There are two ways to look at CD rates—their lockdown terms, and their yields. In these two categories, the 1.70% APY 12-month CD offered at RTN Federal Credit Union certainly fit the bill. Not only is it one of the best CD rates today, it’s also the highest yielding in its bracket. Most high CD rates have long lockdown terms—some of them even lasting for five years. With a 1 year CD like this one, how can you go wrong?

Probably the only downside is the high minimum deposit. To open this account, you need to deposit at least $50. The credit union also has a CD which requires only $1,000 to open, but the yield here falls to 1.20% APY which is not as competitive. IRA counterparts of the CD are also available, and the CU posted their rates for these accounts on their website, if you’re interested.

It’s true that last May, this rate was much more attractive. The account earned 2% APY. Unfortunately, that high yield only lasted for a few weeks. Now, it’s down to 1.76%, which is, ironically enough, one of the top CD rates this season for a 1-year term. There’s a strong possibility that this rate won’t last, either, so you should check the website first before opening an account. Also, because it’s a credit union, only select individuals are eligible for the account.

Aside from the CU’s CD rates, check out their membership requirements as well. These are also listed on the website. Employees of specific companies and members of certain organizations are currently supported by this credit union. Among the most notable organizations are the Waltham Historical Society, and the Gore Place Society. As with the current CD rates, the membership eligibility can change any time. You should check with the credit union first if your organizations or companies are still listed.

If you live in Massachusetts, it’s best for you to pay one of the CU branches a visit. Make sure that you bring official ID (photo and social security) with the documents proving your eligibility for the program. If you’re sending your application documents through mail, you have to have your signature notarized and your documents properly appended.

The RTN Federal Credit Union was first established in 1987 to cater to Raytheon employees. This explains why most of their branches are located inside the company’s facilities. Today, though, the CU has branches located at Marlborough, Waltham, Tekksbury, Danvers, and Amesbury. Their health ratings seem to be mixed. While Bankrate.com only gave them three stars out of five, they received a perfect five out of five from BauerFinancial.com.

RTN Credit Union is federally insured by NCUA. If you want to verify this information, just look for the NCUA Charter #24311.