Picking up Nickels

Monday, January 04, 2010

Penfed "high yield" January CD promotion

Pentagon Federal Credit Union is once again offering very competitive long term CD rates to start the new year. Kudos to The Bank Deals Blog for being on top of this yet again. It's not quite like the 6.25% APY Penfed offering of three years ago (has it really been that long?), but the new rates are among the best currently available:

  • 3-Year: 3.00% APY
  • 4-Year: 3.25% APY
  • 5-Year: 3.50% APY
  • 7-Year: 3.75% APY (down from 4.00% APY in December 2009)

On New Year's Day I put some cash into Penfed 5 year CDs. While the rate isn't wonderful, it's a reasonable parking place for now considering the financial strength of Penfed, federal deposit insurance (via NCUA), and a pretty reasonable six month dividend penalty for early withdrawal. Please note that these rates could disappear at any time, so I would grab these CDs ASAP if you're so inclined.

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