You can earn a higher APY with this CD.
Flagler Credit Union is currently providing a 12-month CD with a 10% annual percentage yield (APY) and a 12-month term, with a minimum/maximum deposit of $1,000. However, to open an account with this credit union, you must reside in select areas of Michigan and Florida. While this may be a great option for parking some savings, there are other CDs available that could potentially earn you more money if you save with the right strategy.
Flagler Credit Union CD offering
For a limited time, Flagler Credit Union is providing a 12-month "Certificate Special" with a 10% APY, which is a high-interest option compared to other CDs on the market. This offer is unique, especially considering the Federal Reserve's recent rate cuts, which will lower interest rates across various deposit accounts. Flagler does not charge any fees, except for an early withdrawal penalty fee of 90 days worth of interest on the amount withdrawn.
Those who reside or work in Michigan or specific Florida counties are eligible for membership at Flagler Credit Union.
- Palm Beach
- Martin
- Hendry
- Broward
The account allows you to deposit up to $1,000, and if you don't withdraw your money before maturity, you'll earn $100.
Don't just focus on the APY
Although you may be disappointed that you may not be eligible for Flagler's CD, don't let the 10% APY discourage you. If you have the resources, you can still earn more money by investing in a CD with a lower interest rate.
If 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 5.0% APY) from Barclays would net you about $123 when that CD matures.
Putting $1,000 into a four-year CD from Discover (currently earning 3.40% APY) instead of Flagler's CD can result in earning approximately $140 at the end of the CD's term.
Despite its high APY, you would still make more money with Flagler's CD than with other options.
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