Dedicated to Deposits: Deals, Data, and Discussion
Velocity Credit Union1.56%$1k-5 Year Inflation Fighter Share Certificate
Velocity Credit Union0.85%$1k-3 Year Inflation Fighter Share Certificate
Accounts mentioned in this post. Rates as of August 23, 2014

Top Long-Term CD Rates at Velocity Credit Union - Easy Membership


Velocity Credit Union

Velocity Credit Union continues to offer very competitive long-term CD and IRA CD rates. The two best CDs are a 5-year CD with a 2.62% APY and a 3-year CD with a 1.91% APY. Minimum deposit is $1,000. These rates are listed in the credit union's savings rates page as of 9/15/2011.

For members who are at least 50, you can qualify for Elite Rewards which can boost these yields from 0.10% to 0.20%.

One nice feature of Velocity CDs is a reasonable early withdrawal penalty. According to Velocity's account disclosure, the early withdrawal penalty is 180 days of interest:

For certificate Accounts having a term greater than one year, the penalty imposed will equal 180 days of dividends on the amount withdrawn.

Membership Eligibility

Velocity Credit Union's online application provides an easy way for anyone to join. On Velocity's Switch Kit page, select the "Join Now" button, and the online application will pop up. Andera is a common service used by many financial institutions for online account opening. In the application page that covers eligibility, the bottom of the page states "None of the above apply. I would like to join one of the following organizations." In the select box, Paramount Theater Association is the only one included. There's a $15 fee to join this association, and it appears to be open to all. This association is also listed in the credit union's members companies page.

In addition to Paramount Theater Association members, credit union membership is open to those who live or work in one of the following Texas counties: Travis, Williamson, Hays, Bastrop or Caldwell. Please refer to their Eligibility Page for the full details. Membership requires a minimum $5 deposit into the savings account.

Velocity Credit Union Overview

Velocity Credit Union branches are located in Austin and Round Rock, Texas.

You might remember Velocity Credit Union from 2009. It's the credit union that tried to switch from NCUA deposit insurance to the private ASI deposit insurance. Early in 2010, the credit union management changed their minds and decided to stay with the NCUA.

The credit union has an overall health score at of 5 stars (out of 5) with a Texas Ratio of 1.94% (excellent) based on June 2011 data. Please refer to our financial overview of Velocity Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68359).

How These Rates Compare

Velocity CU's 3-year CD APY is the same as the 3-year CD APY at Melrose Credit Union. This 1.91% APY is currently the best 3-year CD APY that's available nationwide. For a 5-year CD, the highest APY is 2.68% at Melrose Credit Union. These rates are accurate as of 9/15/2011.

Searching for the Best CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following tables at

  Tags: Velocity Credit Union, Texas, CD rates, IRA rates

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Comment #1 by Anonymous posted on
Qualified for the Elite program today by being over 50 years old, which brought the 60 month rate to 2.82%.  An excellent deal in today's market, and they are nice people too.

Comment #2 by Anonymous posted on
Everything went easily in the application process for a certificate, BUT, it wasn't clear how to secure the Elite rate during the online routine.  After I did everything, I accessed my online account (the following day after applying) and saw that my rate was 2.59%.  A telephone call was all it took to enroll me in rhe Elite program, but it did not seem like that would happen automatically.  I now see that my rate is 2.79% for the 5 year certificate.  Glad to get it too!

Comment #3 by CraigPD posted on
After a 5 yr CD application was submitted and trial deposits verified (3 days later) the rate dropped to 2.32%.  Not until verifying the new account status was I aware of the change.  Two email requests to a responsive customer service rep (Leah Williamson) and it was adjusted to the application rate.  Thanks to comments here mentioning the Elite bonus program.  It wasn't obvious on the website or during online application, so requesting enrollment is the only way it happens.