Interest Rates For Credit Unions

Federally Insured Credit Unions

The National Credit Union Share Insurance Fund insures federal credit unions. An independent agency called the National Credit Union Administration administers the NCUSIF. This gives federal credit unions the same insurance as banks through the FDIC . Like FDIC-insured bank deposits, NCUSIF insurance covers up to $250,000 on deposits to federal credit union accounts.

Its easy to locate a federal credit union near you and invest in your financial future by taking ownership in your financial institution. To identify a federal credit union:

• Look for official NCUA signage. Federal credit unions must display signs indicating theyre NCUA-insured at all branches. You should see signs near each teller station and anywhere members are expected to make deposits.
• Go to the website. NCUA signage must also be present on the website of every federal credit union, as well as wherever it offers an option for opening an account.
• Check the name. Only federal credit unions may use the word federal in their name.

Are Certificates Good Protection For A Bear Market

One way to protect your investments during a bear market is to invest in certificates of deposit . CDs are low-risk investments that offer a fixed rate of return over a set period of time. Unlike stocks and other securities, the value of a CD is not affected by market conditions. As a result, CDs can provide a measure of stability during periods of market turmoil. In addition, CDs typically have higher interest rates than savings accounts, making them an attractive option for investors looking to preserve their capital. While CDs may not offer the same potential for growth as other investments, they can be a valuable tool for protecting your portfolio during a bear market.

First Tech Federal Credit Union

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Why we like it

First Tech Federal Credit Unions Rewards Checking earns 1.00% APY on balances of $15,000 or less, as long as you meet three requirements, including receiving e-statements and making 20 monthly debit or credit card purchases totaling at least $500. Meet the qualifications, and First Tech will also refund up to $15 per month for non-network ATM transactions within the country. Savings yields are less impressive, and the highest rate account has a $5,000 minimum to open.

One way to qualify for membership is becoming a member of the nonprofit Financial Fitness Association, which costs $8.

First Tech operates its own branches in eight states , and it participates in the Co-op Shared Branch network, which gives members access to nearly 6,000 branches and 30,000 ATMs at other credit unions. It also offers 24/7 customer service by phone, social media support and well-rated mobile apps.

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Why we like it

Along with standard free and premium checking accounts, Golden 1 Credit Union has free checking accounts for teens and college students. New Generation Checking requires an adult co-owner. Student Checking gives college students full account privileges.

The Youth Savings account requires a co-owner, but lets young account holders transact without them present. The account earns the same 0.05% APY as the regular savings account.

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Don’t Miss: Northwest Federal Credit Union Locations

How Many Certificates Can I Have At One Time

Theres no limit to the number of CDs you can own, but there are a few things to keep in mind if you consider opening more than one.

• First, each CD will have its interest rate and term length, so youll need to decide which account offers the best return for your needs.
• Additionally, some banks may charge fees for having multiple CDs, so its always a good idea to check with your financial institution before opening multiple accounts.
• Finally, remember that youll be locked into the interest rate and term length of each CD, so make sure you wont need access to that money before the account matures.

Owning multiple CDs can be a great option if youre looking for a safe and low-risk way to grow your savings. Just be sure to do your research before opening multiple accounts.

Best If You Have Kids: First Tech Federal Credit Union

First Tech Federal Credit Union

Easy-to-join First Tech Federal Credit Union scores our highest marks for an ultra-high-paying account thats great for your kids.

• Pays one of the highest national rates on savings accounts for minors, as well as offering fee-free youth checking

• The menu for parents includes high-yield checking, a top-paying HSA, and low-interest credit cards

• No fees or donations to become a member

• Access to free ATMs and 6,500 shared branches nationwide

• Savings account rates are subpar

• CD rates also arent very competitive

• No free checks on either adult checking account

A youth bank account can be a great way to instill smart money skills at an early age, and First Tech wins our top prize for credit unions that are great for kids. First Techs Start Up Savings account pays a phenomenal 5% APY on all balances up to $1,000 with a minimum balance requirement of $5.

First Tech also offers a Start Up Checking account. This account also features no fees and is open to any age child up to age 18. With parental consent, your child can have a debit card. The checking account also has no minimum balance requirement.

Of course, California-based First Tech has plenty to offer parents as well, providing a full array of accounts, credit cards, and loans. Especially attractive is that you can join First Tech at no cost, not even requiring a donation. All thats required is for each member to keep $5 in their member savings account.

