With current CD rates hovering between 5% and 6% APY, savers looking for high-yield certificates of deposit (CDs) have some exciting options, especially from California credit unions. Notably, California Coast Credit Union is offering a special five-month CD with a remarkable 9.5% APY for new members, requiring a minimum deposit of $500. However, eligibility is limited to residents of specific counties and requires new funds. Another option is the Financial Partners Credit Union, which offers a competitive 6.5% APY for an eight-month CD, also limited to new members and certain geographic areas. Understanding the mechanics of CDs is crucial, as they offer fixed interest rates that can be influenced by market fluctuations and Federal Reserve decisions. It's essential to consider factors like early withdrawal penalties, membership requirements, and the safety of your investment, as both types of institutions are federally insured.
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