Aventa Credit Union Adds 30-Month CD Special

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Deal Summary: 30-month Certificate Special, 3.04% APY, $5k minimum deposit, new money.

Availability: Residents of nine south central Colorado counties.

Over the weekend, Aventa Credit Union (Aventa CU) added a 30-month Certificate Special (3.04% APY). This limited-time offer requires a minimum deposit of $5k of new money, with no stated balance cap.

There is one statement in the fine print on the Rates page that caused me some concern:

Rates may change after the account is opened.

CSR stated that the “rates may change” sentence is included in the fine print for all Aventa CU Certificates, indicating that future rates are fluid and subject to change. It does not mean the Certificate Special is a variable-rate CD.

The 30-month Certificate Special is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is 450 days of interest.

Availability

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, and Teller.

Employees and volunteers of more than 50 Employer Groups and seven Partner Associations also qualify for membership.

Household members and relatives (parent, spouse, or child) of current Aventa CU members are welcome to apply.

Joining Aventa CU can be done online, or at any of six full-service Colorado branches located in Center, Colorado Springs (2), Crestone, Pueblo, and Saguache.

Opening a Certificate Special requires an in-person visit to any of the above mentioned branches.

Credit Union Overview

Aventa Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.86% (excellent) based on March 31, 2018 data. In the past year, Aventa CU has increased its total non-brokered deposits by $381k, an above average annual growth rate of 0.25%. 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 19th largest credit union with more than 25,000 members and assets in excess of $177 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 Certificate Special Compares

When compared to the 236 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Aventa Credit Union's 30-month Certificate Special APY currently ranks first.

The above rates are accurate as of 6/27/2018.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: Denver CD rates, Colorado Springs CD rates, 5-year CD rates

Comments
gregk
gregk   |     |   Comment #1
450 days is a curious EWP. Such an apparently arbitrary number, - 1 year plus an additional 85 days. Or can anyone discern a more elegant and meaningful computational formula underlying this?
Dunmovin
Dunmovin   |     |   Comment #2
Yes, if one wanted to strike early in the rising rate environment...why not do some calculations based, in part, on history, etc. and determine approximately what no. of CD holders will redeem over the course of time. Ergo, the effective rate paid by the cu would be much less and it brings in the money. It is not an arbitrary number merely Banking 101.
Reader1
Reader1   |     |   Comment #3
This is based on the "Bank Method" of treating a year as having 360 days not 365 (i.e. 12 months of 30 days each). The EWP of 450 days is based on 15 months of 30 days each.
gregk
gregk   |     |   Comment #4
Half the interest earned over the term of the CD then, - a draconian assessment. But pleasing to recognize now the decipherable rationale for 450.
Dunmovin
Dunmovin   |     |   Comment #5
The cost of the Put in the exercise is the ewp
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