CD Special and Eligibility Update at Wings Financial Credit Union
Wings Financial Credit Union used to be only available to those employed in the air transportation industry. A couple of years ago they expanded eligibility to include anyone who lives in the Minneapolis-St. Paul Metro Area. Last year they continued to expand their field of membership to include anyone who lives in certain parts of the Seattle-Tacoma metro areas in Washington State.
It's nice to see this major credit union is becoming easier to join. Wings Financial used to offer very competitive CD and money market rates. The rates are not quite as competitive as they used to be, but they still have some decent deposit deals. The best one now is a 28-month CD special with a 1.76% APY. The standard long-term CD rates are somewhat competitive. The best ones include a 1.92% APY 3-year CD and a 2.58% APY 5-year CD. They are also available in IRAs. Minimum deposit is $500. These rates are listed at the credit union's rates page as of 3/10/2011.
I was told that rate changes typically take place late Tuesday. According to the CSR, the early withdrawal penalty is 180 days of interest for terms over 1 year and 30 days of interest for terms of 1 year and less.
Membership application can be done online. A minimum balance of $5 in the share savings account is required. I was told that a CD couldn't be opened at the same time that you apply for membership. You can fund the CD with money from the savings account, so if you apply for membership online, you might want to fund the share savings account with the money you want to use to fund the CD.
For the full information about eligibility, please refer to the Wings Financial membership eligibility page. Note, in addition to those who reside in the Minneapolis-St. Paul and Seattle-Tacoma metro areas, membership is also open to those who work, worship, volunteer, or attend school in those areas.
It's a large credit union with over $3 billion in assets and with branches across the US including the states of California, Florida, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.
It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.59% (above average) based on December 2010 data. Please refer to our financial overview of Wings Financial Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68601).
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: