bank rates

We’ve Found A 5-Year CD That Pays 2.58%

The top 60-month CD on our list of the highest CD rates from credit unions and local banks pays 2.50% APY.

Now we’ve found a slightly higher rate.

Indiana’s Charles Street Community Federal Credit Union pays 2.58% APY on 5-year CDs with a $500 minimum deposit.

Here’s the rub: The rate is legitimate and deposits of up to $250,000 are protected by NCUA insurance, but this credit union has a tiny field of membership.

You must live, work, worship or go to school in Grant County, Ind. This county is located in the north-central part of the state and had a population of just over 70,000 people as of the 2010 census.

So, there’s not many of you out there who can take advantage of one of the best certificate of deposit rates in the country.

We point this deal out not so much as a tip, but as a reminder that in certain communities, small institutions exist that offer better deals than you can find anywhere else.

Search your town for similar deals. We recommend starting at a place like www.culookup.com or www.icba.org.

If you find a top rate, make sure the institution is federally insured through the FDIC or NCUA.

As for Charles Street, the 60-month CD isn’t its only top deal.

It pays 1.82% APY on 36-month CDs and 2.17% APY on 48-month CDs.

All of these deals beat the very best yield on our CD Rates Leaderboard.

In fact, the 5-year CD pays more than three-quarters of a percentage point better than the best nationally available deal.

Charles Street Community Federal Credit Union has a single branch in Marion, Ind.

For more information, visit www.cscfcu.org or call 765-662-3969.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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Comments (4)
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4 Existing Comments
  1. derek said:
    on November 8th at 10:02 pm

    you really ought to put geographic and other restrictions at the very beginning of your posting, so that the rest of the usa doesn’t need to ‘click here to read more’. thank you.

  2. Blogging Banks said:
    on November 11th at 06:53 pm

    This is an ingineous way for this small credit union to find new customers. It definitely shows that depositors should look for top rates at their local financial institutions, before going to the big “too big to fail” banks.

  3. Kathy at Bankaholic said:
    on February 5th at 10:36 am

    Charles Street has lowered its rates:
    60-month CDs now pay 2.48% APY.
    48-month CDS pay 2.07% APY.
    36-month CDs pay 1.71% APY.

  4. Kathy at Bankaholic said:
    on June 28th at 07:15 am

    Charles Street has dropped its rates again:

    60-month = 2.00% APY
    48-month = 1.75% APY
    36-month = 1.30% APY