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Archive for Credit Unions

For a limited time only, ORNL Federal Credit Union offers one of the lowest credit card APR in the country. When you get your very own Visa Platinum credit card, you can have the freedom of making purchases without the unnecessary high rates.

About the Visa Platinum Card

There is a lot more to credit cards than the purchasing power that comes with it. Credit cards are also useful for making balance transfers from one account to another, as well as handing over or accepting foreign transactions. However, with all these benefits, there is a drawback that comes from the interest rates each and every transaction incurs. The best thing about ORNL’s Platinum card is that for a period of 12 months, you can get to enjoy a cut-down APR of 3.99%.

This great offer only becomes available once you are able to make zero-fee purchases, cash and balance transfers within the first 60 days of owning your Visa Platinum card. Once you’re qualified, you will then be eligible for the low-APR offer for a whole year. After this promo period, the APR resumes the usual variable APR. This Prime rate APR varies upon your credit worth and history.

This limited offer is only available to newly opened accounts and does not include transfers form previous ORNL accounts.

The Usual Benefits

For every dollar spent using your ORNL card, points are designated to your account. Later on, these points are converted to rewards from the credit union’s trade partners. These include merchandise, travel and stay benefits, and a lot more.

Application for this card is open to anyone who is over 18 years old. However, those who are at the ages between 18 and 21 require a proof of independent income. If this is not applicable, a parent or legal guardian should be made as a qualified joint applicant to co-sign the application.

About ORNL

Founded in august 6, 1948, this credit union initially aimed to serve the community by starting out with employees of the Oak Ridge National Laboratory in Tennessee. The ten founders contributed $5 each in order to start the deposit base.

Now, ORNL has assets of over one billion dollars. Each and every account is federally insured to keep their customer’s good faith. It has branches located all over the state of Tennessee.

CD Rates from TFCU Remain Competitively Relevant

Saturday, March 24th, 2012

Sometimes, local deals have the best offers. This goes true for the certificates of deposit offers from El Paso Area Federal Credit Union. Let’s take a look at what they offer.

About the Rates

TFCU has three different kinds of share certificates – the regular, the jumbo, and the Save-a-Lot. Both the regular and jumbo CD offers have fixed terms which allow your investment to grow over the maturity period with the current interest rate being offered today. The Save-a-Lot offer is great for those who are just starting out with a small amount of investment. You get to open a one-year CD and earn interest every three months. What’s more, minimum deposits of $10 are allowed regularly, so you can still maintain your account at the lowest possible amount ever.

Another great offer by TFCU comes when you open Rate Plus Certificates of 18 or 30-month periods. Once you sign up for either account, you start gaining interest based on the current rate. However, during the course of its maturity, you can choose to increase the dividend rate once. This allows you take advantage of a higher rate if ever a time should occur.

For the Regular certificates, the rates are as follows:

Term - APY
91 days - 0.45%
6 months - 0.75%
12 months - 1.21%
18 months - 1.36%
24 months - 1.36%
30 months - 2.27%
36 months - 2.27%
48 months - 2.27%
60 months - 2.88%

As for the Save-a-Lot account, the APR and APY are fixed at 1.20% and 1.21% respectively.

Below are the rates for the Jumbo Certificate accounts:

Term – APY
6 months - 0.85%
12 months – 1.31%
18 months – 1.46%
24 months – 1.46%
30 months – 2.37%
36 months – 2.37%
48 months – 2.37%
60 months – 2.98%

The dividends for all accounts are paid upon maturity. The initial deposit required for a regular 91-day and 6-month term is $2,500. As mentioned, the minimum deposit for the Save-a-Lot account is only $25, while the rest of the regular accounts are fixed at $500. All Jumbo certificates require an initial deposit of $50,00.

These rates all offer a great way for you to save up on your next family vacation or a new car. Whatever it is, you can be sure that opening a CD account under El Paso TFCU provides you higher returns than most companies today.

When looking at credit cards, it helps to check out offerings other than from the banks. Credit unions may not be for everyone, but since these financial institutions work in a way that’s so much different from traditional banks, they are able to offer more consumer-friendly options when it comes to credit cards.

