bank rates

Wyoming, Military Deal: 3% On IRA CDs

Wyoming’s snowfall may not be setting any records this winter, but CD rates from its second-largest credit union sure are.

Meridian Trust Federal Credit Union is offering the spectacular rate of 3.00% APY on its 60-month IRA certificates of deposit, as well as an also impressive 2.50% APY on 48-month IRA CDs.

Both deals will expire with the tax season on April 15.

While we don’t typically feature IRA CDs given the added complexity of purchasing them, this deal was too newsworthy to pass up.

In fact, Meridian Trust’s 60-month yield is a full two-thirds of a point higher than the top nationally available return of 2.33% APY on our CD Rates Leaderboard.

Not only that, but the best national rates in this term haven’t been at 3.00% APY since the first half of 2011.

Like all credit unions, membership is required to purchase these chart-topping CDs. Fortunately, the range of eligibility is wider than you might think.

You qualify if you:

  • Live, work, attend school or worship within an area that includes four Wyoming counties (Carbon, Fremont, Sweetwater and Uinta), much of Goshen County, most parts of Cheyenne and all of Scotts Bluff County in Nebraska.
  • Are a current or retired employee of one of almost 800 Select Employer Groups, including the State of Wyoming and the University of Wyoming.
  • Are active or retired military personnel, no matter where you live.
  • Have an immediate family member who qualifies for membership under one of these criteria.

Because these are IRA CDs, the usual IRS rules apply, as well as Meridian Trust’s requirement that money put into these special certificates represents a new IRA contribution.

That means you can contribute up to $5,500 per year for either 2014, 2015 or both (or $6,500 per year if you are age 50 or older), but rollovers from existing retirement accounts are ineligible.

These certificates of deposit can be opened with as little as $500, after you make a $10 deposit into a savings account and pay a one-time $5 membership fee to join.

Once you’re in, you can buy Meridian Trust’s CDs online, by phone or at one of their six Wyoming branches in Casper, Cheyenne, Jackson, Lander, Rawlins and Rock Springs, or at its Scottsbluff, Nebraska, location.

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