Competitive short term CD rates are rare, and this 1.35% APY 364-day CD from Eastman Credit Union is definitely one of the jewels in the crag. The other CD rates from the CU are also attractive, but they’re not as competitive. For a CD that runs three to four years, you earn 2.50%.

On the other hand, a CD that runs 1 to 3 years can earn you 1.75% APY. For the length of time you’ll have to lock your money in the bank, though, you’ll wonder if the latter two CDs are worth it. For 1- to 4-year CDs, the minimum deposit is only $1,000. You may have to shell out more money with the shorter term CD, though. Eastman CU’s 364-day CD has a minimum deposit requirement of $2500.

The clincher, though, is that these accounts aren’t available nationwide. You’re only eligible to open these CDs if you live, study or work in the northeastern areas of Tennessee. Those who live, work, or study in southwest Virginia, and the Gregg and Harrison Counties an Texas are also allowed to open these accounts.

Just in case you want to take your chances, you can also check the credit union’s Employer Groups. If you’re employed in any of these companies, you’re also allowed to open a CD. Branch visits are required to open an account, and you can find these branches in Texas, Virginia, South Carolina, Arkansas and Tennessee.

Check the bank’s webpage first before you apply. While these may appear to be among the highest CD rates in the market this month, things can change. These CD rates can fall without any warning.

If you’re worried about your money, you can rest assured that the bank ratings are pretty high. They received five stars from BauerFinancial and four stars from Bankrate.com. These consistently high ratings for soundness and safety are rare these days. It’s a pretty stable credit union with $2.33 billion worth of assets. It’s also federally insured by NCUA under Charter # 68095.