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Checking Credit Union CD Rates

See how you can find the perfect credit union rates.

If you’ve banked for sometime now, you’ve probably heard of a credit union but if you haven’t looked into one yet, I would highly recommend you check one out because sometimes you may be surprised on what you can get for your money.  Generally, credit unions are able to give higher rates compared to regular banks because they are a non-profitable institution meaning they don’t have to deal with shareholders, etc.

How Do I Find a Credit Union?

Like a regular bank, you can either do your banking with a credit union solely online or you can go to a brick and mortar store.  With a credit union, you’ll usually find that they don’t have many branches.  Sometimes you may find that they only have one or two.  This alone can be a big turn off for most potential customers. 

If the one branch idea turns you off, you have to realize that if you’re solely looking for a good CD rate, you usually don’t have to go to the bank at all.  The only time you need to go is to either open or close your CD.  If you plan on doing your banking there regularly, then you may have to worry about the location problem but if you’re looking to apply for a CD only, then I wouldn’t worry about this.

Finding a credit union is fairly easy.  The best way to do this is to etiher do a local search online or if you come across a good deal at a national credit union, you can simply visit their website.  Think of how you found the bank  you’re banking with today.  Use the same techniques when searching for your credit union.

What should I look for in a credit union?

The most important thing you should look for when looking for a credit union is to make sure they are legit.  An easy way to find out if they are legit or not is to check and see if they are insured by either the FDIC or National Credit Union Share Insurance Fund (NCUSIF)  If a credit union is insured by the NCUSIF, it’s required that they display it.  It’s important that you have your money insured.  You wouldn’t want the bank to go under and have your money go to waste.

Some of the others things you should look for are the reviews on the credit union.  Make sure that the credit union has some positive reviews.  The best way to find these are to either ask around or do a little research online.  You don’t want to bank at a bank with a shady past.

The next time you look into applying for a CD, make sure you at least take a look at credit unions.  You’ll be amazed at how good the rates are.  If the credit union is legit, there’s no reason you should give it a shot.

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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