bank rates

Nationwide Offer: 1.51% On 15-Month CDs

For anyone not already a member, USAlliance Federal Credit Union has a 15-month CD special that’s among the very best deals you’ll find anywhere in the country.

The 1.51% APY yield virtually matches the best nationally available 2-year return from the banks on our CD Rates Leaderboard.

Requiring a $500 minimum deposit, the two caveats on this CD promotion are that it’s only available to new USALLIANCE members, and e-statements are required.

However, existing members can take advantage of the offer if they refer someone who then joins the credit union.

Membership in the Rye, New York-based credit union is open to any saver in the country.

Those who live in certain parts of Massachusetts or Connecticut, or who work for one of almost 300 affiliated employers, are immediately eligible.

But anyone can join by becoming a member of one of three affiliated charitable organizations, and USALLIANCE will even make the donation for you – with their money, not yours.

Joining USALLIANCE and buying its certificates of deposit can be handled online, by phone or at any of its two dozen branches in Connecticut, Massachusetts, New Jersey and New York.

As we’ve cautioned before, USALLIANCE’s membership agreement contains an unusual provision permitting the credit union to call or redeem any CD early upon 60 days’ written notice.

It’s unlikely, however, that any bank or credit union would redeem CDs early when rates are stable or rising slightly, as they are right now.

It’s even less likely if the Federal Reserve finally decides to start pushing rates substantially higher, as its leaders say they still intend to do late this year or in early 2016.

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