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The offer mentioned below for the Barclay's CDs is no longer available.
Flagler Credit Union is offering a limited-time 12-month CD with an impressive 10% annual percentage yield (APY) with a 12 month term & $1,000 minimum/maximum deposit. It's a great place to park some savings, but unfortunately, this credit union requires you to live in select areas of Michigan and Florida to open the account. The good news is that you have access to plenty of other CDs that could earn you even more money than the one from Flagler, provided you save with the right strategy.
What we'll cover
Flagler Credit Union CD offering
Flagler Credit Union CDs
Annual Percentage Yield (APY)
From 3.80% to 10% APY
Terms
From 3 months to 5 years
Minimum deposit
$500 or $1,000
Monthly fee
None
Early withdrawal penalty fee
Early withdrawal penalty applies. 90 days of interest on the amount withdrawn.
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
Cons
- $500 or $1,000 minimum deposit
- You can't access your money before your CD term ends
- Early withdrawal penalty fees apply
- Limited physical branch locations
For a limited time, Flagler Credit Union is offering a 12-month "Certificate Special" with a 10% APY, a rare high-interest option compared to other CDs on the market. This offer stands out, especially as the Federal Reserve's recent rate cuts will lower interest rates across various deposit accounts. Flagler doesn't charge any fees, except for an early withdrawal penalty fee of 90 days worth of interest on the amount withdrawn.
Flagler Credit Union limits membership to those who live or work in Michigan or one of the following Florida counties:
- Palm Beach
- Martin
- Hendry
- Broward
This account also specifies exactly how much money you can put in it — $1,000. Assuming you don't withdraw your money early, you'll earn $100 when the CD matures.
Don't just focus on the APY
You may feel heartbroken that you (likely) don't qualify for Flagler's CD, but don't get too hung up on that 10% APY. If you have the time and money, you can earn more money from a CD that earns a lower amount of interest.
For example, let's say you made a larger initial deposit than the $1,000 limit you have with Flagler's CD. Investing $5,000 in a six-month CD (currently earning 3.50% APY) from Barclays would net you about $95 when that CD matures.
On the other hand, funding a CD with a longer term can also put you ahead. If you put the same $1,000 you would invest in the Flagler's CD into a four-year CD from Discover (currently earning 3.50% APY), you would earn about $148.90 at the end of the CD's term.
In either case, you would make more than you would with Flagler's CD, despite its eye-catching APY.
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