Even the best CD rates are falling at the beginning of 2012, and the top CD rates of by Charter Oak Credit Union were not immune to this fall. Still, their 2.00% APY 5-year CD remains tempting. It has a reasonable minimum deposit requirement of $1,000 which is not exactly the lowest minimum deposit in the country, but it’s not incredibly steep, either. Of course, it’s worth noting that this CD rate fell by 0.30% since 2011 ended. It’s highly possible that this rate will drop again sometime this month so it’s advisable for depositors to take advantage of the competitive rate now. Take note that this is an IRA CD.

Aside from this 5-year IRA CD, Charter Oak Credit Union also offers a 4-year and a 3-year IRA CD. At the end of 2011, these CDs had 2.25% APY and 2.00% APY respectively. Currently, though, these rates have dropped down to 1.75% APY (for the 4-year CD) and 1.50% APY (for the 3-year CD).

To recap, below are the credit union’s most promising IRA CD offers:

• 1.50% APY for a three year IRA CD
• 1.75% APY for a four year IRA CD
• 2.00% APY for a five year IRA CD

If you don’t feel like these are the highest CD rates in your area, though, it won’t hurt to look. While the rates are competitive, there are still better deals out there. Also, as these CDs are offered by a credit union, there are membership limitations for you to think about. You need to worship, live, or study in the counties of London and Windham, Connecticut to be eligible for membership. You also need to maintain a $5 balance in the credit union’s standard savings account.

Also, as these are long term CDs, you should check the early withdrawal penalty as well. You could lose as much as a year’s worth of your dividends if you withdraw too early. Even if the annual percentage yield is lower, you might want to consider a shorter termed CD if you’re not sure you can commit to longer CDs. Save yourself from future unnecessary financial losses.

A branch visit is standard for opening a first account with this FCU. To apply, you can go to their Groton, Dayville, Norwich, Niantic, Uncasville, Pawcatuck, Willmantic, and Waterford branches. This is a financially sound institution which has earned itself a five out of five stars (excellent) rating from DepositAccounts.com. Bankrate.com has also rated it as “sound” with four out of five stars. Your money is safe with this bank because it is federally insured. You can confirm the details by checking NCUA Charter # 3413.