HeritageWest Credit Union is offering two very competitive rates on its certificates and IRA certificates. One is a 2.02% APY for terms of 60 to 72 months. The other one is a 1.26% APY for terms of 12 to 17 months. Minimum deposit is $500. These rates are listed in the credit union's share certificates rates page as of 12/6/2012.
HeritageWest is a division of Chartway Federal Credit Union. It was merged into Chartway Federal Credit union on January 1, 2010 after being liquidated by the NCUA. The credit union's name before 2008 was Tooele FCU.
Since HeritageWest is a division of Chartway FCU, I thought anyone might be able to join and open HeritageWest CDs by becoming a friend of the We Promise Foundation. I also saw this mentioned in the HeritageWest online application. However, the online application didn't allow me to select this foundation in the eligibility section. I then emailed HeritageWest, and I was told that the We Promise Foundation is not yet effective as a way to qualify for membership. Currently, HeritageWest membership is open to those who work, live or worship in Salt Lake or Tooele Counties in Utah.
HeritageWest Credit Union branches are located in the Utah cities of Tooele, Stansbury Park, Grantsville and South Jordan.
Since HeritageWest is now a division of Chartway FCU, you only have to be concerned with the financials of Chartway. Chartway FCU has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 14.72% (average) based on September 2012 data. Please refer to our financial overview of Chartway Federal Credit Union for more details. Chartway is federally insured by the NCUA (Charter # 13242).
How the CD Rate Compares
The highest 5-year CD rate that's nationally available is 2.20% APY at Pen Air Credit Union. This requires a $100K minimum deposit. The yield falls to 2.00% APY for smaller deposits. This is an all-access credit union that allows people to join if they're a member of an association that's open to all. There are a few other all-access credit unions that also offer 2.00% APY on their 5-year CDs. These include Mountain America Credit Union, Communitywide FCU and Connexus Credit Union. There's also another bank with an online application that's offering 2.00% APY that's available to all. It's at Citizens State Bank in Florida. However, this is a Jumbo rate that requires a $100K minimum deposit. Smaller balances earn 1.85% APY on the 5-year term.
These rates are accurate as of 12/6/2012.
Searching for the Best Money Market and CD Rates
Please refer to our rate tables to find the latest top rates. To learn how to use the tables, please refer to this post.