Patelco Credit Union is giving it’s new members a special certificate of 7.00% APY. This is a limited time special offer only to new members of Patelco. All Funds deposited to this Certificate of Deposit must be from institutions other than Patelco. The minimum deposit on this CD is $1,000 and there is penalty for early withdraws. The only drawback to this highest CD rate is that the maxium deposit is limited to $1,000 also. Remember this account is only limited to one open new membership members. For more information, visit Patelco’s certificate rates table here.

Remember, at 12 month maturity, this certificate will renew at Patelco’s current yield for a regular 12-23 month share Certificate of Deposit rates of 4.91% APY. Personally, this is great for a quick and easy investment; it’s not really suitable for long terms because if you forget to withdraw your money at 12 month maturity, it will enter a low APY 4.91% APY cycle and there is a penalty for early withdraws. All the benefits earned on that 7.00% APY will be diluted by the 4.91% APY over time. It’s Patelco’s way of making back the money they lost on the 7.00% APY and also their way of stirring up attention by throwing the highest CD rate and then capping it at $1,000 maximum deposit.