Offer at a glance
- Interest Rate: 7.00% APY
- Minimum Balance: $1,000
- Maximum Balance: $7,000
- Availability: Anyone can join with a $5 share, more info below
- Hard/soft pull: Hard
- Credit card funding: None
- Monthly fees: None
- Insured: NCUA (60238)
The Offer
- Great Lakes Credit is offering a 7-month CD with a promotional rate of 7.00% APY.
- Max $7,000 deposit in this CD.
Eligibility
Anyone is eligible for the credit union by selecting ‘Let Us Help’ and putting in a $5 share. (Should be able to get that money out when you close out your relationship with the credit union.) The following are eligible without buying a share:
- Those who live in various parts of Illinois
- Military and family
- Federal employees and family
The Fine Print
- $1,000 minimum to open the account.
- $7,000 maximum deposit.
- Promotion effective November 19 – November 30, 2018.
- One certificate per member.
- IRAs and President’s Club bonus are ineligible.
Our Verdict
You’ll get around $285 over the course of the CD, versus around $81 in a 2% savings account. Really nice offer here. There is the downside of the hard pull, but a lot of us don’t care much about those anymore (raises hand). For me there’s the issue of the time/hassle of opening another banking relationship. Not sure what I’ll do, but it’s well worth considering.
Some people may already have a membership to the credit union from an old rewards checking account deal they have/had. Might not be a hard pull for those with an existing relationship (I think/guess the hard pull is for joining the credit union).
Hat tip to reader Anon
