2.50% APY Long Term Certificate of Deposit offered by Gateway Metro FCU in St. Louise
Six year CDs are very rare, and these could work to your advantage if the annual percentage yield is high. Such is the case with Gateway Metro Federal Credit Union’s 6-year CD which has one of the highest CD rates in the region. Currently, the annual percentage yield is pegged at 2.50%. With the falling trend of most CD rates this month, now is the time to take advantage of the high yield.
Rates change without warning, and sometimes, dramatic falls could happen in a span of a week. This CD rate, however, is only available in St. Louise, which is a good thing if you work, live, study or worship in the metro area of the said vicinity. To confirm if you’re eligible for membership, a branch visit is necessary. The credit union has branches in Swansea, St. Peters and Florissant.
There are also shorter CDs offered by the credit union which also deserve to be considered as the top CD rates in the area. These are:
- 2.00% APY for a 4-year CD
- 2.25% APY for a 5-year CD
All 6-, 5-, and 4-year CDs have a minimum deposit and balance requirement of $1,000. The credit union is very transparent about early withdrawals. Members are allowed to withdraw early, but they must face the consequences which aren’t exactly mild, but aren’t brutal either. 270 days’ worth of interest will be deducted from a depositor’s earnings should s/he wish to withdraw early from a 6-year CD. 4- and 5-year CDs, on the other hand, come with a 180-day dividend deduction penalty for early withdrawals.
It must be noted that the minimum deposit requirement is very low. What depositors can do is invest only a manageable sum into the account and wait until the investment matures. This way, they can get the full earnings and not worry about any penalties to boot.
The website is specific about membership. It is open to residents, students, employees, and worshipers of St. Louis City, St. Louis County, and St. Charles County. It’s a pretty sound financial institution which is rated by DepositAccounts.com with four out of five (superior) stars. Bankrate.com only gave it three out of five stars (performing), but it is still a pretty sound financial institution to invest your money in. It’s a member of the NCUA and is federally insured through Charter # 24797.
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