Aventa Credit Union (CO) Adds Rate-Leading 16-Month CD Special
In a recent Forum post (complete with very interesting comments), DA reader, solarado, noted that Aventa Credit Union (Aventa) is currently offering two CD Specials: 16-month (5.64% APY) and 9-month (4.59% APY). These limited-time CD Specials can be opened with a minimum $1k deposit and are capped at $250k. New money is required and “funds withdrawn from an existing certificate of deposit at Aventa Credit Union are ineligible.” There is a limit of one CD Special per account.
|5.64%||$1k||$250k||Aventa Credit Union||16 Month CD Special - New Money|
|4.59%||$1k||$250k||Aventa Credit Union||9 Month CD Special - New Money|
The CD Specials are “available to individual members, business accounts, and trust accounts, but not for IRAs.”
As I was reviewing my Aventa 2019 and 2021 blog posts in preparation for this blog post, I was reminded of the less-than-optimal interactions with Aventa’s call center. There continues to be no Truth-in-Savings disclosure on the Aventa website, so a phone call was necessary. I’ve never been able to accurately determine what the Early Withdrawal Penalty (EWP) is, but I optimistically thought “third time’s a charm.” So much for idioms.
Early Withdrawal Penalty
First of all, it is impossible to speak to a branch location: all phone calls go to the call center and you will not be transferred to a branch. Here’s how my conversation with CSR started out.
Me – What is the EWP for the 9-month and 16-month CD Specials?
CSR – 365 days of dividends.
Me – A year of dividends on a 9-month CD?
CSR – Oh … let me check.
[nine minutes of hold time]
CSR – The EWP is 50%.
Me – 50% of what?
CSR – Oh … let me check.
[eight minutes of hold time]
CSR – 50% of accrued dividends.
Me – 50% of dividends on the amount being withdrawn or 50% of all accrued dividends?
CSR – Yes, 50%.
After a few more minutes of going back and forth on the 50% issue, I couldn’t get a definitive answer. Bottom line, I don’t know what the EWP is, but I do know there is one.
Headquartered in Colorado Springs, Aventa Credit Union’s field of membership (FOM) includes individuals who live or work in the Colorado counties of Alamosa, Chaffee, Custer, El Paso, Fremont, Huerfano, Pueblo, Saguache, or Teller.
Employees of several Select Employer Groups (including Colorado Springs Utilities and Pueblo City) and members of several Partner Associations (including Aventa Foundation and Pikes Peak Art Council) also qualify for membership.
Household members and relatives (parent, spouse, or child) of current Aventa members are welcome to apply.
Joining Aventa can be done online or at any of six Colorado branches located in Center, Colorado Springs (2), Crestone, Pueblo, and Salida.
A Share Savings ($5 min) is required to establish your membership at Aventa Credit Union.
Opening a CD Special can be done at any of the above-mentioned branches, by phone (800.555.6665), or by submitting a “Contact Me” form.
Aventa joined the CO-OP Share Branch and ATM Network about ten years ago.
With shared branching, credit unions from all over the country share facilities to give members thousands of convenient locations to perform transactions just as if they were in their home credit union.
Funding and Other Details
The following is from the conversation with CSR. After the difficulty in determining the EWP, I’m not 100% confident in this information, particularly since CSR started every sentence with “I believe.”
- Funding – Wire ($40 fee), check, or shared branch transfer.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and cannot be withdrawn penalty-free.
- Maturing Funds – Internal transfer or cashier’s check.
- Beneficiaries – Up to two, percentages can be assigned, Social Security numbers are not required.
- Grace Period – 10 business days before automatic renewal.
- Credit Check – Soft pull.
Credit Union Overview
Aventa Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.92% (excellent) based on December 31, 2022 data. In the past year, Aventa has increased its total non-brokered deposits by $11.67 million, an excellent annual growth rate of 5%. Please refer to our financial overview of Aventa Credit Union (NCUA Charter # 62755) for more details.
Established in 1957 as the Colorado Springs Employees Credit Union, Aventa Credit Union is currently Colorado’s 17th largest credit union with more than 35,000 members and assets in excess of $288 million. The 2010 merger with Pueblo City Employees Federal Credit Union and the 2012 acquisition of Saguache County Credit Union helped the Credit Union maintain “a focus on the needs of municipal workers while seeing significant growth outside the city." It also prompted the Aventa rebrand.
According to a Credit Union Times article concerning the Saguache County CU acquisition,
In its weekend announcement, Aventa said it “has again absorbed a struggling financial institution in its continuing effort to keep credit union options alive in smaller Colorado communities.”
How the 16-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than the rate currently offered on the Aventa Credit Union 16-month CD Special. The following table compares the 16-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|5.64%||16-Month CD Special (EWP=50% of accrued dividends)||Aventa Credit Union|
|5.25%||18-23 Month CD (EWP=unknown)||Credit Human|
|5.00%||18-Month High Yield CD (EWP=60 days)||Ally Bank|
|5.00%||15-Month CD Special (EWP=90 days)||Langley Federal Credit Union|
|5.00%||18-Month eCD Special (EWP=4% of principal)||Salem Five Direct|
The above information and rates are accurate as of 3/9/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.
I hope the case is heard by courts in Colorado. Colorado jurists will be extremely impressed by a plaintiff who characterizes the credit union's employees as "dumb as dirt" and "buck-toothed back country" denizens. Perhaps the "dumb as dirt buck-toothed back country" rubes lack the sophistication, wit, and savoir faire of our plaintiff-investor, but I suspect they are way ahead when it comes to basic human decency.