MECU Regular CD Review

MECU Regular CD is offered by MECU, a credit union founded in 1936 and based in Baltimore, MD. MECU Regular CD is available in 1 state across the USA.

• Small selection of CD account types. MECU CD only offers traditional and IRA CDs.
• Very high APY. This account offers an annual percentage yield of up to 0.65%, which is much higher than the national average for a certificate account.
• $500 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
• Wide selection of certificate terms. MECU CD allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Are cd accounts from MECU federally insured?

Yes, your MECU cd accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What types of CDs does MECU offer?

• Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
• IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but MECU CD offers a CD that is specifically for retirement.

What CD rates does MECU offer on its CDs?

MECU CD offers an APY starting at 0.20% and ranging up to 0.65%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with MECU?

MECU CD requires a minimum deposit of $500 to open an account.

What is the grace period for MECU CD?

There is a 7-day grace period for MECU CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 7-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does MECU CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

MECU does not charge an early withdrawal fee.