I just had a CD mature at Corus Bank. I could renew for one year at 3% or I could switch to Directions Credit Union where they're offering a 14 month CD for 3.75%. This credit union is not "FDIC" insured, although it does say "NCUA", National Credit Union Administration, a U.S. Government Agency. Your savings are federally insured to at least $250,000and backed by the full faith and credit of the United States Government.1) Am I good to go with a credit union? Never used one before.2) Is it likely that they will drop the rate within the next two weeks before I've had a chance to fund the new CD that I open?Please keep answers simple.Thanks.
NCUA operates the same way the FDIC operates. I have two accounts with a NCUA insured credit union and 2 with a FDIC insured bank. If I were in your shoes, I would go with the Credit Union.As to you requesting about the rate dropping before you can fund the CD, who knows?Donna
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