America First is currently promoting its Visa Platinum Card. This card is further specified into two types with rewards one would prefer. These are the low rate and the cash back platinum card.

Visa Platinum Low-Rate Card

As the name suggests, the Platinum Low-Rate card offers highly competitive rates. On a national level, ongoing rates are at a lowest of 11.45%. But once you apply for this card, you don’t just get 11% or 10% APR. You can even go as low as 6.99% variable APR. This is one of the lowest being offered by lenders these days. However, this card is available only for personal use, and is not applicable for business accounts.

Since this is a variable APR, your rate will depend on your credit worthiness and upon the money market. However, you can expect your highest APR to go no more than 17.49% annually – a figure that is already the lowest for most banks. Because this offering already has a low ongoing rate, there are no special introductory rates, nor is there a cash-back reward.

Visa Platinum Cash-Back or Rewards Card

If you’re the type to use credit cards often not only for convenience, but also for its perks, then the Visa Platinum Cash-Back or Visa Platinum Rewards Card is for you.

The rewards card allows you to earn a single point for each purchase you make at visa-approved establishment. When you’ve accumulated enough points, reward options await you from any of the participating and affiliated online shops with America First. This card also features a no-charge annual fee.

On the other hand, the cash-back card allow you to get 1% return for each purchase you make that qualifies under this offer. The money you earn gets automatically deposited into your savings account every quarter of the year. Like the former, it does not require any annual fee.

As for the variable APRs, both cards have a variable APR of 8.25%-18.00%. All three cards require a minimum limit of $6,000. Application to any of these cards is simple as one can go online to do so.

Credit cards issued by credit unions most often yield more desirable offers than banks do. And with all these options from America First, you may soon find yourself heading to the nearest branch to set up an account.

Navy Federal Credit Union Rocks Cyber Monday

Sunday, November 27th, 2011

Now that Black Friday is over, the shopping still hasn’t come to a close. Because of the popularity of online shopping, a new holiday has done us all a favor in extending the much needed sales and discounts for the holidays. Some people say Cyber Monday is a lot more convenient since all you need is a laptop and an Internet connection, and probably if you have that perfect credit card to use, Cyber Monday would surely be a blast.

The Offer

Navy Federal Credit Union is offering their consumers just that. The credit union is challenging their would-be customers to say goodbye to their old credit card and sign up to a Visa with them. The card from Navy Federal Credit Union is said to have cash back rewards for every purchase, no annual fee, plus super low interest rates. Plus you can feel safe to shop online because of their $0 Liability policy that protects you from unauthorized purchases. Since this seems like the usual offer, what’s more to it?

Corporate spokesperson Donovan Fox reveals that Navy Federal members can enjoy the new “Member Mall” which gives access to over 700 retailers online while dishing out discounts and rewards points in the process. The member can earn rewards points when they use Navy Federal Visa, but the type of card will determine how much points and reward types they can get. It has been reported that the Member Mall offers competitive and better discount rates than most other retailers online.

The credit cards available from Navy Federal Credit Union are cashRewards,nRewards, nRewards Secured, goRewards, Visa Signature Flagship Rewards, and Platinum. Again, points and reward types will be determined by the type of card.


Membership is for All Department of Defense uniformed personnel, reservists, government employees assigned to DoD, family members of eligible individuals, and others serving for the Department of Defense. The website also offers a Membership Eligibility Wizard to know if you’re eligible for membership.

Consistently High CD Rates from Melrose Credit Union

Sunday, November 13th, 2011

Credit unions, because of the way their system works, can usually offer their depositors higher interest rates and lower mortgage payments. One of the credit unions that consistently gives competitive rates is Melrose Credit Union. During the economic dip last August, Melrose Credit Union provided some of the best rates nationally available for certificates of deposit. Until today, the credit union still offers some aggressive rates.

Melrose Credit Union Certificate of Deposit Rates

1 year – 1.15% APY
2 year – 1.41% APY
3 year – 1.91% APY
4 year – 2.17% APY
5 year – 2.68% APY

How These Rates Compare

Melrose offers some of the highest long term CDs. The highest nationally available among banks for a 5 year CD is from at 2.25% APY. Despite this rate already being high, Melrose still tops it with a 2.68% APY rate. The same also rings true for a 3 year CD, the highest nationally available is still from at 1.70%, but Melrose gives it at 1.91%. Melrose also offers a higher 2 year CD than the bank’s highest at 1.30% from CIT Bank and Alostar Bank of Commerce.

