Thanks goes out to reader “writer” for e-mailing about this.

I know the rates sound way too good to be true.  You can get these rates but there’s a catch.  You can only deposit up to $2,000 but if you have a small amount to deposit, you may want to check this out.

Paragon is offering the following 2 options:

9-month CD at 6% APY - you must deposit at least $500 and can’t put in more than $2,000.

9-month CD at 8% APY with an auto loan of $10,000+ - once again, you can’t deposit more than $2,000 but if you need an auto loan, you may want to check out their rates, they seem to be pretty competitive.

Other requirements include a direct deposit of $100 per occurrence and you must sign up for free eStatements and “Go Green”.

You can read all the terms and conditions here.

For more details on this offer, visit ParagonFCU.org or call 1.800.222.8877.  Paragon is insured by the NCUSIF up to $250,000.

Delta Community Credit Union currently is offering a 1 year CD at 3% APY.  This rate is effective as of 2/23/09.  Delta is the largest credit union in the state of Georgia with over 180,000 members and more than $2.9 billion in assets.  Anyone is able to join.

Below is a table of the rates currently being offered:

• 6 month:  2.50% APY
• 12 month:  3.00% APY
• 24 month:  3.15% APY
• 36 month:  3.25% APY
• 60 month:  3.75% APY

All accounts require a minimum of $1,000 to open.  Interest is compounded monthly.

To get more information on these rates, visit DeltaCommunityCU.com.  All of their accounts are NCUA, insured.

If you’re a fan of Credit Unions, you may want to check out Melrose Credit Union’s top CD rates this week.  They are offering some amazing deals that no other banks are even coming close to.

Here are the rates as of 2/18/09:

• 1 year:  3.39% APY
• 2 year:  3.55% APY
• 3 year:  3.70% APY
• 4 year:  3.85% APY
• 5 year:  4.27% APY

On top of that, Melrose CU is offering a 2.02% APY share account.  In order to open up a CD, you must deposit at least $5,000.

By the research I did, this Credit Union has been quite competitive among other banks in the past few years.

Anyone can join this Credit Union and it only has a $1 one time membership fee.  In order to open an account, you must provide:

• Valid photo ID
• Proof of address like a utility bill
• Social Security Number

For more information on these great rates and how to join, visit MelroseCU.org or call 718-658-9800 ext. 1014.

If you’re a fan of credit unions and are looking for long-term or short-term CD rates, I’ve found Belvoir Federal Credit Union who is currently offering some great competitive rates.

Here are the rates as of 2/5/09 –

• 6 months:  2.42% APY
• 12 months:  2.75% APY
• 18 months:  2.90% APY
• 24 months:  3.00% APY
• 30 months:  3.30% APY
• 36 months:  3.56% APY
• 48 months:  3.75% APY
• 60 months:  3.95% APY

All CDs require a minimum deposit of at least $1,000.  Since this is a credit union, all deposits are insured by the NCUA.  Belvoir Federal Credit Union currently holds a 3 star / 5 star Bankrate.com safe and sound rating.

For more information these rates, visit BelvoirFCU.org or call 1.888.50.FBFCU.

If you’re in the hunt of a high interest checking account that yields a high interest rate, you may want to check out First New England’s Federal Credit Union.    You’ll receive a 5.15% APY on balances up to $25,000.

• There is NO minimum balance.
• ATM fee refunds. (refunds up to $25)
• No maintenance fees.

Here are the requirements for the checking account –

• Make 12 cleared debt car transactions with your rewards checking account.
• Set up one direct deposit or ACH auto debit to your high interest checking.
• Enroll in eServices with your checking account.

If your balance does go over $25,000, the rate is at 2.50% APY as of 1/26/09.  If you do not meet the requirements, your rate will drop to a .10% APY.  This is why it’s important to read the requirements on the website.  The interest rate may change at any time.

For more information, visit FirstNewEngland.org.