List Of Today’s Best Credit Union CD Rates

Every weekday, we evaluate 90 credit unions to see which ones have the greatest CD rates. For consumers who prefer to work with credit unions because they're customer-owned and often offer better rates than banks, we've compiled this list of credit union-specific CD rates. Customers can join any of the credit unions listed here, and they're all federally insured institutions. The National Credit Union Administration insures your funds up to $250,000 per depositor per institution. The table below summarizes the top credit union CDs by term, with a few months of wiggle room on either side of the term to take advantage of the best rates. When there's a tie, we choose the credit union with the lowest minimum deposit and the most lenient early withdrawal regulations. As of June 16, 2022, these are the top credit union CD rates available.

Term Credit Union is a credit union that focuses on long-
Early Withdrawal Penalty: APY Minimum Deposit
3 months (including 2–4 months).
Chevron Federal Credit Union and Spectrum Federal Credit Union are two federal credit unions (tie).
At 0.90 percent, $500
interest for three months.
6 months (including 5–9 months).

NASA Federal Credit Union is a credit union that serves NASA employees (9 months).

1.60 percentage points.
$10,000
Up to 182 days, all interest earned
1 year (comprises 10–14 months)

Connexus Credit Union is a financial cooperative.

$2.26 percent) $5,000 interest for three months.
18 months (including 15–20 months)

Interior Federal Credit Union is a credit union based in the United States (20 months).

2.27 percentage points.
$500 interest for three months.
2 years (includes 21–29 months).

Connexus Credit Union is a financial cooperative.

2.86 percent on $5,000 interest for six months.
3 years (comprises 30–41 months)

Connexus Credit Union is a financial cooperative.

3.01 percent on $5,000 interest for six months.
4 years (includes the months 42–53)

Connexus Credit Union is a financial cooperative.

$5,000 multiplied by 3.11 percent interest for six months.
5 years (includes the ages of 54–66 months)

Connexus Credit Union is a financial cooperative.

3.21 percent on $5,000 interest for six months.
10 YEARS (INCLUDING MONTHS 114–120)

Apple Federal Credit Union is a financial cooperative.

$500 multiplied by 2.50 percent
Dividends have been paid for 1,095 days.

The highest certificate of deposit rates from our partners are listed below, followed by information on some of the institutions in our rankings.

Best Chevron Federal Credit Union 3-Month CD (tie)

There's a good reason why the Chevron Federal Credit Union logo seems familiar. The credit union was established in 1935 and currently has over 100,000 members. It largely benefits Chevron Corporation employees (i.e., the gas stations you're presumably familiar with). If that's not you and you don't meet the other requirements, a $15 donation to the Contra Costa County Historical Society qualifies you for membership as well. You'll also need to have $25 in a savings account, which is a little more than most credit unions require. Members have access to more than 5,000 CO-OP branches and 85,000 fee-free ATMs nationally, in addition to Chevron FCU branches in California. Chevron FCU also provides other services such as checking and savings accounts, loans, and other financial products. Chevron Federal was purchased by Spectrum Credit Union in 2012. On the other hand, Spectrum operates independently in locations where Chevron does not, so the two are listed separately, even though their rates and terms are often identical.

Spectrum Federal Credit Union has the best 3-month CD (tie)

In 2012, Spectrum Credit Union and Chevron Federal amalgamated. Chevron operates independently in places where Spectrum does not operate, hence it is mentioned separately here. Bechtel Employees Federal Credit Union was the initial name of Spectrum. You can join the Contra Costa County Historical Society (or another nonprofit associated with the credit union) for as little as $15 if you do not qualify for membership through your employer or other methods. You'll also be required to keep a savings account with a minimum deposit of $25. Spectrum offers CDs with terms ranging from three months to five years. Members can also open bank accounts, take out loans, receive credit cards, and buy insurance.

It's the Best 6-Month CD from NASA Federal Credit Union

NASA Federal Credit Union was founded in 1949 by members of the scientific community and now has over 177,000 members countrywide. Anyone can join the credit union by becoming a member of the National Space Society. Your first year of membership is free when you join through the NASA Federal Credit Union application website. Members must also open a primary savings account and make a minimum deposit of $5.

