts you can open.

Happy earnings to all who take advantage of this remarkable offer!

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