Attractive CD Rates Bump Deals at Warren FCU in Wyoming
Warren Federal Credit Union offers one of the highest CD terms this banking season. Aside from attractive rates, these CDs also have “bump features” that allow depositors to adjust their AYPs once or twice within the term. The full details of Warren FCU’s bump deals is listed in the union’s rate table .
The 24 and 36 month CDs yield an initial 3.50% APY, and they allow the depositor to bump up the rates once within the term. The 48 and 60-month CDs, on the other hand, yield an initial 3.75% APY, and allow the depositor to bump up the rate twice within the CD term. You should check these rates and terms first before applying, as CD rates have been changing frequently since January 2009.
The minimum deposit for these CDs are also comparatively low compared to other banks. Each CD mentioned in this article only requires a minimum of $250 deposit. It’s tempting to take advantage of the high CD rates by putting in a huge bulk of your savings in the CD, but if you’re not sure you can keep them there until maturation, don’t deposit them.
Compared to 2007 CD rates, it can be noted that the rates have dropped at least 4%. There seems to be a dropping trend in CD rates because of the less than favorable economic climate. It’s advisable for depositors to take advantage of the CD rates this early in the year before they drop more dramatically.
Even with the significant drop, these CD rates remain among the highest CD rates this banking year. They are highly competitive among other deals offered by the union’s peers. The bump-up options, which are very rare in CD terms, make these CD deals attractive to depositors as well.
Please take note that these CDs are long term, ranging from 2 to 4 years each. Depositors need to be extra careful with premature withdrawals, as they’re bound to face high penalties for doing so.
To open a CD account with Warren FCU, you need to become a member of the union first. Membership is open to all residents, students, and worshippers within the union’s Investment Area in Cheyenne. For more information about membership eligibility, please refer to the union’s membership page. Typical membership with the union requires a $5 balance in a savings account.
Warren FCU branches are located in Cheyenne, Wyoming and Wellington, Colorado. The union is a federally insured member of NCUA under Charter #7361.
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