The FAA Credit Union offers high CD rates for their weekly CD promotions. From January 29 to February 4, 2009, depositors may apply for two short-term accounts: a 15-month CD with 3.35% APY, and a 9-month CD with 3.35% APY. These short term accounts need a minimum deposit of $1000.

For depositors who are willing to wait longer for their money to mature, FAA Credit Union also offers a longer running special CD scheme. For a 35-month CD, you can expect a 3.56% APY, which is significantly higher than the first two offers. The 35-month CD also requires a smaller minimum deposit: only $500 to open an account.

These special CD rates change on a weekly basis, so make sure that you check the bank’s rate table if you’re depositing your money on February 5, 2009 or later.

The credit union also offers competitive figures for their regular CDs: 48-60 months CDs yield a generous 3.87% annually, while the 24-47 months CDs yield 3.40% APY. Both of these regular CD offers require only a minimum of $500. The bank seems to be working on a trust system: the longer you promise to invest in our company, the smaller the “promise money” we ask from you. In the same way, they allow clients with bigger deposits to withdraw their money sooner before the yields and interest rates catch up with the USD inflation. By far, both special and regular CD rates are among the top CD rates quoted this banking year.

It’s advisable to deposit your money early this year if you’re thinking if opening a CD account. CD rates are pegged to drop by the middle of 2009. FAA Credit Union’s special CD offers dropped a significant 0.10% in the last two weeks. It’s a good sign to put your money in the bank before the CD rates drop too drastically. 3.20% for a 9-month CD is a reasonable buffer for possible USD inflation hikes within the year.

Make sure that you remember the maturity date of your CD to dodge penalty fees and lower APYs for the 2nd term. Like other banks, the credit union automatically renews CD terms unless they were instructed, in writing, by the depositor to close the account.

You need to be a member of the credit union to open a CD account with the FAA. Membership with the credit union requires a $5 initial deposit to a savings account. All residents, employees, students, and worshippers in Oklahoma, Canadian, Cleveland, Logan, McClain, or Pottawattomie counties may open accounts with the FAA Credit Union.

FAA Credit Union has branches in Oklahoma City, Mustang, and Edmond. It is federally insured by the NCUA Charter # 62568.