State Employees Credit Union CD Rates – SECU Interest Rates

Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to make deposits and obtain loans at reasonable rates. But unlike banks, credit unions are not in business to make profits. Credit Unions allow its members’ to combine their money and resources in order to make loans to each other when in need. Following this principle of Not for Profit, But for People – State Employees’ Credit Union (SECU) was founded in 1937 with 17 members with $437 in assets. It has grown to 1.2 million members with more than $12 billion in assets and 179 branches as in 2004.

In addition to its various other services, it offers its members the opportunity to earn interest on their savings with Share Term Certificates also known as CD or certificate of Deposit. The minimum opening balance is $250. Your savings having a maturity period between 6 months to 60 months give you an opportunity to earn a good rate of interest.

SECU Interest Rates

• If you lock in your funds for 6 months it would have an interest rate* of 4.25% with an APY of 4.25%.
• If you lock in your funds for 12 months it would have an interest rate* of 4.25% with an APY of 4.25%.
• If you lock in your funds for 18 months it would have an interest rate* of 4.50% with an APY of 4.50%.
• If you lock in your funds for 24 months it would have an interest rate* of 4.75% with an APY of 4.75%.
• If you lock in your funds for 30 months it would have an interest rate* of 4.75% with an APY of 4.75%.
• If you lock in your funds for 36 months it would have an interest rate* of 5.00% with an APY of 5.00%.
• If you lock in your funds for 48 months it would have an interest rate* of 5.00% with an APY of 5.00%.
• If you lock in your funds for 60 months it would have an interest rate* of 5.15% with an APY of 5.15%.

Interest will be accrued daily but not compounded. There will be no service charge for monthly transfer of earned interest to another deposit account. Funds may also be used as collateral for SECU loans only. The funds are automatically renewed at the current rate at maturity unless otherwise requested. Incase of early cancellation, interest of 90 days or all earned interest, whichever is less will be charged as fees.

You may check the eligibility requirement for this credit union at this page http://www.ncsecu.org/AboutSECU/MembershipEligibility.html. Report of the Chairman given at this page <http://www.ncsecu.org/AboutSECU/ChairmanReport.html> analyses various instances of helping the needy members. Their mission is “People Helping People in North Carolina.”

*Rates as applicable on 13-11-07.