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Offer at a glance
- Interest Rate:Â 4% APY
- Minimum Balance:Â $500
- Maximum Balance:Â $250,000 in new funds, $100,000 in existing funds
- Availability: Must live, work, worship, attend school, or volunteer in select areas of NC & SC. But anybody in NC SC, GA, TN or VA can join by first becoming a member of Carolina Consumer Council (use promo code SFCU to make it free). Everybody else should be able to become a member by first joining Hobby Farmers of America for $20.
- Hard/soft pull:Â Hard pull
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees: None
- Insured:Â NCUA
The Offer
- Sharonview Federal Credit Union is offering a 4% 64 month CD on balances up to $250,000 in new money and $100,000 in existing money
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is an early withdrawal penalty of 365 days dividends on the amount withdrawn.
Eligibility
Must live, work, worship, attend school, or volunteer in select areas of NC & SC. But anybody in NC SC, GA, TN or VA can join by first becoming a member of Carolina Consumer Council (use promo code SFCU to make it free). Everybody else should be able to become a member by first joining Hobby Farmers of America for $20.
Our Verdict
The hard pull is a bit annoying, so is the deposit length and the early withdrawal penalty. Even over a 64 month term I don’t see standard savings rates getting this high, but you can never predict what will happen. There are some rewards accounts that earn at above 4% but dealing with the requirements can be annoying and none of them have a maximum balance that even remotely resembles $250,000. Can definitely see this being useful for a lot of readers, as always share your experiences in the comments below.
Hat tip to Deposit Accounts & reader Rebekah B
