Wright-Patt Credit Union increased its long-term CD and IRA CD rates, and they’re now very competitive. This is one of the rare institutions that offer 6-year terms. Its Jumbo 6-year CD APY increased from 2.10% to 2.30%, and its Jumbo 5-year CD APY increased from 1.90% to 2.05%. The Jumbo minimum deposit is $100,000. The rates are 10 bps lower for a $500 minimum deposit. These rates are listed in the credit union's rates page as of 8/30/2013.
The IRA share certificates have the same rates as the regular share certificates. The credit union does a good job at making the account disclosures easily accessible. The share certificate disclosure has the details on the early withdrawal penalties. For terms of 48 to 72 months the penalty is 12 months of dividends (whether paid or not). Partial withdrawals of principal is not allowed. The CD must be closed if an early withdrawal is made.
In addition to those who work at the Wright-Patterson Air Force Base, credit union membership is open to retired United States government military and civilian personnel. It's also open to those who live, work, worship or attend school in Franklin, Montgomery, Greene, Warren, Miami, Clark, Clinton, Champaign, or Hamilton counties in Ohio. There's also a long list of select groups which can qualify you for membership. I did not find any easy-to-join group in my quick review of the list. If you find any, please leave a comment. Refer to the credit union's eligibility page for the membership details.
Credit Union Overview
Wright-Patt Credit Union branches are located in several Ohio cities some of which include Fairborn, Dayton and Cincinnati.
It's a large credit union with over $2.68 billion in assets. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 4.25% (excellent) based on June 2013. Please refer to our financial overview of Wright-Patt Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66328).