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Published: Oct 03, 2023 4 min read
Photo-illustration of  6%  made from dollar bills.
Money; Getty Images

Finally, a certificate of deposit (CD) with a sky-high yield that almost anyone can qualify for.

Credit Human, a Texas-headquartered credit union, is now offering a one-year CD with a 6% annual percentage yield (APY), one of the best CD rates available right now.

By comparison, the national average APY on a one-year CD is 1.76%, according to the FDIC.

Across the board, APYs have been rising in recent months — not just for CDs, but for high-yield savings and money market accounts too. As a side effect of the Federal Reserve’s interest rate hikes, soaring APYs have been a boon for savers.

Credit Human’s 6% CD is not the highest we’ve seen so far in 2023. In fact, some other credit unions have offered promotional rates of 7% APY or more for savings accounts and CDs.

What’s special about Credit Human’s CD is that it’s widely available to most Americans, whereas many credit unions have strict eligibility criteria.

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How to get a 6% APY CD with Credit Human

Like with most credit unions, you have to become a member to do any banking with Credit Human.

Credit unions are nonprofit organizations that typically cater to niche demographics, such as federal workers or residents of certain communities.

Credit Human’s flexible membership criteria, on the other hand, stands out. While Credit Human is based out of San Antonio, you don’t have to be a resident of that city — or even the Lone Star state — to become a member.

Here’s who qualifies:

  • Residents of San Antonio, New Orleans or surrounding communities
  • Veterans or active service members of the U.S. military
  • Students of one of the credit union’s dozens of college or trade school partners, such as Aveda Institute or DeVry University
  • Workers of one of the scores of partnering employers, including The Salvation Army or the Texas university system
  • Family members of one of the above or a current Credit Human member

By credit union membership standards, these alone already cast a wide net. But if you don’t match the above criteria, the credit union will also extend eligibility to any U.S. citizen who joins the American Consumer Council (ACC), a nonprofit consumer education and advocacy organization.

You can simply opt into joining the ACC when opening an account with Credit Human, and the credit union says it will cover your ACC enrollment fee (which is otherwise $15).

Additionally, credit unions typically require members to deposit a “share” into an account. These often range from $5 to $15 and are, in reality, deposits made into a savings account at the credit union. Credit Human is no different, and it requires a $5 “share” to join.

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Once a member, you can open a 6% APY CD with Credit Human with a minimum deposit of $500.

Bottom line

Banks and credit unions are jacking up APYs to lure in new depositors. It’s not impossible to find CD APYs higher than 6% at other credit unions. Alpena Alcona Area Credit Union, for example, boasts 7.19% APY on a promotional CD, however the CD is for seven months and restricted to Michigan residents only.

Credit Human’s CD has a 6% APY that you can lock in for a full year. And what it lacks in interest rate, it certainly makes up for in broad availability.

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