Veridian Credit Union Boosts 41-Month Jumbo Bump-Up CD Rate
For the last seven years, I have been writing about the Jumbo CD Specials and CD Specials that have been offered on a regular basis by Iowa-based Veridian Credit Union (Veridian). These limited-time CD Specials continue to offer competitive rates that remain in effect for at least a month or two.
The current lineup includes four CDs, with the 41-month Jumbo Bump-Up CD Special, 3.45% APY offering the most competitive rate. The other CD Specials include a 18-month Jumbo Bump-Up CD (3.00% APY), a 30-month Jumbo Bump-Up CD (3.35% APY), and a not-so-competitive 12-month Jumbo CD (with no bump option) earning 2.85% APY.
According to Veridian’s CD Rates page,
A Bump-Up is a one-time opportunity to convert your CD to the higher rate for the remainder of its term.
The minimum opening deposit for any Jumbo CD is $100k, with no stated balance cap. All four are available as “non-Jumbo” CD Specials ($1k minimum), with APYs a uniform 10 bps lower.
The Jumbo Bump-Up and non-Jumbo CD Specials are also offered as IRA Bump-Up CD Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
As stated in the CD Rate Schedule (page 25 of the Personal Product Disclosure), the Early Withdrawal Penalty reads as follows:
Terms of 1 year or less – 90 days’ interest
Terms of longer than 1 year – 180 days’ interest
According to CSR, funds to open a CD must be on deposit in a Veridian savings account before the CD can be opened. Funds can be transferred into a savings account by ACH or wire; debit or credit card funding is possible, but is limited to $500. Unfortunately, Veridian does not participate in the CO-OP Shared Branch network.
Earned dividends can be credited to the certificate or transferred in a Veridian savings or checking account.
Maturing funds can be distributed through a cashier’s check or transferred into a Veridian savings account. There is a 10-day grace period before a CD automatically renews.
Unlimited beneficiaries can be designated with equal shares assigned. Social Security numbers are required for all named beneficiaries.
Availability
Headquartered in Waterloo, Iowa, Veridian Credit Union’s field of membership (FOM) includes almost any US citizen or resident alien who has a valid Social Security number.
Easy Membership – Veridian previously offered membership to registered users of Dwolla, but that option is longer listed on either the Membership Requirement page or the first page of the Membership Application.
The fourth eligibility option on the online application reads,
I will donate $5 to Habitat for Humanity as part of my application today. Making a one-time donation of at least $5.00 as part of this application makes you eligible for membership no matter where you are located.
The sixth option is “I’m not sure,” which links to a pop-up stating,
You can qualify for membership by making a donation to Habitat for Humanity
Residency – Individuals who live or work in any of Iowa’s 99 counties or six southeast Nebraska counties (Cass, Douglas, Lancaster, Sarpy, Saunders, and Washington) qualify for membership.
Relationship – Immediate family members of individuals eligible for membership are also welcome to apply.
Complete details are available on the Veridian Membership page.
Joining Veridian Credit Union and/or opening a Jumbo Bump-Up CD Special can be done online, or at any of 25 Iowa branches located in Ankeny (3), Cedar Falls (3), Cedar Rapids (2) Coralville, Council Bluffs, Des Moines (2), Independence, Iowa City, Johnston, Oelwein, Waterloo (5), Waukee, Waverly, and West Des Moines (2). Veridian also has four Nebraska branches located in Omaha (3) and Papillion, Nebraska.
Appointments are available at all branch locations and can be scheduled online.
Opening a Member Equity Savings account with a $5 minimum deposit establishes membership in Veridian.
Credit Union Overview
Veridian Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.82% (excellent) based on June 30, 2022 data. In the past year, Veridian has increased its total non-brokered deposits by $468.52 million, an excellent annual growth rate of 10.03%. Please refer to our financial overview of Veridian Credit Union (NCUA Charter # 64418) for more details.
Veridian Credit Union was originally chartered in 1934 as the John Deere Employees Credit Union. As you might guess, the original membership was exclusive to John Deere employees. The FOM remained unchanged until 1986, when membership was extended to individuals living and/or working in nearby Cedar Falls. This prompted a small name change: John Deere Community Credit Union.
John Deere Community Credit Union always operated independently of Deere & Company, but in 2004, Deere requested that the use of "John Deere" be discontinued to avoid trademark confusion. As a result, the name was changed in 2006, with the new name, "Veridian," derived from the Latin words for truth (veritas) and growing (verdant). Veridian Credit Union is currently Iowa’s second largest credit union and the 52nd largest credit union in the country, with nearly 287,000 members and assets in excess of $5.9 billion.
How the 41-Month Jumbo Bump-Up CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, two banks and one credit union have higher rates than currently offered on the Veridian Credit Union 41-month Jumbo Bump-Up CD, regardless of minimum deposit requirements. The following table compares the 41-month Jumbo Bump-Up CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 9/2/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
