Time and time again we have seen credit unions beat out the big banks on the rates they offer for not only savings accounts but also certificates of deposits. Most Credit Unions are out of reach of the average person or they have strict membership requirements, one of the many reasons why they can offer higher rates. Right now Melrose Credit Union has held the top spot for most of the popular CDs, but Connexus Credit Union has higher rates for the 12 month and 60 month CDs.

We stated that many credit unions have strict requirements or do not allow just anyone to join unless if they are employees or are associated with the credit union in some manner. With Connexus Credit Union anyone can join by registering through the Connexus Association and pay a one-time fee of $5. You then have to open a savings account with another $5. To receive the higher rate on CDs with Connexus, you will have to open a checking account, which has to be an ‘active account’. They define an active account as:

having at least 1 Direct Deposit of net pay, including salary, wages, government benefits or pension made to the account each month. Have 10 checks, ACH withdrawals and/or signature debit card transactions clear the account by the last business day of each month, and electing to receive eStatements.

We asked how much checks cost and were told for a box of 150 checks the cost was $14.76. Connexus Credit Union is located in Wausau Wisconsin.

Connexus has a minimum deposit of $10,000 to receive their highest rates. For balances under $10,000 you will lose about 0.50% APY.

• 12 Month CD rate of 1.75% APY versus Melrose Credit Union at a rate of 1.31% APY
• 60 Month CD rate of 3.00% APY versus Melrose Credit Union at a rate of 2.83% APY

The national averages for both the 12 Month CD stands at 0.43% and 60 Month CD at 1.53% as stated by the FDIC.

The bank offering the highest 12 month CD is AloStar Bank of Commerce at 1.27% and the bank offering the highest 60 month CD is First Internet Bank of Indiana at 2.40% APY.

It might be worth going through some of the hurdles at your local credit union to get the higher CD rate. Some credit unions, such as those listed here are open to anyone, anywhere within the United States and have few restrictions. You can always find the best CD rates by going through our database of banks on our CD rates page.

The downside of this CD is it must be purchased in person at the local branch and requires a large $25,000 deposit.