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Nasa Federal Credit Union: Best 18

Started in 1949 by members of the scientific community, NASA Federal Credit Union serves over 177,000 members nationwide. Anyone can join the credit union by becoming a member of the National Space Society. You can join via the NASA Federal Credit Union application page, and your first year of membership is complimentary. Members are also required to sign up for a primary savings account with a minimum deposit of $5.

Security Service Federal Credit Union Cd

Minimum deposit

2.80%

Why we like it

Overview: Security Service Federal has competitive yields on certificate rates, which vary based on different tiers with minimum opening deposits mostly ranging from $500 to $100,000.

Membership requirement: Youre a member of certain military branches or work for the Department of Defense, or youre a resident of Texas, Colorado or Utah. There are a few other ways to join, but if you or your household isnt affiliated with the military or those three states, you likely dont qualify.

» Want to see more CD options? Check out our list of the best CD rates overall

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Orange County’s Credit Union

Maximum term not available on all loan amounts. Lowest APR not available for the max term listed. Contact Orange County’s Credit Union for details.

Personal Loan Rate Assumptions

¹APR is Annual Percentage Rate. All loans are subject to application, credit qualification, income verification, and approval. Not all applicants will qualify for the lowest rate. APR may vary and is determined by your credit qualifications. APR includes 0.25% discount for automatic payments via an Orange Countys Credit Union checking/savings account or payroll deduction. Loans without automatic payments from a checking/savings account will be 0.25% higher. Example monthly payment: For a $1,000 loan for a term of 12 months with a 7.25% APR, the monthly payment will be $86.64.

Vehicle Loans

Maximum term not available on all loan amounts. Lowest APR not available for the max term listed. Contact Orange County’s Credit Union for details.

Auto Loan Rate Assumptions

Vehicles with more than 5,000 miles will be classified as used auto. Minimum vehicle year is 2015.

The First Time Auto Buyer program requires automatic payments, proof of insurance and proof of income before funding.

Maximum term not available on all loan amounts. Lowest APR not available for the max term listed. Contact Orange County’s Credit Union for details.

New as indicated on purchase order from dealer. All other purchases are classified as Used.

Motorcycle Loan Rate Assumptions

Best Credit Unions Of 2022

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The best credit unions offer the same accounts and services as banks but often with much better terms. NerdWallet researched some of the country’s top institutions both national and local to determine our picks.

This years best credit unions have great rates, low fees and generous perks. Some offer access to a shared network, meaning members can visit and use other credit unions branches and ATMs. Our top five options are easy to join, too, and below you’ll find five more with more stringent eligibility requirements.

Best credit unions of 2022

• Alliant: Best credit union for checking and savings.

• Consumers: Best credit union for checking APY.

• Connexus: Best credit union for APY.

• First Tech: Best credit union for member experience.

• The Golden 1: Best credit union for teens and college students.

• America First Credit Union: Free checking account that earns interest.

• Boeing Employees Credit Union: Excellent APY on youth savings account balances below $500.

• SchoolsFirst Credit Union: No monthly fees.

• State Employees Credit Union: Strong certificate rates.

• Suncoast Credit Union: Interest on checking and no monthly fees.

Best credit unions of 2022

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Best For Cds: Hiway Credit Union

Hiway Credit Union

Hiway Credit Union is a full-service credit union offering virtually every type of bank account, credit card, or loan, but where it really shines is in its stellar rates on certificates of deposit, landing it at the top of our category for best credit union for CDs.

• Consistently pays CD rates that are higher than average across all major CD terms

• Also offers a high-yield checking account

• One-stop-shop for almost every consumer or business banking or borrowing need

• Access to over 64,000 free ATMs and 5,000 shared branches nationwide

• Earning the highest CD rates requires a $25,000 minimum per certificate

• Rates on its savings accounts are below the national average

• No teen checking account, and the youth savings account pays a lackluster rate

While many institutions offer mildly competitive rates in most certificate terms and perhaps offer a standout rate as a promotion on one particular term, Hiways rates are well above average for all terms, making them our pick for best credit union for CD shoppers.

On its one-year CD, Hiways rate is a significant four to five times the FDICs national average rate of 0.13% APY. And for a five-year certificate, you can earn three to four times the national average of 0.28% APY. Those with modest savings can open a CD with just $500, but you also have the option to earn more by putting a bigger balance into the CD, with additional rate tiers at $10,000 and $25,000 per certificate.

