We wish CD rates at the Department of Commerce Federal Credit Union were as good as they were in early 2012 when they topped out at 2.8%.
They are not.
But this two-branch Washington, D.C., credit union still has one offer that beats the top nationally available deal on our CD Rates Leaderboard.
With a $500 minimum deposit, it pays 2.00% APY on CDs of 60 to 84 months.
That’s nearly two-tenths of a percentage point better than you’d earn from the best nationally available bank CD.
You have to be a member of the Department of Commerce Federal Credit Union to buy these certificates of deposit.
Membership is available to anyone who lives, works, worships or attends school in Washington, D.C., as well as those employed by the Department of Commerce (with a few exceptions listed on the website) or the National Oceanic and Atmospheric Administration.
Membership requires a $5 deposit in a share account.
Members can buy CDs over the phone, online or in person.
The Department of Commerce Federal Credit Union has two branches, in the Herbert C. Hoover Building at 14th and Constitution Avenue in Washington, and at 1325 East West Highway in Silver Spring, Md.
Learn more about Department of Commerce Federal Credit Union at www.docfcu.org or call 888-626-9845.
One interesting note from this credit union’s website: It says CDs are insured up to $350,000, a full $100,000 more than is standard. Department of Commerce FCU appears to achieve this by supplementing government-backed NCUA insurance with private insurance.
This isn’t a big deal for most savers, but it could provide some reassurance if you have a lot of money to invest.
See how these returns compare with the best CD rates from scores of banks in our extensive database.