With the start of a new month, it's nice to see some institutions raising rates instead of cutting. One of those is the University of Iowa Community Credit Union. As I mentioned last week, UICCU announced that its reward checking rate will increase from 4.00% to 4.25% APY effective March 1, 2011. That is now reflected on its website. This 4.25% APY continues to apply to balances up to $25K. I have more details in my UICCU reward checking review.
There have been a few institutions that make it look like they're increasing their reward checking rates, but they include a balance cap reduction with the rate hike. Midwest America FCU is the latest institution to do this rate hike and balance cap cut.
New Special 16-Month CD
In addition to the higher reward checking rate, the credit union has improved its mid-term CD special. The new one is a 16-month Premium Special with a 2.50% APY. This is for individuals who maintain an active checking account with direct deposit. For those without an active checking, the rate is still very competitive at 2.00% APY. Minimum deposit is $1,000. These new rates are accurate as of 3/1/2011. The previous special had a 15-month term with a 1.80% APY.
Standard CD and IRA CD Rates
UICCU's other CD rates remain the same as what I reported last month. The most competitive ones include a 2.10% APY 25-month CD, a 2.60% APY 37-month CD and a 2.75% APY 49-month CD. Jumbo CDs with a $100K deposit have rates 15 basis points higher.
In addition to University of Iowa students, membership is open to those who live or work in any of more than a dozen counties in Eastern Iowa. Please refer to the credit union's About Us page for more details.
Credit Union Overview
Branches are located in Cedar Rapids, Iowa City, Coralville, North Liberty, Grinnell, Vinton and Hiawatha.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 13.88% (above average) based on December 2010 data. Please refer to our financial overview of University of Iowa Community Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 60269).
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: