Table of Contents

• CD Rates Today
• Are CD’s a Safe Investment?
• CD Rates Today Rising
• This Month’s Top CD Rates at Credit Unions
• Joining a Credit Union
• Find a Better Rate?
• About Mike Greco MBA

CD Rates Today

Generally, investing in Certificates of Deposits (CDs) is a safe bet. Credit unions typically insure CDs by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). CDs will provide you with a guaranteed rate of return and safety. As the Federal Reserve increases target Federal Funds rates, typically, CD rates will rise, although more slowly than rates on credit cards and variable rate loans. Different banks or credit unions will offer specials to attract you to their CD offerings. So, how do you find the best CD rates today?

Are CD’s a Safe Investment?

I prefer CDs at credit unions. They are safe, usually have higher rates than banks, and are insured up to $250,000 by the NCUA. The NCUA has an excellent insurance estimator tool to ensure you’re covered. There are strategies if you invest more than $250,000 to maintain coverage. Depending on the ownership structure (joint ownership or individual) of the assets and where the asset is held (same institution or different), you could insure more than $250,000 in CDs. Talk to your financial coach if you have any specific questions – here is a link to my last post about the “Benefits of Working with a Financial Coach.”

CD Rates Today Rising

Typically, in a rising rate environment, I recommend the highest rate of return but at the shortest maturity. This is because, if rates rise, you don’t want to be locked in too long. A better product or higher rate may come along. For example, I invested in a 33-month CD special a few months ago with a 3.30% APY at my credit union. When choosing a CD, I prefer an institution with a banking relationship IF the rate is competitive. I found the best CD rates and customer service at credit unions. Traditional banks can be too focused on sales versus quality service and typically offer lower rates.

This Month’s Top CD Rates at Credit Unions

Here is a list of CDs that are leading the market at credit unions as of 9/2/2022:

NASA Federal Credit Union CD Specials – Best Rate 15 Month 3.75% APY or 49 Month 3.85% APY or 9 Month 3.55% APY

La Capitol Federal Credit Union CD Specials – Best Rate 26 Month 3.59% APY or 16 Months 3.49%.

Connexux Credit Union CD Rates – Best Rate 36 Month 3.46% APY

PenFed Credit Union CD Rates – Best Rate 36 Month 3.25% APY

Alliant Credit Union CD Rates – Best Rate 60 Month 3.25% APY

Langley Federal Credit Union CD Special – Best Rate 19 Month 3.20% APY

Navy Federal Credit Union CD Special – Rate 20 Months 3.00% APY

Joining a Credit Union

Can you join a credit union? Each credit union has different requirements. Check out the links to their rates and see if you qualify to join any of the credit unions above. If not, your local credit union has some attractive CD rates today. Banks and credit unions will fight over deposits as the Federal Reserve increases the target federal funds rate. Take advantage of the rising rates; don’t lock in your CD rate today for too long.

Find a Better Rate?

Does your credit union have a better rate and excellent service? If so, send Mike a message highlighting your favorite credit union’s top rate. Mike will post top CD rates offered by credit unions nationwide in the coming months as federal funds rates rise!

About Mike Greco MBA

Mike Greco MBA is a business, finance, and technology website.

Learn more about site founder Mike Greco and his recent eBook – The Debt Free Journey.

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