Competition Leads to Top CD Rates in Iowa

Savers in Iowa should consider themselves lucky. Several Iowa banks and credit unions offer CD rates far above the best rates that are nationally available. One example is Veridian Credit Union which is offering four very competitive CD specials. The Jumbo specials have yields of 2.20% APY for 39 months, 1.90% APY for 25 months, 1.50% APY for 15 months and 1.20% APY for 7 months. The Jumbo CDs require a $100K minimum deposit. The standard CD specials require a $1,000 minimum deposit. Those rates are 20 basis points lower than the Jumbo rates. These rates are listed in the credit union's rates sheet as of 11/09/2011.

The credit union also has a good deals on flexible CDs. There's an add-on CD with a 1.20% APY for a 1-year term. Minimum deposit is $500, and you can add to it as often as you'd like during the 1-year term. There's also a bump-up CD with a 1.90% APY for a 30-month term. Minimum deposit is $1,000, and you bump your interest rate up to the current Bump-Up rate one time during the 30-month term.

Membership is open to those who live or work in one of many counties in Iowa. Please refer to the credit union's Who can join page for the full details. At the bottom of this page is a link to an online application. It requires mailing in copies of your IDs and a check. A minimum $5 deposit is required for membership.

Veridian Credit Union branches are located in several Iowa cities including Cedar Falls, Independence, Oelwein, Waverly, Cedar Rapids, Iowa City, Marion, Ankeny, Johnston and Des Moines.

It's a large credit union with $1.66 billion in deposits. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 6.18% (excellent) based on June 2011 data. Please refer to our financial overview of Veridian Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 64418).

How the CD Rates Compares

The other big credit union in Iowa with top rates is University of Iowa Community Credit Union. This credit union used to be the clear rate leader in Iowa, but in the last couple of months, its rates have fallen. UICCU still has a better deal on its 19-month CD special (1.70% APY $100K minimum). Also, its CD with terms of 37 to 48 months has a 2.25% APY ($100K minimum).

Both of these credit unions have rates that exceed what you can get from nationally available CDs with similar terms. For example, the best 1-year and 2-year CD rates are 1.30% APY and 1.70% APY ($25K minimum) at Alliant Credit Union.

These rates are accurate as of 11/09/2011.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.