Best 1 Year Credit Union CD Rates for November 2022
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As long as the credit union you’ve chosen is federally insured by the National Credit Union Administration Share Insurance Fund, the money you’ve deposited in your share certificate will be safe. In the event that the credit union shuts down, you’ll still walk away with your savings. Just keep in mind that there’s a $250,000 threshold for single ownership accounts. Larger amounts won’t be automatically insured.
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Returns on savings are on the rise, so to find the best rate it pays to shop around and compare yields tied to share certificates offered by credit unions.What is a 1-year credit union CD
Credit union share certificates are similar to certificates of deposit (CDs) offered by banks. For that reason, “share certificate” and “credit union CD” are often used interchangeably. Also, whereas CDs earn interest, share certificates earn dividends, but the effect for the saver is the same. By looking at annual percentage yields (APYs), consumers can compare interest and dividends on an apples-to-apples basis. The average one-year CD yield was 1.05 percent APY, according to Bankrate’s weekly survey of institutions on Oct. 26, 2022.Bankrate s picks for the top 1-year credit union CD rates
Here are some credit unions offering today’s best widely available one-year CD rates: : 4.00% APY; $500 minimum deposit : 4.00% APY; $500 minimum deposit 3 50% APY $1 000 minimum deposit 3 50% APY $1 000 minimum deposit 3 00% APY $50 minimum deposit 3 00% APY $1 000 minimum deposit 2 73% APY $1 000 minimum deposit 2 15% APY $500 minimum deposit 2 00% APY $20 000 minimum deposit 1 70% APY $25 000 minimum deposit Note: Annual percentage yields (APYs) shown are as of Oct. 31, 2022, and may have changed since they were last updated. Bankrate’s editorial team updates this information regularly, typically monthly.A closer look at the top 1-year credit union CD rates
4 00% APY $500 minimum deposit
America First Credit Union offers regular CDs, individual retirement account (IRA) CDs and bump-rate CDs. Membership restrictions: America First serves people who live, work, worship, volunteer or attend school in select counties in Utah, Washington, Nevada, Arizona, Idaho, Oregon and New Mexico. Early withdrawal penalty: 60 days of dividends, with a minimum fee of $54 00% APY $500 minimum deposit
Suncoast Credit Union offers seven terms each of its Share Certificates and Jumbo Certificates, which require minimum deposits of $500 and $100,000, respectively. Membership restrictions: People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join. Early withdrawal penalty: Ninety days of dividends on terms of 12 months or less; 180 days of dividends on terms longer than 12 months3 50% APY $1 000 minimum deposit
Alliant offers competitive APYs with low minimum balance requirements for CDs. It also has traditional individual retirement account CDs, Roth IRA CDs and SEP IRA CDs. Membership restrictions: Current or retired employees from a business that partners with Alliant Credit Union may be eligible to join. You may also be able to join by belonging to an organization that Alliant Credit Union partners with. You can also qualify to join Alliant Credit Union if you live or are employed in a community near its Chicago headquarters. If those circumstances don’t apply to you, you can make a one-time $5 payment and Alliant Credit Union will donate that money to Foster Care to Success so you can become an Alliant Credit Union member. Early withdrawal penalty: Dividends on the number of days the CD is open, up to 90 days. (For example, if funds are withdrawn after 180 days, the penalty is 90 days of dividends; if funds are withdrawn after 20 days, the penalty is 20 days of dividends.)3 50% APY $1 000 minimum deposit
PenFed has nine terms of CDs, ranging from six months to seven years. Membership restrictions: Anyone is eligible to apply for PenFed membership. All that is needed is to open and maintain a savings account with at least $5. Some products may require military affiliation to receive certain benefits of the product. Early withdrawal penalty: All dividends3 00% APY $50 minimum deposit
Bethpage offers nine terms of CDs, ranging from three months to five years, and a 39-month . Anyone who opens a $5 savings account can become a member. Membership restrictions: Bethpage FCU membership is open to anyone who opens a savings account with $5. Early withdrawal penalty: 180 days of dividends3 00% APY $1 000 minimum deposit
