I found this bank offering 6% APY on a

[gavinmccallister]

Special Account Offers


Earn 6.00% APY* with our Special 7-Month Certificate1 on $2,500.
This offer is limited to your first Certificate Account.
One account per member with new money only †.

Earn 5.00% APY* with our Special Money Market Account2
for 6 months up to $2,500.
This offer is limited to your first Money Market Account.
One account per member with new money only †.
($1,000 minimum to open)

Christian Community Credit Union


Also they aren't FDIC insured if you read they are privately insured your account is safe up to $250,000 Would it be wise to open up an account with them?

[Ima saver]

I think it would. I worked with a small savings and loan that opened in 1908. They paid higher interest than most banks cause they were not fdic insured. They were one of only 4 banks to stay open in florida during the crash. They are still open.

[gavinmccallister]

I opened up an account with them over the weekend, all I have to do is mail in the account agreement because of snow I will have to do it on tuesday. I hope that they accept me and allow me to join. I am looking forward to the 6% I will try my best to maximise the account with the $2500.00 limit

[Bluezy]

*APY = Annual Percentage Yield assumes that dividends remain in the account until maturity.
†New money is money that is not already on deposit at CCCU. Funds on deposit can not be withdrawn and re-deposited in order to obtain the Certificate and Money Market Account. CCCU reserves the right to make the sole judgment as to whether or not the deposited funds are considered new money.
1. A $2,500 balance is required for the Special 7-Month Certificate which will earn 6.00% APY. A penalty will be imposed on early withdrawals from certificates.
2. Minimum deposit to open is $1,000. Special Money Market Account earns 5.00% APY for six months on balances between $1,000 to $2,500. Balances that fall below $1,000 or balances over $2,500 and after the six-month introductory period will earn the current variable Money Market Account APY. Unlimited withdrawals from the account, if made by mail or in person and payable directly to you. Withdrawals or transfers made by mail or in person and payable to a third party are limited to six per calendar month (3 can be by check). There is an $8 monthly fee on Money Market Accounts when the daily balance falls below $1,000 any time during the month.

Account rates and terms effective 02/14/06 and are subject to change without notice.

[gavinmccallister]

I got accepted as a new member to Christian Community Credit Union and will take advantage of their 6% offer I will make sure I follow all of their rules thinking about putting enough where I can make the most of the interest but not lose it at the end of the promo period.

Anyone also going to join? Let me know.

[CRFSaver]

Just as an FYI a majority of credit unions are insured by American Share Insurance which is similar to FDIC but not government backed. Even though they are not insured by the Fedearal government they are still regulatd by the NCUA.

[gavinmccallister]

I am wondering if anyone else has joined or is considering to take advantage of the 6% offer, I have joined but have just opened up a savings account will be going after the high interest though. I will keep you up-to-date on how well things are going.

[sweeps]

The $2,500 maximum doesn't make it worth it, IMHO.

[trenea7]

For those of us that don't have a huge amount of savings, but are able to commit that much to a CD of 7months, why wouldn't this be worth our while. From what I've seen, this is one of the highest rates for a shorter-term CD. Aren't you supposed to put it in the account with the highest APY? I just figure I must be missing something important since I'm a newbie here.

Trenea7

[Ima saver]

No, you aren't missing anything. When you have a large sum of savings like some of us, it just doesn't seem worth the hassle for $30 or $40 in extra interest.

[Ima saver]

Actually, you will earn $87.50 in interest for 7 months. Most people are getting at least 4% now, so they are earning $58 for 7 months. That is $29 difference plus you lose some days when you transfer the money in. You can't leave the money, so then you have to transfer it back out. It is just not worth the trouble for me. (but I know very little about computers so I like doing things by mail)

[gavinmccallister]

So far so goodI have a savings account and in the process of completing the 7 month CD transaction. Let you know when it is final. Saving is Fun especially chasing after all the deals and moving money around.

[sweeps]

Gavin, please read in a couple other threads about chasing rates. You may be losing money by moving it around so much.

[ken1706]

Just came across another 6% CD special at another credit union. Hope this trend continues.

link: https://www.ptcu.org/htm/standalone_whatsnew.html

Terms of 6-months and 12-months. Min of $10K and the max of $500K.

Membership to credit union primarily for those in Oregon.

[gavinmccallister]

I got my welcome pack in the mail from Christian Community Credit Union it included a really nice pen and a book titled "Your Money How To Achieve Financial Freedom And Reach Your Goals"

It is a really good book based on Christian living and Personal finance the authors are Ralph Moore and Alan Tang

Your Money: How to Achieve Financial Freedom and Reach Your Goals

FROM THE PUBLISHER
Everyone struggles with money at some point in their lives. The problem can run so deep that people turn to the common misconception that money is the root of all evil -- but nothing could be further from the truth. It is the love of money that keeps us from attaining our financial and life goals. Your Money will equip you with the tools necessary to get out of debt, develop a budget that you can stick to and build a nest egg for your future -- all founded on faith in God. Learn to be a fruitful Christian who lives under God's blessing and as God's blessing in the lives of others. In this straightforward, solution-oriented sourcebook, find freedom from financial stress, an increase in overall contentment and the time-tested techniques to help you fulfill your lifelong dreams!

[gavinmccallister]

Just opened my 6% CD and really like the service that I got from Christian Community Credit Union looking forward to interest rates climbing a little higher though. What has happened with Emigrant Direct they used to be the leader in interest rates, what is up?

[gavinmccallister]

Am I the only one or has anyone else joined this bank for the 6% CD rate?

[poundwise]

Gavin, It sounds fine and apparently you are receiving some excellent service, however, the $2500 lid on investment in the CD (and also the MMA - what's up with that?) is likely why you aren't seeing much response.

[WellManicuredMan]

If you are not afraid of non-FDIC insured banks, then these CDs are even better from Millennium Bank:

http://www.mlnbank.com/prem_cds.html

You have to have at least $5,000 and you CANNOT withdraw the money before the CD matures - and I don't mean without a fee, I mean you can't take the money out no matter what, which is why the rates are higher (and the fact that they are not FDIC insured).

[Broken Arrow]

Wow! 5 year CD with 100k will give you 9%!

Compounded, that's $153,862.40 when it matures! For a CD, that's awesome!