Credit union CD and checking account of interest

[AndySoCal]

I have been  looking around and found these 

Mountain America Credit Union has an 18 month CD at 5.00 APY. What makes it special see the APY. Credit union membership qualification is easy  American Consumer Council membership.

Macu.com 

The second is a checking high rate checking account at Pen Air Credit Union  that pays currently 4%. The qualifications are estatements and 250 per month in direct deposits. What in their opinion qualifies as a direct deposit I do not know. ask the credit union directly. The do have a dormant account fee. A dormant account fee is charged when there is no activity for a prolonged length of time. The usual time frame is around one year plus or minus. Interest being posted to your account does not qualify as activity on the account. What makes it special the requirements are easy to meet it does not require 50 debit card transactions a month. I exaggerate a little bit. My mother if she told me once she told me a million times do not exaggerate. 
I know very little about this credit union. The reviews I have seen it is love hate relationship. By that I mean either the members love them or hate them so to speak.

Penair.org 

Neither credit union has a rewards credit card that qualifies for mention on this forum.

As always do your research.

[ptatohed]

Thanks Andy.  Know of any bank CDs like that one?  I would prefer not to have to join a CU to buy a CD.  

[AndySoCal]

@ptatohed  The best rate at bank that I can find using deposit accounts.com is 4.50% for 18 months. Many banks and some credit unions like to pay you in pennies and have you pay them in dollars IMO.

[Anonymous]

I was a member of penair back in the day for their good rate on an IRA CD.  Easy to work with, no surprise fees.  I closed the account when the rate ceased to be competitive.

[Anonymous]

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@AndySoCal wrote:

@ptatohed  The best rate at bank that I can find using deposit accounts.com is 4.50% for 18 months. Many banks and some credit unions like to pay you in pennies and have you pay them in dollars IMO.

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Also check the early withdrawal penalty.  Marcus, which currently offers 4.5 for 18 months has a 180 day penalty.   Even if you don't think you will take the money early....

I got burned at USAlliance where they had a 360 day penalty on an 18 month CD.   At that time, rates were going up quickly so I cashed it in early and became one of those lucky people to lose money on a CD.  Still worth doing as the new rates (elsewhere!) more than made up for the penalty.

[kremonis]

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@Anonymous wrote:

I was a member of penair back in the day for their good rate on an IRA CD.  Easy to work with, no surprise fees.  I closed the account when the rate ceased to be competitive.

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@Anonymous 

Do you remember if Penair ran a Chex inquiry every time you opened a CD?

[Anonymous]

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@kremonis wrote:

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@Anonymous wrote:

I was a member of penair back in the day for their good rate on an IRA CD.  Easy to work with, no surprise fees.  I closed the account when the rate ceased to be competitive.

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@Anonymous 

Do you remember if Penair ran a Chex inquiry every time you opened a CD?

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Sorry I don't and I can't find the chex report I am sure I saved.  They certainly didn't a hard pull on major CRA each time, that I would have noticed, but I was paying less attention to Chex.

[AndySoCal]

I was checking on something else( CD rates )and I noticed the rate on the high yield checking went up

https://www.penair.org/rates/#rates-table-certificate-account 

[Outbackexplorer]

For PenAir, couple questions.

1. Anyone signed up outside of their footprint? They have a page (https://www.penair.org/open-an-account/) that suggests anyone can join with a $1 donation, but elsewhere on the site it suggests you have to be in their service area.

2. I know they pull Chex, but does anyone know if they're sensitive to recent inquiries on Chex? I'm interested in an account, but I have several recent account openings elsewhere.

[AndySoCal]

@Outbackexplorer @When you go through the account opening process the site will ask you for several things. First if you are new member or an existing member,  your zip code, then eligibility for membership  you have the usual options you live and work,  family, join by a donation, credit employee or family.  Select join by donation. From the zip code they can tell you are either in the branch area or not. The reason for the join by donation option is to provide a pathway to membership for those that live outside their branch locations. If the credit Union only wanted those people in there branch area the join by donation option would not be there. I am a member of several credit unions not one of them does the credit union have a branch near me.