Navy Federal Credit Union is the world’s largest credit union with over 11 million members. In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards. Membership restrictions: Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families. Early withdrawal penalty: The lesser of all dividends for 90 days on the amount that you withdraw or all of the dividends withdrawn since the certificate was issued or renewed.2 73% APY $1 000 minimum deposit
In addition to CDs, Randolph-Brooks Federal Credit Union offers a Really Free Checking account that requires no minimum balance and charges no monthly fee. Membership restrictions: Where you live, attend school, work or worship are some of the more than 3,000 ways to become a member at Randolph-Brooks Federal Credit Union. Early withdrawal penalty: 60 days2 15% APY $500 minimum deposit
First Technology FCU’s CDs come in terms ranging from six months to five years. The minimum deposit is a reasonable $500. Membership restrictions: Membership at First Technology FCU is open to those who live or work in Lane County, Oregon; those who work for the State of Oregon or for a company on the credit union’s partner list; members of the Computer History Museum or the Financial Fitness Association; and those with a family member or household member who is already a First Tech member. Early withdrawal penalty: 180 days of simple dividends2 00% APY $20 000 minimum deposit
SchoolsFirst offers low minimum balances and CD terms from as short as 30 days to as long as five years. The more money you put into your CD, the higher the APY. CDs at this credit union have four balance tiers: $500, $20,000, $50,000 or $100,000. Membership restrictions: SchoolsFirst FCU serves the California educational community. Certain school employees, certain retired school employees and immediate family members of existing SchoolsFirst FCU members may be able to join. Early withdrawal penalty: 90 days of dividends1 70% APY $25 000 minimum deposit
Security Service Federal Credit Union serves members and families of the U.S. Air Force Security Service Command. It offers a full slate of consumer banking products, such as checking and savings accounts, mortgages, auto loans and credit cards. Membership restrictions: Those who live, work, worship, attend school, volunteer or have a business in Colorado, Texas or Utah are eligible to join, as are members of select military branches or units and Department of Defense employees at military bases within the credit union’s service area. Members’ families and household members also can join. Early withdrawal penalty: Forfeit all dividends earned, not to exceed 90 days of dividends, with a minimum of 30 days of dividendsHow to find the best 1-year credit union CD rates
Brick-and-mortar banks can be pretty stingy when it comes to paying interest on deposit accounts. But finding a credit union offering competitive rates on CDs is fairly easy. As member-owned institutions, credit unions operate for the benefit of their customers. The drawback? You may not have access to a credit union share certificate if you cannot qualify for membership. Many credit unions are easy to join, but there are still institutions that have restrictions based on where you live or work or the group you’re affiliated with. Like certificates of deposit at banks, credit union share certificates may also automatically renew after the term expires. For that reason, it’s important to keep track of your investments. Should the need arise to use the funds before the certificate has matured, the result would likely be an early withdrawal penalty. When choosing a one-year credit union CD, consider the interest rate you’re getting, how often the interest compounds, the minimum deposit, and your eligibility to join the credit union.1-year credit union CD FAQs
Are 1-year credit union CDs safe
Before signing up for any bank account, it’s important to understand the terms and conditions. With share certificates — and CDs across the board — there’s typically a penalty for early withdrawal. By pulling money out of your share certificate (or CD) before it matures, you’ll likely forfeit some of the interest you’ve earned. Consequences for early withdrawals vary from one credit union to the next and sometimes vary within a single credit union for share certificates with different term lengths. Also, you may be required to ask for an early withdrawal in writing. Check with your credit union for its policy.As long as the credit union you’ve chosen is federally insured by the National Credit Union Administration Share Insurance Fund, the money you’ve deposited in your share certificate will be safe. In the event that the credit union shuts down, you’ll still walk away with your savings. Just keep in mind that there’s a $250,000 threshold for single ownership accounts. Larger amounts won’t be automatically insured.