About Melrose Credit Union

The credit union has been in service since 1922, and today it has grown to accommodate 20,000 customers with over $1 billion in deposits. Melrose Credit Union is the 10th largest credit union in the state of New York, and is the 99th largest credit union in the nation. It is federally insured under the National Credit Union Share Insurance Fund (NCUSIF), to at least $250,000 per account by the National Credit Union Administration (NCUA).


Despite having its roots in New York, Melrose Credit Union has an open state New York Charter meaning membership is open to anyone. Regardless of where you live or work, anyone can be a member to this credit union.

In order to be member, there is a $1.00 membership fee and a minimum deposit of $25.00. individuals must provide the following requirements: a valid photo id such as Driver’s License, proof of address, and social security number.

Melrose Credit Union has consistently given out great rates, and it doesn’t look like these good rates are going to end soon. And with open membership for all, anyone can avail of the potential earnings that Melrose CDs can offer.

McGraw – Hill Credit Union Offers 2.00% on 8 month CD

Sunday, October 16th, 2011

McGraw-Hill Federal Credit Union is offering one of the best (if not the best) short term CD rates. Currently it is offering a 2.00% interest rate on an 8 month CD. This is certainly one of the best rates available since even the highest 1 year CD rate is only at 1.15% APY from Doral Bank and even the highest 2 year CD is only at 1.30%. With the large difference in rate plus the 4 month to 1 year difference between maturity, there’s no other offer that comes close to this. A 2.00% interest rate is currently at par with some bank’s 5 year CD’s.

The Offer

McGraw-Hill is calling this special 8 month CD as the Solar CD. It is currently promoting awareness of solar energy and consumers who open an account with the Solar CD will help support a groundbreaking solar energy project led by McGraw-Hill Companies and NJR Clean Energy Ventures.

The Fine Print

To earn the advertised rate, consumers must open a checking account with direct deposit. A minimum deposit of $1,000 is required with a maximum of up to $25,000. Aside from that, a minimum direct deposit of $500 per month must be credited to the checking account monthly. Direct deposits may come from your salary, pension, Social Security, or any other regular monthly income. Should initial deposit not be completed upon six weeks of account opening, the rate will change to 0.40% APY.

The promotion has been available since September 22 of this year, and is subject to change or withdrawal without prior notice.

About McGraw-Hill

McGraw-Hill Federal Credit Union has been around since 1935, serving employees of the McGraw-Hill companies in New York City. Since then it has opened up its membership to other companies and it is currently serving 18,500 members throughout the world. The credit union has assets exceeding $268 million.

Membership Eligibility

Credit union membership is traditionally restricted to people who share a common factor such as the community they are living in, or a common profession. In this case, membership is limited to those who are employed under the McGraw-Hill group of companies. However, McGraw-Hill is also offering an express application in which interested parties can be a member of the credit union when they opt to join the VOICE foundation. To join the foundation all you have to do is pay a $25 membership fee. The express application can be filled up and submitted online, but for faster approval, you may also visit their branches located at New York, NY and East Windsor, New Jersey.

There is no doubting the fact that this offer is definitely one of the best there is. A 2.00% APY on just an 8 month CD is hardly available anywhere else. The only thing you need to consider is having to make a direct deposit of $500 to your account every month. However, if you can link this to your salary payroll, then this shouldn’t be too much of a problem. Given the free for all eligibility and the impressive rate, would you open a Solar CD now?

Credit Unions VS Banks: Which One To Choose?

Saturday, October 15th, 2011

We all know how the US economy has been struggling for stabilization. But with the uncertainties of countries in Europe such as Greece, the US can’t help but be swept along with the tide. This of course leads to lowered interest rates with bank CD’s and savings accounts, and to top it all off, banks are now announcing that they will be charging monthly fees to debit cards. With all the hullabaloo going on with our trusted banks, many consumers are starting to look for better options. And right now, credit unions have got their attention.

