SECU (Maryland) credit union is offering a CD promotion similar to the one they had last year. This time they’re calling it the Giving Thanks CD. It has a 7 month term with a 5.00% APY. There is an additional bonus dividend of 2.50% of the initial deposit which they will credit directly into the CD upon opening. This will result in an effective yield of approximately 9.36%. The credit union has a limited field of membership but does allow out of state applicants. Membership requires at least $10 in the share account. If you can finagle membership to SECU, this is a great deal.
Example: $100K CD will earn approximately $5460 after 7 months
($2960 interest + $2500 bonus = $5460)
- ‘new’money required
- can only be opened in branch or by mail (applications can be downloaded from website)
- initial funding by check only
- POD available
- $2K minimum
- $200K maximum
- interest compounded and credited quarterly
- must elect interest payment options at account opening
- seven day grace period
- interest will not be paid on funds withdrawn during grace period
- three months interest early withdrawal penalty
- NCUA insured
- promotion is scheduled for September 29, 2007 – November 30, 2007
-“Offer subject to availability and may be withdrawn at any time.”
