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SECU 7.6% One Year CD- Limited Membership - MD only Archived From: Finance

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alert mods    
   posted: Oct. 13, 2006 @ 9:28p

I'm sure this has already been posted, but in the chance it hasn't (I couldn't find on search).

SECU Credit Union in Maryland has this CD special for a 5.0 APY CD with an initial 2.5% bonus on the funds. The membership field seems somewhat limited, but if you qualify, enjoy...

SECU Credit Union


   posted: Oct. 13, 2006 @ 9:28p

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.


alert mods    
   posted: Oct. 13, 2006 @ 10:12p

sweet deal thanks!


alert mods    
   posted: Oct. 13, 2006 @ 10:41p

BuyBuyBuySellSellSell said:I'm sure this has already been posted, but in the chance it hasn't (I couldn't find on search).

SECU Credit Union in Maryland has this CD special for a 5.0 APY CD with an initial 2.5% bonus on the funds. The membership field seems somewhat limited, but if you qualify, enjoy...

SECU Credit Union

is this offer for md only?


alert mods    
   posted: Oct. 14, 2006 @ 3:03p

amazing - thanks! I qualify as an alumni from Univ. of Maryland.

Effective APY is approx. 7.625%
(1000 + 2.5% bonus) = $1025
(1025 * 5% APY) = 1076.25

I think you need a $10 deposit into the savings account too:
Membership Requirements


alert mods    
   posted: Oct. 14, 2006 @ 8:51p

Anyone can qualify for this credit union because anyone can join the University of MD alumni assn. I did. And I am a member of SECU although I haven't explored their CD rates. I just joined about 4 months ago and opened a $20K credit card.

SCM


alert mods    
   posted: Oct. 14, 2006 @ 9:16p

supercreditman said:Anyone can qualify for this credit union because anyone can join the University of MD alumni assn. I did.

interesting ...


alert mods    
   posted: Oct. 14, 2006 @ 10:22p

Checked the University of Maryland alumni site...easy to join...but...a 1 year membership for a single person costs $55.00


alert mods    
   posted: Oct. 15, 2006 @ 7:40p

craig10x said:Checked the University of Maryland alumni site...easy to join...but...a 1 year membership for a single person costs $55.00

Ooo! Math! I like math.


1000 + 55 spent yeilds 1076 = $21 profit = 2.1 %

but! $200,000 + 55 spent yields 215200 = $15,145 profit = 7.5725%. So the more you invest, the closer to 7.6 you get.


edit: corrected my math.


alert mods    
   posted: Oct. 15, 2006 @ 7:48p

I'd rather go with the 7-month 7% CD from MECU...


alert mods    
   posted: Oct. 16, 2006 @ 7:22p

BUYBUYBUYSELLSELLSELL,

With a big THANKS to you, I became aware of this offer on the Credit Union deals blog at http://credituniondeals.blogspot.com/ - here, where you are credited with the initial posting.

I failed to find your original FW posting and so I mentioned in the newish ( Oct 13) FW thread on Credit Union deals here.

I was able to take advantage of the 'special'.

Thanks again BBBSSS!

 


alert mods    
   posted: Oct. 16, 2006 @ 7:42p

200,000 + 55 spent yields 215200 = $15,145 profit = 7.5725%.

7.57% for one year! me likes ...trying to find a bank deal for 6.00% for 1 year is next to impossible task the last 6 weeks or so.

that is one exausting list of companies and state agencies...must be over 1,000 listings on that site...

I am sure if I dig in there for an hour I can find something/someway that would make be eligible...

To supplement the $100,000 federal deposit insurance, SECU's Money Manager, Advantage Money Market and Certificate of Deposit accounts in excess of the federal insurance limit are insured up to an additional $100,000 by Excess Share Insurance (ESI), the nation's largest private deposit insurer. This coverage is provided at no cost to members.

200,000K of insurance..very nice!


alert mods    
   posted: Oct. 16, 2006 @ 11:25p

"Savings CD will automatically renew at maturity to a standard CD with a 12-month term"...any way out of this?


alert mods    
   posted: Oct. 16, 2006 @ 11:30p

mmcsmd said:"Savings CD will automatically renew at maturity to a standard CD with a 12-month term"...any way out of this?

if you ask really nicely and say please alot when your cd matures, i've heard they'll let you do whatever you want with your money.


alert mods    
   posted: Oct. 17, 2006 @ 12:27a

Any other ways to qualify to join this CU by joining somewhere else? I wonder if they even verify eligibility...


alert mods    
   posted: Oct. 17, 2006 @ 4:15a

TannerP said:Any other ways to qualify to join this CU by joining somewhere else? I wonder if they even verify eligibility...

I don't think they verify. I just applied because my brother is qualified (but not a member) and therefore I am elgible. The online app form doesn't even ask how he is qualified, it just asks for his name!


alert mods    
   posted: Oct. 17, 2006 @ 5:59a

happybenjamin said:I'd rather go with the 7-month 7% CD from MECU...

I did the MECU deal too, quick and easy if you can get to a branch

Link to CD Promo


alert mods    
   posted: Oct. 17, 2006 @ 6:23a

From the fine print: "MECU reserves the right to limit the dollar amount deposited into the 7.00%APY CD by a single member."

Hmmmmm


alert mods    
   posted: Oct. 17, 2006 @ 9:03a

magicboy2 said:From the fine print: "MECU reserves the right to limit the dollar amount deposited into the 7.00%APY CD by a single member."

I got the impression that it was $200,000.00
Or at least that's the maximum amount amount anyone would want to deposit to get the bonus. Looks like accounts are insured up to $200,000.00
There is a branch near my office. This looks like a hot deal to me.

Has anybody tried this, it looks like any UMUC alumus qualifies, but do they check it and if so how? I don't think they do, but since I could bring by something if need be I figure that I should.


alert mods    
   posted: Oct. 17, 2006 @ 9:23a

mmcsmd said:"Savings CD will automatically renew at maturity to a standard CD with a 12-month term"...any way out of this?

They all do, no matter where you get them. You just have to fill out a form they send you near renewal stating if you want to renew at the new rate or get a check.


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