Finally saw a real difference going with a local credit union over a big bank

I opened a CD at a small credit union in Austin last month and got 4.2% APY, compared to the 1.5% my broker offered. Have you guys had better luck with credit unions for short term savings?

2 comments

2 Comments

emmag4015d ago

Yeah, but how much did you have to keep in that CD to get that rate?

lily_stone7615d ago

Did you hear about that new rule they're talking about though? I read something the other day from a financial blog that said some banks are actually lowering their minimums on CDs to compete with online savings accounts. But yeah, I think it's always a catch with those high rates - you gotta park a chunk of change in there (like $10,000 or more) to get the best advertised rate. I remember my credit union had a CD special that looked amazing until I saw the fine print saying it needed $25,000 to open. It's frustrating because regular folks like us can't always swing that kind of money just to get a decent return.