Apparently, toaster giveaways are passé.
Another knickknack is beckoning consumers to join financial institutions: high-rate CDs. A handful of credit unions are offering promotional short-term CD rates that exceed 7% annual percentage yield. It's quite a rate, given that secondary-market six-month CDs were selling at 3.2% recently.
You can invest only a limited amount in the promotional CDs. And the CDs have other limitations: Many are limited to new members. It's effectively a complicated way to give you some cash back for joining.
So we searched BankingMyWay.com for credit unions' high-rate CD promotions and calculated how much above the average CD rate a new customer could earn. Calculations used national average APYs of 2.76% for 12-month CDs and 2.63% for shorter-term CDs.
Other terms and conditions may apply, and consumers must meet eligibility requirements to become a credit union member.
Here's what we found:
For more rate offers in your area, go to bankingmyway.com and enter your ZIP code.
—For more ways to save, spend, invest and borrow, visit MainStreet.com.