Banking » Compare Banks » 6 Credit Unions With Highly Competitive CD Rates
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6 Credit Unions With Highly Competitive CD Rates

If you're looking for a credit union with competitive CD rates, we've gathered some of the most lucrative options you can find these days.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

With numerous credit unions vying for attention, identifying those with the most attractive CD rates can be a challenging task.

In this article, we present a comprehensive list of six credit unions that stand out for their highly competitive CD rates. These institutions not only offer attractive interest rates but also prioritize customer satisfaction and financial security. 

Navy Federal Credit Union

navy federal credit union logo
navy federal credit union logo

Navy Federal Credit Union

APY Range

4.85%

Minimum Deposit

$1,000

Terms

3 months – 7 years

Fees

$0

 Navy Federal Credit Union offers different options for certificates with varying terms and interest rates, so you can choose the one that suits your savings goals. Apart from certificates, they also provide other savings and investment products like savings accounts, money market accounts, and individual retirement accounts (IRAs). 

Certificate Term
Navy Federal APY
3 Months
2.75% – 2.80%
6 Months
0.45% – 0.50%
12 Months
4.80% – 4.85%
18 Months
4.50% – 4.55%
24 Months
4.20% – 4.25%
36 Months
4.00% – 4.05%
60 Months
3.80% – 3.85%
84 Months
3.80% – 3.85%
15 Months (Special CD)
4.85%

Navy Federal Credit Union is a non-profit organization based in Virginia, and it's one of the largest credit unions in the US. They mainly serve members of the military and their families, and they have a whopping 9 million members worldwide.

Connexus Credit Union

Connexus credit union
Connexus credit union

Connexus Credit Union

APY Range

3.51% – 4.85%

Minimum Deposit

$5,000

Terms

12 months – 5 years

Fees

$0

You can choose from different options when it comes to Connexus CDs or Share certificates. These are like savings accounts that you put money into for a certain period of time, ranging from 12 months – 5 years. They offer a special CD and Jumbo CDs as well.

Another option is the Bump Up CD –  with the Bump Up CD, you can increase your interest rate once during the term.

CD Term
APY
12 Months
5.01% – 5.06%
15 Months (special)
5.25%
24 Months
4.63% – 4.68%
36 Months
4.21% – 4.26%
48 Months
3.91% – 3.96%
60 Months
3.51% – 3.56%

Connexus provides a convenient way to open an account online. All you need to do is follow a few simple steps on the relevant product page, and you'll be good to go.

Pen Fed Credit Union

penfed personal loan
penfed personal loan

Pen Fed Credit Union

APY Range

2.00% – 4.35%

Minimum Deposit

$1,000

Terms

6 – 84 months

Fees

$0

PenFed has a wide range of CDs and they are competitive for almost every term. They usually offer higher interest rates compared to regular savings accounts, but you need to deposit a certain minimum amount to open one.

Term
APY
Penalty
6 Months
3.00%
90 days of dividends
12 Months
4.20%
365 days / 30% of dividends
18 Months
4.20%
365 days / 30% of dividends
24 Months
4.20%
365 days / 30% of dividends
36 Months
3.60%
365 days / 30% of dividends
48 Months
3.50%
365 days / 30% of dividends
60 Months
3.50%
365 days / 30% of dividends
84 Months
3.40%
365 days / 30% of dividends

PenFed is a Credit Union that started back in 1935 and now operates all around the world. Initially, it was only available to military and civilian government employees and their families. However, they have expanded and now have a national membership charter, so anyone can join and become a member.

Lafayette Federal Credit Union

Lafayette Federal Credit Union certificates (CDs)
Lafayette Federal Credit Union certificates (CDs)

Lafayette Federal Credit Union

APY Range

4.32% – 5.04%

Minimum Deposit

$500

Terms

7 months – 5 years

Fees

$0

Lafayette Federal Credit Union offers highly competitive rates compared to other credit unions and banks. As of May 2024, their 1-year CD rates are among the highest 1-year CD rates in the market, and their rates for other terms are also very competitive.

