ALPENA, Mich.–At least one credit union has broken through the 7% APY ceiling on a certificate of deposit.
The $724-million Alpena Alcona Area Credit Union is offering a seven-month certificate special paying 7.19% APY. The product requires a minimum opening deposit of $500 and a maximum deposit of $7,000. There is also a limit of one CD special per member.
The certificate offer coincides with AAACU’s 70th anniversary.
According to Business Insider, a number of other institutions, including credit unions, are also offering CD rates above 5%. Those include:
- USAlliance Financial Credit Union, which is offering an 18-month certificate paying 5.70% APY
- NASA FCU, which is offering a nine-month certificate at 5.65% APY
- Northern Bank, which has an 11-month certificate paying 5.60%
- Santander Bank, which is offering a 12-month certificate in some states paying 5.50%
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