Connexus Credit Union offers the best 1-, 2-, 3-, 4-, and 5-year CDs.

Connexus Credit Union is a member of the CO-OP shared network and offers online banking to its members all throughout the country. Members can also use CO-OP and MoneyPass ATMs without paying a fee. The credit union is headquartered in Wisconsin, with locations in Minnesota, Ohio, and New Hampshire. Residents of various Minnesota, Wisconsin, and Ohio communities, as well as anyone linked with one of several organizations, corporations, or schools, can join, including the Connexus Association, which anyone can join for $5.

The Best 18-Month CD at Interior Federal Credit Union

Interior Federal Credit Union was founded in 1935 and is headquartered in the United States Department of the Interior Building in Washington, D.C. Members can bank online, at over 5,500 shared branches around the country, or at over 55,000 shared ATM locations. Individuals or their families who work for the DOI, one of its bureaus, or one of its contractors are eligible to join. The National Park Service, Bureau of Reclamation, United States Geological Survey, Bureau of Indian Affairs, Bureau of Ocean Energy Management Regulation and Enforcement (BOEMRE), Bureau of Land Management, Office of Surface Mining, and the United States Fish and Wildlife Service are all part of the Department of the Interior. Employees, volunteers, and partners of a variety of different organizations are also eligible to join. The Interior FCU website has a complete list.

The Best 10-Year CD at Apple Federal Credit Union

Apple Federal Credit Union is a northern Virginia-based credit union that was created in 1956. Customers can use shared branching to access accounts and use shared locations (including over 53,000 ATMs) around the country. If you're not currently a member of the credit union, you can become one by joining the Northern Virginia Athletic Directors, Administrators, and Coaches, a non-profit organization. Membership in NVADACA, which supports student athletes, is $20 per year. To get started with Apple Federal Credit Union, you'll need to deposit at least $5 into a savings account.

What Is a Credit Union and How Does It Work

Credit unions are financial institutions that offer banking services such as checking, savings, and lending accounts. They are not-for-profit organizations run by customers with a strong community focus. In order to join a credit union, you must usually share a common relationship with other members. You might, for example, all work for the same company or live in the same neighborhood. Customers can join some credit unions nationwide, such as the ones listed here. To be eligible, you must usually join a nonprofit organization and make a small gift.

What Sets Credit Unions Apart From Banks

Many of the same services are available at credit unions as they are at banks. However, their non-profit status distinguishes them. In theory, credit unions are primarily concerned with serving their members and maintaining competitive rates. Credit unions may have an advantage because they do not have to make profits for outside investors or pay taxes on gains. Even so, it's always a good idea to compare bank and credit union offerings. Another distinction is "membership." To join a credit union, you must meet certain requirements. Banks, on the other hand, make their services available to anyone who wants to use them. Do you think a credit union is too small for you? You can use branches and ATMs at other credit unions for free if your credit union participates in shared branching. The CO-OP shared branching network has more branches than Wells Fargo or Chase in the United States. Pros

A customer-owned company that is dedicated to serving them.
loan and deposit rates that are competitive.
An emphasis on the community
Deposit insurance is backed by the government at federally insured institutions.

Cons

For some consumers, eligibility constraints may be a barrier.
Some services may be lacking at small institutions.
Some huge credit unions have lost their sense of community and focus.

What Makes Credit Union Rates So Competitive CD rates are frequently higher at credit unions than at banks. Credit unions can increase the amount of money they pay out on savings accounts and CDs since they are not required to maximize profits for outside shareholders. Furthermore, credit unions are exempt from federal income taxes. As a result, there are more resources available to offer high rates to members. How Do CDs Operate A CD is a savings account that pays a fixed rate for a set period of time. 4, When you use a CD, you agree to leave your money with the bank, and you may be charged a penalty if you take your money out early. Banks and credit unions often offer greater rates on CDs than they do on savings accounts to reward your commitment. CDs are sometimes known as "time deposits." You deposit money and choose a term (six months or three years, for example) to open a CD. When the term on your CD expires, you can withdraw the funds or reinvest them in another CD. Some banks and credit unions will automatically reinvest your funds into another CD with the same duration if you do nothing. What Are the Effects of Early Withdrawal Penalties CDs provide a higher interest rate than savings accounts since you commit to leaving your money alone for a longer period of time. However, if you need to withdraw money, you can usually do so—albeit at a premium. When you take money out of a CD before it matures, you pay an early withdrawal penalty to your bank. Penalties are frequently expressed as a number of days' interest. A bank or credit union, for example, might have the following charge schedule:

