How can they offer such a high rate? Probably because they have no full-time employees, and they’re only open on Saturdays and Sundays from 9:30 to noon.
Additionally, to join this credit union, you must be a member of the Shiloh Baptist Church of Alexandria, Virginia. The credit union does have NCUA deposit insurance (which is equivalent to the FDIC.) See: http://www.shilohfcu.com/savings.html
Since Rocky neither lives in Alexandria, nor is a Baptist, he cannot take advantage of this fabulous deal.
[Disclosure: Rocky avoids engaging in Faustian bargains. However, he acknowledges that high interest rates are an innovative approach to increase church attendance!]