The popularity of credit unions is slowly growing, but what do we really know about them and what is their difference to banks? Below is a quick comparison of credit unions and banks.


This is where the big difference lies. Banks are for-profit organizations that are owned by shareholders. Since it is an institution where profit is foremost at their minds, this could mean that customers can become a means towards that end. This doesn’t mean that banks don’t care about their consumers, but it does mean that they are still looking to make a profit without driving their customers away.

Credit unions on the other hand is a non-profit organization that is owned by membership. Meaning, once you join a credit union, you will be a member and an owner at the same time. This gives you the right to run for the Board of Directors, and each member will get one vote regardless of how much money he has in the union. The ownership allows members some control on how the union is run, and even the directors are all volunteers without a salary. This process ensures that the union will look out for the financial interest of the members, and not a small group of private shareholders. Credit unions are also allowed to make a profit using the pooled money of its investors, but the reserve earnings is just to ensure the safety of the union in case of economic turmoil. The Board can also agree that once the reserve amount is reached, the excess can be given back to its members in the form of lowered interest rates or even bonus checks.

The only downside to credit unions is its membership. Most CU’s have a restriction with regards to eligibility because the members share a common denominator such as belonging to the same community, or having the same occupation. Bank membership however, is open to all.


Banks and credit unions basically have the same products to offer. Whether it’s savings accounts, checking accounts, loans and certificates of deposit, you name it, credit unions have it too. The advantage that credit unions usually have over banks is that they can offer better rates such as higher interest rates for CD’s and lower mortgage amortizations. Banks on the other hand are often much larger than credit unions and may be able to offer more services and promotions as compared to smaller credit unions. Aside from that, banks also offer excellent online banking services and much more efficient customer service that is available 24/7.


Banks are insured by the Federal Deposit Insurance Company or FDIC for a maximum amount of $250,000 while Credit Unions are also insured by a different entity called National Credit Union Share Insurance Fund or NCUSIF. Some claim that the NCUSIF is arguably stronger than the FDIC. When it comes to choosing banks or credit unions however, aside from checking whether they are insured, it is also important to look at the reputation and the number of years the institution has been in service. Banks are generally larger and thus harder to topple down when an economic crisis hits, and insurance or not, it does take some time before depositors can claim their money should a financial institution closes.

As we can see, both banks and credit unions have their own pro’s and con’s. Banks are larger, considered to be safer, and may offer more services. Credit Unions on the other hand offer better rates, and are geared towards the financial interests of its members rather than private shareholders. It’s really up to the consumer which institution caters to their needs best. What about you? Which one do you prefer?

Easy Membership, Open to All Credit Unions

Sunday, September 25th, 2011

Because of economic instability, investors are looking for safer places to park their money so as not to lose their capital. CD rates are quite low, but despite this, it is still considered to be very safe which is why investors are searching for the highest CD rates available.

Although some banks offer competitive rates, the highest CD rates as of the past month comes from credit unions. Unfortunately, some credit unions are limited in membership due to several factors such as geographical location, community, and occupation. However, there are some credit unions that are what they call “open to all”.

One of the most popular open to all credit unions is Melrose Credit Union. It also gives some of the highest rates available. However, Melrose isn’t the only open to all credit union out there. Below are some of your possible choices:

1. Self Help Credit Union – Membership for this credit union is open for all those who join the Center for Community Self Help or CCSH. To become a member, all you have to do is pay a one-time fee of $20. An additional $5 is also needed to maintain an account. For a total of only $25 you can already open an account and enjoy the rates of SHCU.

2. America’s Credit Union - Although this credit union’s membership is for the Armed forces, civilian personnel and relatives of members, a person can also qualify for membership by simply joining the Association of the United States Army or AUSA. Only a one-time fee of $33 is required.

3. America’s Christian Credit Union – Although the membership for this credit union is limited to a certain belief, many American’s are Christians. Membership is automatic upon signing a document that represents your statement of faith or service.

4. Patelco Credit Union – In order to join this credit union, you have to become a member of the California Association for Older Americans. This CU however is not insured by the NCUA which is the counterpart of FDIC for banks. It is however, privately insured.

There are more open to all credit unions out there. Just be sure to ask and don’t immediately believe if they say credit unions are not for the general public.

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