NEW ORLEANS–With one CU offering an APY of 9% on a one-year CD, several other credit unions across the country are running certificate promotions that offer to match or beat offers in the market.
Among them, according to data from CD Valet cited by USA Today
- RiverLand Federal Credit Union in New Orleans said it will top any 6- to 36-month CD rate by 0.05% APY when the new CD is opened. In addition
- Consumers Federal Credit Union in Brooklyn, N.Y., said it will match the five-year CD rate of any U.S. financial institution.
9% Rate
In addition, the $22.3-million Express Credit Union in Seattle state CD Valet’s list with its 90th Anniversary Special. Through Dec. 9th, the credit union will pay 9% APY on a one-year CD if the certificate is opened on the 9th of the month, on balances up to $5,000. It is limited to one CD per member.
As CUToday.info has been reporting, consumers have been looking to lock into certificates with the Fed widely expected to cut rates in September.
“Consumers are particularly attuned to interest rates and how any changes will impact the returns they can earn on their savings,” and credit unions are “eager to hold on to their existing deposits and bring in new deposits with these eye-catching promotional offerings,” Mary Grace Roske, CD Valet’s senior vice president of marketing communications, told USA Today.
600 Offers of 5% Plus
CD Valet reported it found 600 rates nationwide of 5.00% APY and above with one-year terms and from April through June, and that 65% of online searches were for one-year CDs.