Andrews Federal Credit Union is offering the following special Black Friday certificate rates. They must be funded by 11/30/16. Update: According to multiple accounts, this promotion has been extended to accounts funded by 12/31/16. Please verify yourself as the website has not been changed as of this writing. Thanks to Rudi for heads up.
- 3-month Share Certificate at 3.01% APY
- 18-month Share Certificate at 1.81% APY/li>
- 84-month Share Certificate at 3.01% APY
(There is also a 6-month Share Certificate at 3% APY with $15,000 maximum balance, viewable only to existing members.)
For most people, the best deal is the 84-month 3.01% APY certificate because the early withdrawal penalty is a rather modest 180-days of interest. The minimum opening deposit is $1,000. No maximum balance cap. I created a spreadsheet to calculate the effective interest rate if you withdraw early, and here are the results visually:
If you withdraw after one year, you’re already at 1.50% APY. After 2 years, you’ll have earned 2.25% APY. After 3 years, you’ll have earned 2.51% APY. At all these intervals, you are ahead of nearly all the top rates from other banks and credit unions.
If you don’t qualify directly, anyone can join the credit union by first joining the American Consumer Council for $8. Try the promo code consumer and you should be able to save that five bucks. After that, join AFCU online, and deposit the minimum $5 to open a share account. After your share account is open, you can try to open the promotional CDs online. Alternatively, you may need to call them up directly and expedite things. Make sure you fund it by the deadline.
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