The CEF Credit Union offers their top cd rates for their members in Illinois and California. The highest cd rates are being offered for their two long-term money in the bank deals with the 5-year CD earning 3.50% APY and 4-year CD yielding 3.25% APY. These CDs can be opened with an initial funding of $1,000.

An additional 0.10% certificate of deposit rates can be enjoyed if you open a jumbo certificate for at least $100,000.

These interest rates are still posted on the credit union’s website as of December 30. These best cd rates may be changed any time. The current cd rates are also posted on the website of Valley Credit Union which was merged with CEFCU via the mediation of the NCUA last 2008. The Valley CU is now operating as a division of CEF Credit Union.

Interested individuals who want to take advantage of these CD deals can sign up for membership. Anyone who works or lives in the counties of Illinois are eligible. Valley CU welcomes people from Alameda, Contra Costa, and Santa Clara counties in California. You can refer to their membership pages so you can learn more if you qualify to join.

They also offer short term to mid term certificate of deposits with competitive interest rates:

6 months 1.25% APY
1 year 1.50% APY
18 months 1.76% APY
2 years 2.05% APY
3 years 2.76% APY
The credit union requires a membership fee of $1 and savings account balance of at least $5. Please inquire about the imposed early withdrawals penalties before signing up for anything. You can call them through their toll free customer service line 1800-542-3328.

The financial ratings of the CEF Credit Union are above average. BauerFinancial stamps their performance report with 4 stars while Bankrate.com gave 3 stars for soundness and safety. These ratings are based on their June 2009 figures.

The credit union is covered by the NCUA through charter number 68488. The CEFCU is a big organization with about $4 billion in assets.