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- Alpena Alcona Area Credit Union has a 7-month CD special paying over 7% APY.
- To open a CD at Alpena Alcona Area Credit Union, you must qualify for membership.
- Other financial institutions have CD rates well over 5% APY.
You can now find CD rates over 7% APY. Alpena Alcona Area Credit Union, a financial institution located in Michigan, is offering a 7-month CD special paying 7.19% APY.
This CD special permits a minimum opening deposit of $500 and a maximum deposit of $7,000. There is also a limit of one CD special per member.
If you aren't familiar with this credit union, note that Alpena Alcona Federal Credit Union is federally insured by the NCUA. The NCUA is a government agency that insures deposits at credit unions and makes sure your money is safe even if it is shut down. Up to $250,000 is protected in an NCUA-insured bank account.
How to get 7.19% APY
To open a CD at Alpena Alcona Area Credit Union, you must qualify for membership. Generally, you must 1) live, work, own property, go to school, or worship in any county in Michigan; 2) work at the credit union or 3) have an immediate family member who is an existing member.
You can open a CD online, by phone, or at a branch if you meet one of the membership requirements. Alpena Alcona Area Credit Union has ten branches in Michigan (Alpena, Ossineke, Posen, Lincoln, Rogers City, Atlanta, Oscoda, Tawas City, and Cheboygan).
If you do not qualify for membership at the credit union, other financial institutions also have appealing CD options right now. The best CD rates pay well above 5% APY.
Here are a few options that you might consider exploring if you're specifically looking for the highest CD rates:
- USAlliance Financial Share Certificate (18-month term) paying 5.70% APY
- NASA Federal Credit Union Share Certificate (9-month term) paying 5.65% APY
- Northern Bank Direct CD (11-month term) paying 5.60% APY
- Santander Bank CD (12-month term in CT, DE, MA, NH, NJ, NY, PA, RI, or select areas in FL) paying 5.50% APY.
- Crescent Bank (12-month term) paying 5.45% APY
If you'd like to explore national brands as well, some of the best online banks also have CD rates that pay significantly more than the national average:
- Synchrony CDs (terms ranging from 3 months to 5 years): 2.25% to 5.50% APY
- Ally CDs (terms ranging from 3 months to 5 years): 2.50% to 5.00% APY
- Barclays CDs (terms ranging from 12 months to 5 years): 4.25% to 5.00% APY
All of these financial institutions are either FDIC-insured or NCUA-insured for up to $250,000 per depositor, per ownership category. Hence, your money is safe for the insured in the rare event something happens to the financial institution.
When you're choosing a CD, be aware of the opening requirements and early withdrawal penalties of each financial institution. Experts also recommend selecting a CD based on the timeline of your goals.