Velocity Credit Union is presently offering promotional CD rates that are higher than the national average and what other banks and credit unions are offering. This promotion was extended up until November 30, 2011.The promotional rates are as follows:
1.51% for a 2 year CD
2.12% for a 3 year CD
2.83% for a 5 year CD
How These Rates Compare:
The highest rates for 2 year CDs that are nationally available from banks is 1.30% from CIT Bank and AloStar Bank of Commerce. Velocity Credit Union’s promotional rates are considerably higher at 1.51% APY. The same also rings true for their 3 year CD rates where the highest available from banks is 1.65% from Doral Bank, and 5 year CDs are at 1.99% from Intervest National Bank. The large gap just goes to show that there’s a good reason why Velocity Credit Union’s rate is called a promotion.
According to one consumer, the promotional rates are not available online. Because of how the website is set up, the link from the promo takes you to a 2.32% rate instead of the 2.83% promotional rate. The consumer had to call customer service to verify that he got the promotional rate. His initial rate was set to only 2.32%, but after he called, the customer service representative immediately changed his rate.
About Velocity Credit Union
The credit union was originally chartered in 1947 to serve employees of the City of Austin. Today it is one of the largest and strongest financial institutions in Texas. It has over 70,000 members with $500 million in assets.
Credit unions have always been somewhat restrictive in membership. For this case, Velocity Credit Union is open for those living in certain areas, and employees and members of certain companies and organizations. Relatives of existing members may also join. For a complete list of companies and locations, you may visit their website and click on the membership category.
These rates are some of the highest available for long term CDs. The promo has already been extended and will run only until November 30 of this year. For those who are looking to get great returns while capitalizing on safety, Velocity Credit Union may just be the place for you.