SC Telco Federal Credit Union’s special 13-month 3.50% CD offer is off the market, but the remaining regular CDs prove to be equally competitive. An eye-catcher is the union’s 2.75% offer on its short term 8-month CD—a sure way to make fast money out of your savings. The minimum deposit SC Telco’s Term Certificates (CDs) is merely $500: a very small sum considering the high yield at the end of the term. This is probably among the top CD rates quoted this banking year for such a short maturation period.

The same minimum deposit is required for the union’s 12-month (2.55%) and 36-month (2.70%) CDs. These rates are accurate as of February 1, 2009. The full details of the union’s CD rates are listed in their rate table. It’s best for depositors to place in their money now while the CD rates are still reasonably high. Based on the projected economic climate for 2009, CD rates are bound to drop before the middle of the year.

The best deal among the three highest CD rates from this union is the 8-month term certificate. If you play your cards right, you won’t only be taking advantage of the high APY rating, you’re also dodging the nasty effects of a possible inflation hike on the USD this year.

The credit union’s IRA certificates are also very attractive. Most banks would require a bigger deposit, but SC Telco offers these IRAs for a minimum deposit of $500. The union offers a tempting 3.00% APY for the 13-month IRA certificate, while 24-month and 36-month IRAs yield 2.65% APY and 2.80% APY respectively.

Most depositors prefer Term Deposits of CDs to savings accounts because they have better yield rates. If you think your money’s going to sit stagnant for a long time, and there’s no need for you to withdraw them anytime soon, a CD or term certificate might be the best set up for you.

IRA certificates are designed for employees who are nearing their retirement age. Most IRAs offered in other banks have similar APYs but very few a minimum of $500 as a principal deposit like SC Telco.

You need to be a member of the SC Telco Federal Credit Union before you can open a Term Certificate (CD account) or an IRA. To be eligible for membership, you need to be a current or former employee of any SC Telco sponsor groups. South Carolina Wildlife Federation members are also eligible for the union’s membership. Individuals who have immediate family members who are already part of the SC Telco Federal Credit Union may also be taken in. For membership eligibility and other inquiries, you may email the union at mweb@sctelcofcu.org.

They also have a membership application form which can be downloaded from their website that you can fill out and personally hand in to any of their branches.

The credit union holds offices in South Carolina, specifically in Greenville, Spartanburg, Liberty, Taylors, Columbia, Easley and Florence. It’s among one of the strongest credit unions in the country, scoring 5 stars (superior) in BauerFinancial, and 4 stars (sound) in Bankrates.com. It’s an insured federal member of the NCUA with Charter #361.