Pay 90 days of interest for terms less than one year.
Pay six months' interest for maturities of one to five years.
Pay 12 months' interest on maturities longer than five years.
The penalty for early withdrawal usually increases on CDs with longer durations.

What Is a CD With No Penalties Early withdrawal penalties are not applicable to all CDs. A no-penalty CD allows you to withdraw funds at any time without incurring additional fees. 6. It's possible that you'll have to wait at least seven business days after opening the account before the money is yours. CDs with no penalties provide flexibility, but you may have to pay a modest fee to keep your options open. These CDs usually have lower interest rates than CDs with an early withdrawal penalty (all other things being equal). Even so, if you're putting money aside for an unexpected emergency, a no-penalty CD can be a good idea. Similarly, instead of a savings account, you can utilize a no-penalty CD if you predict rates will fall. This method allows you to lock in current rates (at least for the time being) while keeping your funds liquid. What Is a CD Ladder, Exactly A CD ladder is a strategy for avoiding issues that can develop if you invest all of your money in one CD. Purchase many CDs with varying maturity dates to employ a laddering method. You can use the funds from CDs that mature on a regular basis to meet your spending demands. Furthermore, since interest rates fluctuate, a ladder prevents you from putting all of your money into the lowest-yielding CDs. If you had $20,000 to invest, for example, you could utilize the following strategy:

Put $5,000 on a six-month CD.
$5,000 in a 12-month certificate of deposit.
$5,000 in an 18-month certificate of deposit
$5,000 in a CD with a term of 24 months.

When a CD matures, the proceeds are invested in a new 24-month CD. You have cash available every six months if you cycle through CDs. You can either spend or reinvest that money at whatever rates are available. What Should You Look for in a Compact Disc (CD) CDs that compete with each other can differ in a variety of ways. Consider the following factors when selecting which choice is best for you: Earnings: One of the most crucial components of a CD is the interest rate. Credit unions usually provide an annual percentage yield (APY), which allows you to evaluate different offers. Because APY takes compounding into account, you won't have to worry about compounding frequency if you utilize this metric. 8. If all other factors are equal, CDs with daily compounding are the best option when it comes to interest rates (but not APY). Make sure you buy CDs from a federally insured credit union. Your savings are safeguarded up to $250,000 per depositor per institution through NCUSIF insurance, which is backed by the US government. Flexibility: Examine early-withdrawal policies as you examine CDs. You might need to access your money before it matures, and knowing how much you'll have to pay is helpful. Consider CDs with the most lenient early-withdrawal penalty if various credit unions provide similar rates. Research the minimum CD purchase criteria before committing to a credit union. Depending on how much money you have to work with, you might want to create an account somewhere else. $500 CD minimums are usual, although some institutions demand $2,500 or more.

What Are Some CD Substitutes

CDs are a great way to keep your money safe while also increasing your returns. A CD is likely to offer the best rate if you maintain your money in a bank or credit union. Other automobiles, on the other hand, might be a better fit for your needs. Savings accounts also pay interest, but if you need money right away, you can take it out without being charged a fee. Money market accounts offer interest rates similar to savings accounts, but they may also feature spending tools. You could be able to use a debit card, check, or online bill pay.

Important Points to Remember

Credit unions are great places to acquire CDs because they are member-owned.
They frequently pay higher rates than banks, and even small credit unions may have a large number of locations and ATMs.
Credit unions tend to pay more on CDs than they do on savings accounts when you commit to a period of several months (or more).
However, keep an eye out for early withdrawal fees and consider using no-penalty CDs or a CD ladder to prevent becoming stuck in a bad CD.