FME Federal Credit Union Update

FME Federal Credit Union has raised the rate of their High Yield savings account that I posted on here. The rate is now at 5.25% apy and it is guaranteed through the end of the year. Certain conditions apply. From their website:

*Only funds from Direct Deposit (Net Check) can be deposited to the Direct Deposit High-Yield Account. No other deposits or withdrawals are allowed from this account. If the Direct Deposit High-Yield account is closed prior to December 31, 2006, no dividend will be paid. You will receive a 5.25% APY dividend on all funds directly deposited into this High-Yield Savings account for amounts up to $15,000. Amounts on deposit over $15,000 will earn dividends at the Regular Share Savings rate, which will be declared by the Board of Directors. Dividends will be paid on January 1, 2007. Funds in the Direct Deposit High-Yield Savings account, plus dividend earned, will automatically be transferred to your Regular Share Savings on January 1, 2007


The are also offering 5.75% apy on their High-Yield PayrollSavings IRA. Certain condtions apply to this account as well. Again, from their website:

**Only funds from a Payroll Savings source can be deposited into the High-Yield Payroll Savings IRA account. No other deposits or transfers allowed into this account. If the High-Yield Payroll Savings IRAaccount is closed prior to December 31, 2006, no dividend will be paid. All funds directly deposited into this High-Yield Payroll Savings Account will receive 5.75% APY up to the amount legally allowed by law. Dividends will be paid on January 1, 2007. Principal plus the dividend earned from the High-Yield Payroll Savings IRA account will be transferred to your Regular IRA Share Savings account on January 1, 2007.

Field of membership in FME Federal Credit Union is limited to those who work for a dozen select employee groups including the Federal Mogul Corporation.