Everest Federal Credit Union Offers Up to 5% Interest on 6 and 12-Month CDs for the Nepali Community in the U.S.

Everest Federal Credit Union, a financial institution serving the Nepali community in New York, has announced an attractive interest rate of up to 5% on its savings accounts for both 6-month and 12-month certificates of deposit (CDs).

For a fixed deposit ranging from $5,000 to $100,000 in the 6-month CD, members will receive an initial interest rate of 5%. Following the promotional period, the rate will drop to 1.5%. Those who deposit more than $100,000 will benefit from a 2.5% interest rate during the promotional period, which will also revert to 1.5% thereafter.

Similarly, customers who invest between $5,000 and $100,000 in the 12-month CD can also earn a 5% interest rate. After the promotional period concludes, the rate will adjust to 1.9%. For deposits exceeding $100,000 in the 12-month CD, the interest rate during the promotional phase will be 2.5%, transitioning to 1.9% after that.

Everest Federal Credit Union also offers various terms for fixed deposits extending to 24, 36, 48, and 60 months, with different rates available. As these offers are for a limited time, the credit union encourages members to take advantage of these rates promptly. In comparison to other financial institutions in September, Everest’s rates are among the most competitive.

Nepalis across the United States can join Everest Federal Credit Union and open an account. Savings are federally insured to at least $250,000.

Looking ahead, Everest Federal Credit Union plans to introduce mortgage and business loan products soon and aims to roll out debit cards by the end of the year.

For a comparison of interest rates on fixed deposit accounts across various financial institutions in the U.S., click here.

“Everest Federal Credit Union (EFCU) is the first autonomous financial institution established by Nepali individuals outside of Nepal. The founding vision was to create a financial institution in the USA to support the financial needs of the Nepali community,” states the Everest Federal Credit Union website.

EFCU is unique as the only financial institution in the USA created specifically for Nepalis. The concept originated in 2015, and EFCU was officially chartered in 2018, starting its journey in New York. The credit union was formed to address the distinct financial requirements of the Nepali community in the United States. EFCU’s mission is to empower community members to achieve financial well-being through personalized service, innovative products, and a steadfast commitment to excellence.