Three-Month Special CD Earns Media Endorsements

October 16, 2023


MIDLAND – Business Insider recently joined Investopedia and CBS News1 in recognizing our 3-month Special Certificate of Deposit (CD),2 which carries a 5.65% annual percentage yield, the highest rate in the nation offered for that term without mandating a five-figure deposit. 


CDs are low-risk investments like savings accounts. With a CD, consumers deposit funds for an agreed-upon term to lock in a higher rate of return.   


Unlike a savings account, the rate will not change regardless of market conditions, though the consumer typically cannot withdraw their funds early without incurring a fee. CDs are insured by the NCUA for up to $250,000, making them one of the safest options available for those looking to save. 


"It's a saver's economy," Dow Credit Union CFO Sanjay Ahluwalia said. "CD rates across the country haven't been this high in decades, and we are proud to lead the pack. If you can afford to let some money sit for a while, our CDs are a tremendous opportunity." 


Some of the best CDs nationwide are currently available at credit unions, though many financial institutions' rates still trail below 2.00% APY.3 Dow Credit Union already received national recognition in June for its 6-month CD, which offered 5.27% APY at the time. The Wall Street Journal listed the account as one of three "top offers" in the country, though the same term now carries 5.50% APY.


Despite being a primarily local institution, Dow Credit Union has consistently offered some of the most favorable rates available anywhere in the country. According to Ahluwalia, this is due to the credit union's stability and commitment to excellence. Furthermore, he explained that credit unions are often better positioned than banks to make competitive offers, as they do not need to pass profits along to shareholders. While high interest rates continue to dominate headlines, the current offers on CDs are not guaranteed to endure beyond the day they are advertised. 


"Once you have opened a CD, you've locked in that great rate," Ahluwalia said. "However, the market is constantly changing, and our rates have to reflect that. We can't make promises for how long rates will remain this high, only that we will continue to offer the best products we can for our members." 


  1. Business Insider, 9/29/2023,; Investopedia, Investopedia, 8/10/2023,; CBS, 9/1/2023, 
  2. Annual Percentage Yield (APY) assumes interest payouts remain in your certificate account until maturity. Interest rate is guaranteed for the length of the term. An early withdrawal penalty may be applied when a withdrawal is made prior to maturity of the certificate and could result in loss of principal. Starting minimum deposit is $500. Rates are subject to change on a daily basis.  Rates effective as of 10/16/2023. 
  3. NerdWallet, 10/2/2023, 
  4. Wall Street Journal, 6/8/2023,