What Causes Cd Rates To Rise

CD interest rates are influenced by various factors, including the yields on Treasurys, competition among banks, deposits desire to be secured, and the ability to lend money at a higher rate. As a result, if Treasury yields rise, some banks will probably increase their CD rates.

CD rates generally rise when the Federal Reserve raises the federal funds rate. The federal funds rate is the interest rate at which banks lend money to each other overnight, and it serves as a benchmark for other short-term interest rates like CD rates. So when the federal funds rate goes up, deposit rates follow suit. However, many other factors can also influence CD rates, so its essential to keep an eye on the overall economic environment and how market conditions may affect your particular financial institution.

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Bankrates Methodology For Choosing The Best Cd Rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as annual percentage yield , the minimum needed to earn that APY and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when youll need access to these funds to help you avoid early withdrawal penalties.

Banks we monitor

How Credit Unions Work

Each individual credit union member is an owner in equal part of the institution.

• Live in a specific geographical area
• Work in a specific field
• Work for a specific employer
• Belong to certain groups
• Have a family member whos already a credit union member

You must hold a minimum number of membership shares of the credit union upon joining, typically for a nominal deposit of somewhere between $5 and $30.

The result is a cooperative structure with a strong framework to help them accomplish their financial goals. For example, member deposits can be loaned out to another member as a home loan, providing the borrower with financial flexibility and a good return to the depositor and the credit union.

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Best For Flexible Terms

Who’s this for? Similar to some of the other lenders on this list, Alliant offers personal loan amounts for as much as $50,000 . But this lender also has a considerable amount of flexibility when it comes to its personal loan products. For one, the lender can usually deposit the funds into your bank account on the same day . However, if you’d rather receive your funds in the form of a check, Alliant offers to mail you one.

The APR for Alliant personal loans are tiered and depend on the timeline you choose for repaying the loan. According to the Alliant website, you may qualify for a rate close to the lowest APR if you choose a loan term of 12 months. Then the APR starts at 7.24% for a 24-month loan term, 9.24% for a 48-month loan term and 10.24% for a 60-month term. Of course, aside from the term you choose, your interest rate will also depend on your credit score. The higher your , the more likely you’ll be to get approved for interest rates on the lower end of the lender’s ranges.

This lender also doesn’t charge origination fees or a prepayment penalty.

What Is A Credit Union Cd

Unlike a bank, which is a for-profit organization, a credit union is a not-for-profit organization. Credit unions are controlled by their members, and profits are supposed to be returned to them. This is usually done in the form of lower fees and favorable interest rates on a variety of products including CDs.

When you choose a credit union CD, youre getting a certificate of deposit issued through that credit union. In order to take advantage of the products and services offered by a credit union, however, you have to meet its field of membership requirements. These requirements include common traits that link all members.

Depending on the credit union, some of these requirements might include:

• Family connections
• Membership in a certain organization

Before attempting to open a credit union CD, check to make sure you meet the membership requirements. Many credit unions today have requirements that can be met by a broad swath of the population across the country.

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Why You Can Trust Bankrate

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money.

Best Overall: Blue Federal Credit Union

Blue Federal Credit Union

Blue Federal Credit Unions banking menu covers virtually every type of account or loan youll need while paying well-above-average rates, charging zero or minimal fees, and being very easy for anyone to join. Add in-person banking at thousands of credit union branches across the country, and you can see why weve named it our best overall credit union.

• One-stop-shop for most consumers every banking need

• Five checking account choices, including free and high-yield options

• Savings and CD rates at three to six times the national average

• Ability to bank in-branch at more than 5,000 credit union locations nationwide

• A handful of other credit unions and online banks offer higher savings and CD rates

• Not as large an ATM footprint as some networks

Blue Federal Credit Union has a full-service menu offering checking, savings, money market, and CD accounts, but also health savings, IRA, and business accounts multiple credit cards and almost any kind of loan you could want, from mortgages and vehicle loans to student, personal, and business loans. With all that, great rates, and in-person access, it wins our award for best all-around credit union.

Blue participates in the Co-Op Shared Branch network of credit unions, enabling you to handle many banking transactions at more than 5,000 credit union locations throughout the U.S., as well as use more than 30,000 nationwide ATMs.

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