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Boeing Employees’ Credit Union is one of the largest credit unions by asset size in the U.S. But its physical footprint is generally limited to Washington, with the exception of two branches in Charleston, South Carolina. It offers a wide range of certificates of deposit that could help you move your finances in the right direction if you qualify to work with the credit union. Read on to learn current BECU CD rates and details to help you decide if it’s the right fit for your finances.
BECU CD Rates
BECU offers CDs with terms ranging from three months to five years. The table below outlines the rates offered by BECU.
| CD Term | Standard APYs | Member Advantage APYs |
|---|---|---|
| 3 to 5 months | ||
| 6 to 11 months | ||
| 12 to 17 months | ||
| 18 to 23 months | ||
| 24 to 35 months | – | – |
| 36 to 47 months | – | – |
| 48 to 59 months | – | – |
| 60 months | – | – |
In addition to standard CD options, BECU offers bump CDs. With a bump CD, you have the option to request a one-time boost to your interest rate. It’s a helpful feature if you think interest rates will rise during your loan term.
Below is a breakdown of current BECU CD rates for bump accounts.
| Bump CD Term | Standard APYs | Member Advantage APYs |
|---|---|---|
| 12 month | ||
| 24 month | – | – |
BECU CD Overview
BECU offers relatively attractive rates for some CD terms. But you’ll lock in a slightly higher rate if you qualify for the Member Advantage rate. In order to get this higher rate, you’ll need to open a BECU Member Advantage Checking and Savings account. From there, savers must sign up for monthly eStatements and make at least one transaction per month.
When shopping for a CD, it’s important to look beyond rates to the fine print. Below is a closer look at the details attached to these CDs:
| Minimum deposit | $500 |
| Term lengths | Three months to five years |
| Compounding frequency | -Compounded monthly -Credited monthly |
| Grace period | Seven calendar days |
| Early withdrawal penalty | -For terms of 12 months or less, the penalty is equal to 30 days of interest. -For terms of more than 12 months, the penalty is equal to 90 days of interest. |
While the minimum deposit requirement is $500 for most CDs, BECU gives you an Add-To option. With this, you’ll be able to open a CD with as little as $100. From there, you can make additional contributions to the savings product without giving up your fixed interest rate.
Advantages and Disadvantages of BECU CDs
Before opening a BECU CD, it is important to consider the pros and cons.
Pros
- NCUA-insured
- Competitive interest rates on some CD terms
- Physical branches available
Cons
- Must meet geographic or employment eligibility requirements
- Minimum deposit of $500 required
How Do BECU CD Rates Compare?
The average rate on a 12-month CD is 1.81% as of April 15, 2024. When compared to the APY offered for a 12-month CD at BECU, it’s clear they have attractive rates. But it’s worth noting that some of the other terms come with less appealing APYs.
BECU CD Alternatives
Before opening a BECU CD, it’s important to shop around. A little bit of research can go a long way toward finding the best CD rates for your situation. Below are a few different banks to consider.
- Bread Savings: Bread Savings offers competitive rates on their CD accounts. You can find a 1-year CD with APY and 2-year CDs with a APY.
- Ally Bank: If you are looking for an entirely online banking option, you can find 12-month CDs with a APY at Ally Bank and 18-month CDs with a APY.
- Barclays Bank: Barclays Bank offers online CD rates of APY for a 6-month term and a APY for a 24-month term.
How To Open a BECU CD
If you decide to open a new CD account, the first step is to become a BECU member. You might be eligible for membership if you meet the following criteria:
- You live, work or go to school in Washington state.
- You live in select counties of Oregon and Idaho.
- You have an affiliation with a BECU partner.
- You are affiliated with Boeing.
If you think you qualify for membership, you can apply online or at a physical branch. Either way, be prepared to provide your Social Security number or ITIN, a valid government-issued ID, physical address and other contact information. During the application, you’ll choose which type of required savings account you want, which includes a Member Share, Member Advantage or Early Saver option.
Once you are a BECU member, you can apply to open a CD with the term of your choosing.
Additional BECU products
BECU offers a range of financial products, including loans, mortgages and deposit products. Below is a quick look at the stand out deposit products offered by the credit union:
- Members Advantage Checking: The Members Advantage Checking account offers a APY on the first $500 in your account. Beyond that amount, your funds will earn APY. When combined, that’s a pretty attractive opportunity for a checking account. Plus, the account doesn’t come with any monthly fees or minimum balance requirements.
- Members Advantage Savings: The Members Advantage Savings account offers a APY on the first $500 in your account. Beyond that amount, your funds will earn APY. You won’t face any minimum balance requirements or monthly maintenance fees with this account.
Remember that opening a Members Advantage Checking or Savings account will help you unlock higher CD rates with BECU. That could make these accounts especially attractive if you are comfortable conducting most of your banking needs with BECU.
Final Take To GO
BECU offers a wide range of CDs, many of which have attractive APYs attached. But in order to get the best rates, you’ll need to open a Members Advantage account and make a transaction at least once a month. If BECU isn’t the right fit for you, possibly because you live outside of the Northwest, then shop around to find the top CD rates for your unique situation.
FAQ
Here are the answers to some of the most frequently asked questions regarding BECU CD rates.
- What are BECU CD terms?
- Boeing Employees' Credit Union offers CDs with terms ranging from three months to five years.
- Are there fees for early withdrawal?
- Yes, BECU charges an early withdrawal fee if you need to tap into your funds before the CD matures. For CDs with terms up to 12 months, you'll pay a penalty worth 30 days of interest. For CDs with terms of more than 12 months, you'll pay a penalty worth 90 days of interest.
- How can I open a BECU CD?
- If you want to join BECU, you'll need to live, work or go to school in Washington State or select counties in Idaho and Oregon. People affiliated with Boeing are also eligible to apply. After confirming your eligibility, you can fill out an application online. Be prepared to provide your Social Security number or ITIN, a valid U.S. government-issued ID and your contact information.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 8, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- FDIC. 2024. "National Rates and Rate Caps."
