Seven-month maturity offers superior return with minimal time commitment
(November 18, 2014) – Savers and investors seeking a high return in a short time period can earn 1.25 percent APY on a seven-month CD at Tropical Financial Credit Union.
“We’re responding to our members and other individuals who want a higher-paying CD without locking up their money for a long time,” said Brian Burress, vice president for retail sales and service at Tropical Financial Credit Union.
The account offers an attractive return compared to smaller yields on money market accounts, savings accounts and money market mutual funds, Burress said.
“A lot of people don’t have an immediate need for money sitting in those accounts,” he said. “And, they are earning very low rates. Our 7 month instrument allows members to earn a higher rate of return than what many institutions pay on a CD with a maturity as long as five (5) years.”
The seven-month CD pays a 1.24 percent rate and 1.25 percent Annual Percentage Yield on a minimum deposit of $5,000. The limited-time offer applies to accounts opened by individuals with funds, including those in retirement accounts, not already on deposit at Tropical Financial Credit Union.
The account has an early withdrawal penalty of 90 days’ interest. When the CD matures, a depositor can withdraw the funds or roll them over into a six-month CD at then-current market rates. For more information, visit http://www.tropicalfcu.com.
About Tropical Financial Credit Union
Tropical Financial Credit Union is a non-profit financial institution whose deposits are federally insured. The $540 million institution serves South Florida with nine branches. People who live or work in South Florida’s three counties can join the credit union, which was founded in 1935. For more information on Tropical Financial, visit www.TropicalFCU.com.