 
Term
APY
7 Months
4.37%
12 Months
5.04%
24 Months
4.78%
36 Months
4.52%
48 Months
4.42%
60 Months
4.32%

You can join Lafayette Federal Credit Union (LFCU) in various ways. Firstly, if you belong to a participating organization such as a school, business, or union, you can join LFCU without cost. Secondly, if you live, work, or worship in Maryland, Washington, D.C., or Virginia, you can join LFCU by paying a one-time fee of $5. Lastly, if you are the spouse, child, or parent of an existing LFCU member, you can join for free.

Air Force Federal Credit Union

Air Force Federal Credit Union certificates (CDs)
Air Force Federal Credit Union certificates (CDs)

Air Force Federal Credit Union

APY Range

3.70% – 4.75%

Minimum Deposit

$1,000

Terms

6 months – 7 years

Fees

$0

AFFCU offers certificate rates that are very competitive when compared to other credit unions. In fact, their rates are often among the highest in the country.

Term
APY
6 Months
4.55%
12 Months
4.70% – 4.75%
18 Months
4.55%
24 Months
4.30%
36 Months
4.10%
60 Months
3.80% – 3.85%
72 Months
3.70% – 3.75%

Air Force FCU primarily serves military personnel and their families. Eligibility includes current or retired U.S. military members, civilian employees of the Department of Defense, immediate family members of current AFFCU members, and anyone who donates $10 or $25 to specific foundations.

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Alliant Credit Union

Alliant Credit Union
Alliant Credit Union

Alliant Credit Union

APY Range

5.08%-5.20%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Fees

$0

Alliant Credit Union provides certificates with competitive rates that vary based on the chosen term. Their rates are highly competitive nationwide, covering a wide range of available terms. If you have the ability to deposit over $75,000, Alliant offers the option to open a jumbo certificate. 

Term
APY
3 Months
4.25%
6 Months
5.00%
12 Months
5.15% – 5.20
18 Months
4.90% – 4.95%
24 Months
4.30% – 4.40%
36 Months
4.20% – 4.30%
48 Months
4.05% – 4.10%
60 Months
4.00% – 4.05%

To open an Alliant certificate account, there are three convenient options available. If you are already an Alliant member, you can log in to your online banking account and follow the prompts to open a certificate account. 

If you are a new member, you can start the membership application process online and select “Certificates” as the account type.

How To Choose A CD From A Credit Union?

When choosing a CD from a credit union, there are several factors you should consider. Here are some important ones:

  • Membership Eligibility: Credit unions have membership requirements, such as belonging to a particular community, occupation, or organization. Ensure you meet the eligibility criteria to become a member of the credit union you are considering. There are credit unions on the list that are open to everyone.

  • Penalties for Early Withdrawal: Understand the penalties imposed if you need to withdraw the funds from the CD before its maturity date. Early withdrawal penalties can eat into your earnings or even result in a loss of principal. Ensure you know these penalties and consider the potential need for liquidity during the CD's term.

  • Credit Union's Reputation and Stability: Examine the credit union's financial health and stability. Review their financial statements, including their assets, liabilities, and capital reserves. Look for a credit union with a strong balance sheet and a history of stable financial performance. Check if the credit union is federally insured by the National Credit Union Administration (NCUA) or if it has private deposit insurance to protect your funds.
  • Customer Service: Evaluate the credit union's customer service quality. Good customer service can make a difference in your overall experience and address any concerns or inquiries you may have during the CD's term.

FAQs

If a credit union fails, your credit union certificate is protected by the NCUA insurance, which covers up to $250,000 per account. The NCUA will typically work to transfer your accounts to another insured credit union to ensure the continuity of your funds

Yes, credit union certificates can be used as a part of your retirement savings strategy. Some credit unions offer specialized retirement certificates or Individual Retirement Accounts (IRAs) that provide tax advantages for long-term savings.

Yes, the interest earned on credit union certificates is generally taxable as income. You will receive a Form 1099-INT from the credit union, which reports the interest earned and must be included in your annual tax filings.

Some redit union certificates often offer higher interest rates compared to regular savings accounts or traditional bank CDs. 

When a credit union certificate matures, you have several options. You can withdraw the funds, renew the certificate at the prevailing interest rate, or transfer the funds to another account or investment product within the credit union.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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