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Top Bump-Up CD Rates at Idaho Central Credit Union - Local Only


Idaho Central Credit Union

Bump-up CDs that give CD holders the option to bump up the rate of a CD are rare and often have lower rates than regular CDs. That's not the case at Idaho Central Credit Union which has very competitive rates on its bump-up CDs that it calls Freedom CDs. The best rates are 2.15% APY for a 5-year term, 1.80% APY for a 4-year term and a 1.55% APY for a 3-year term. Minimum deposit is $500. These rates are listed in the credit union's Freedom CD rates page as of 8/16/2012.

The bump-up feature of the Freedom CDs can help ease concerns about being locked into a CD when rates are going up. If the rate goes up at anytime during the life of your CD, you can utilize a 1-time rate bump. It's important to note that this feature won't help if the credit union doesn't keep their CD rates competitive.

Another unique feature with this credit union's CDs is that they allow a 1-time deposit in the first 60 days. It's a very limited add-on feature that could come in handy if you're waiting for funds to become available.

Membership Eligibility

As you might have guessed from the name, those outside of Idaho will probably not be eligible for membership. According to the credit union's Become a Member page, "Most residents of Idaho are within our field of membership and are eligible to join." On this page the credit union lists several groups who are eligible. One notable group includes:

Persons in the employ of the State of Idaho, other public employees within the State of Idaho, and members of credit unions located in the State of Idaho.

The last part of this group "members of credit unions located in the State of Idaho" may allow many to qualify for membership.

Membership requires a $5 one-time membership fee and a minimum balance of $25 in the share savings account. There's an online application for new members.

Credit Union Overview

Idaho Central Credit Union branches are located in Boise, Blackfoot, Burley, Chubbuck, Idaho Falls, Meridian, Nampa, Pocatello and Twin Falls.

With over $1 billion in assets, Idaho Central Credit Union is the largest credit union based on Idaho. It has an overall health score at of 5 stars (out of 5) with a Texas ratio of 2.88% (excellent) based on March 2012 data. Please refer to our financial overview of Idaho Central Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 63194).

How These CD Rates Compare

The highest 5-year CD rate that's nationally available is 2.12% APY for a $60K minimum at US Senate Credit Union.

If you want a CD with a bump-up option, there are not many nationally available ones.

Ally Bank offers 2 Raise Your Rate CDs which have have a bump-up feature. One is a 4-year CD with a 1.49% APY that gives customers 2 options to bump up the rate. The other one is a 2-year CD with a 1.14% APY that gives customers 1 option for a rate bump.

CIT Bank offers 2 Achiever CDs that not only provide a 1-time rate bump but also a 1-time add-on deposit. The 1-year Achiever CD has a 1.10% APY and the 2-year Achiever CD has a 1.25% APY. Minimum deposit is $25,000.

The above rates are accurate as of 8/16/2012.

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  Tags: Idaho Central Credit Union, Idaho, CD rates

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Comment #1 by Anonymous posted on
Guess what...bump up rates are basically a waste of time now. The Fed CANNOT increase interest rates significantly because the USA is bankrupt. So long as the USA runs deficits of $1 trillion plus per year and/or continues to have a $16 trillion debt to service, raising rates by more than a handful of basis points will spell fiscal doom.

The government need to borrow hundreds of billions, even now, just to pay interest. It cannot borrow trillions to pay the interest because creditors will stop lending unless the veneer of solvency is maintained. The current real inflation rate is about 10% per year, which is lower than back in the 1970s. This is thanks to hundreds of trillions worth of interest rate swaps that casino banks, like Goldman Sachs, Morgan Stanley, and JP Morgan Chase have issued. These swaps have calmed the market and prevented hyperinflation but artificially maintained inflation at a lower level that is otherwise needed to clear out this debt.

At the 10% per year rate, it will take forever to debase the currency enough such that the real debt load is about 50% of GDP, where it needs to be. But, real GDP growth (regularly overstated) is growing slower than real inflation (regularly understated by government statisticians). So, at the current rate of currency debasement, not enough government's debt will ever be eaten away.

The problem is that much more debt is being added on than can be paid down. They need and are going to buying power of the US dollar to decline by about 20% per year. At that rate, it will take 5 - 10 years, depending on how the rest of the world reacts. One USA wages drop to about 50% of what they are now, our products will be able to compete against the Chinese and other nations like China. But, inflation must be about 20% per year and CD interest rates must be kept at ultra-low levels, so that the debasement can catch up and, finally, exceed the increasing level of nominal debt, thereby reducing the government's real debt service cost.

That happened during the 1970s but it was a much different day and age, when hundreds of trillions worth of derivatives were not poised over the collective center of the US banking system, in NYC. At any rate, significant gains in interest rates are not going to come for a very long time, so these adjustable style CDs just aren't worth bothering with. Better to convert your savings into platinum, which is now selling in the mid-$1,400s, in spite of fast-rising mining costs, which continue to rise quickly, even as the current total cost to take an ounce out of the ground is about $1,700 per ounce.

Comment #2 by Anonymous posted on
One more thing. I know that some of you believe that higher inflation means higher interest rates on savings, but it is not true. The Fed can and will continue to buy bonds, thereby artificially reducing rates to near-zero, even if it means inducing very heavy inflationary pressure for doing so, as some foreigners refuse to accept the dollar in payment or demand many more dollars. As I've just pointed out, heavy inflation is exactly what the government needs in order to pay its debt.