SEATTLE – Several credit unions have introduced competitive seasonal offers on certificates of deposit, a new report shows.
CD Valet said it found New Hartford, NY-based Utica Gas & Electric Employees FCU is offering a nine-month CD at 5.10% APY with a $10,000 minimum deposit as part of its Thanksgiving promotion.
Meanwhile, in Minnesota, St. Cloud Financial Credit Union has introduced a new seven-month CD with a special interest rate of 4.25% APY.
‘Strong Opportunity’
“Seasonal offers such as these provide a strong opportunity for consumers to increase their yields without a long-term commitment while helping financial institutions attract deposits,” CD Valet said. “Such offers stand out even more in the current falling interest rate environment. Forty% of the rates tracked on CD Valet are tied to nonstandard terms, demonstrating the marketing appeal of promotional rates.”
CD Valet said its digital marketplace now tracks over 40,000 rates from more than 5,000 banks and credit unions nationwide.
