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Archive for Credit Unions

Navy Federal Credit Union Rocks Cyber Monday

By BankAim · Comments (0)
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

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.

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Consistently High CD Rates from Melrose Credit Union

By BankAim · Comments (0)
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 iGobanking.com 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 iGobanking.com 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).

Membership

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.

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

By BankAim · Comments (0)
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?

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Credit Unions VS Banks: Which One To Choose?

By BankAim · Comments (0)
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.


Ownership

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.

Products

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.

Safety

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?

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Categories : Bank Info, Credit Union, Credit Unions
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Easy Membership, Open to All Credit Unions

By BankAim · Comments (0)
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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Worcester Fire Dept. Credit Union Has Best 12 Month CD Rate

By BankAim · Comments (0)
Friday, September 9th, 2011

It must be true, Credit Unions always offer the highest rates on CDs. Worcester Fire Dept. Credit Union is offering a rate of 1.71% APY on their 12 month CD with a minimum deposit of $1,000. That beats the next best deal from AloStar Bank of Commerce at 1.21% APY.  This is a better rate than what any major bank is offering for the same terms. For instance, Bank of America is offering a rate of 0.50% APY on a $10,000 minimum for the same 12 month term. Chase is offering 0.25% APY and Wells Fargo isn’t worth mentioning as their rates are low and their minimum deposits are high. Its best to find the best rates on our CD rate table as these rates will be available to anyone within the US or go to your local Credit Union and ask them what their current rates are.

Here are W.F.D.C.U’s other CD rates and terms:

  • 6 Month CD – 1.51% APY
  • 18 Month CD – 1.91% APY
  • 24 Month CD – 2.12% APY
  • 36 Month CD – 2.32% APY

All of these terms require an active status with the credit union and also requires a minimum deposit of $1,000.

Worcester Fire Dept. Credit Union is located in Worcester Massachusetts and opened its doors to business in 1937 as a way of giving back to its firefighters. The Credit Union also offers a variety of financial products such as loans, credit cards, and deposit accounts. Be sure to contact Worcester Fire Dept. Credit Union to learn about setting up an account and benefiting from the best CD rates on the market.

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Connexus Credit Union Gives 1.75% CD Rate

By BankAim · Comments (0)
Wednesday, August 10th, 2011

Nowadays Credit Unions are the only institutions that can give relatively high CD Rates. There is no bank today that can offer the rates credit unions have on their table. The only problem is, you have to be a member of the union to avail of these rates. By definition, the members who have accounts in the union are also the owners of the union. And normally, it is only the members of the union who are capable of depositing money with the credit union, or borrow funds from it. This system allows the union to provide superior service, plus help monitor member’s financial health.

Today, one credit union that offers the highest CD rates is Melrose Credit Union. However, another union has stepped up and is offering rates even higher than Melrose. And that’s from Connexus Credit Union. Below are some comparisons of the rates they offer:

1. 6- month CD
Melrose Credit Union: (none)
Connexus Credit Union: 1.50%

2. 1 year CD
Melrose Credit Union: 1.31% APY
Connexus Credit Union: 1.75% APY

3. 5 year CD
Melrose Credit Union: 2.83% APY
Connexus Credit Union: 3.00% APY

Rates from both credit unions are extremely competitive and better than what traditional banks have to offer. Rates from Connexus Credit Union is available for deposits $10,000 and up with active checking. Rates for deposits less than $10,000 can enjoy slightly lower rates that are still higher than other banks. For accounts $1-$9,999, the rate for a 6 month CD is 1.00%, 1 year CD is 1.25%, and 5 year CD is 2.25%.

Although the rates are juicy, the first qualification questions they will ask is whether or not you are a member of the Connexus Association, Northcentral Technical College, Liberty Mutual Insurance, UMR, and Wasau City Employers credit union. If you have that under your belt, then the rest of the application form should be easy.

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CD Rates Hold Steady, But For How Long?

By BankAim · Comments (0)
Monday, August 8th, 2011

Today the Dow dropped 634 points or down 5.55% to 10,809. This is the lowest the Dow has been since 2008 and comes after the week of the US debt ceiling hike and downgrade of the US debt from AAA to AA+ by S&P.

Today a few banks have already lowered their rates on short and long term certificates of deposits. The bright spot is, those banks were not offering any of the top CD rates, so who really cares or knows. The current list of the top CD rates has held steady… well so far. When you find a big gap between the first and second place holders of any CD rate, usually you will see a decrease coming from the top holder.

Here is an example of the top three leaders in each CD term starting with the 6 month CD rates. We added Melrose Credit Union to show how much higher their rates are, compared to normal bank rates, plus to get the Melrose Credit Union rate you have to become a member, which is open to everyone located anywhere in the US:

6 Month CDs

  • AloStar Bank of Commerce – 1.05% APY
  • AuroraBank – 1.04% APY
  • Ascencia – 1.02% APY

12 Month CDs

  • (Melrose Credit Union – 1.31% APY)
  • AloStar Bank of Commerce – 1.27% APY
  • E-Loan – 1.26% APY
  • Sallie Mae – 1.20% APY

24 Month CDs

  • (Melrose Credit Union – 1.56% APY)
  • MainStreet Bank – 1.50% APY
  • AuroraBank – 1.46% APY
  • VirtualBank – 1.46% APY * (has the lowest rating of 1 out of 5 stars on bankrate)

36 Month CDs

  • (Melrose Credit Union – 2.07% APY)
  • MainStreet Bank – 2.00% APY
  • Doral Bank – 1.80% APY
  • AuroraBank – 1.75% APY

48 Month CDs

  • MainStreet Bank – 2.50% APY
  • (Melrose Credit Union – 2.32% APY)
  • Transportation Alliance – 2.06% APY
  • American Bank – 2.00% APY

60 Month CDs

  • (Melrose Credit Union – 2.83% APY)
  • MainStreet Bank – 2.60% APY
  • First Internet Bank of Indiana – 2.40% APY
  • Discover Bank – 2.35% APY

As you can see most banks are being competitive in the rates they offer. The biggest gaps in rates are between the 36 Month CD and the 48 Month CD, which could mean these rates will be adjusted at any time.

You can find MainStreet Bank’s CD here.

For all of our best CD rates, be sure to visit our CD Rates page.

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