Bayer Heritage Federal Credit Union (Bayer Heritage) began the month by raising the rate on its 60-month Share Certificate (2.27% APY) by 25 basis points. The minimum opening deposit is $500 and there is no maximum balance cap.
|2.02%||$500||-||Bayer Heritage Federal Credit Union||60 Month Share Certificate|
|2.02%||$500||-||Bayer Heritage Federal Credit Union||60 Month IRA Certificate (Traditional, CESA, Roth)|
In the past 18 months, 60-month Share Certificate had 12 rate changes, with the low (1.76% APY) and the high (2.53% APY) rates both occurring in the past six months.
The 60-month Share Certificates is also available as an IRA (Traditional, CESA, and Roth) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for all Bayer Heritage Share Certificates is the greater of $15 or six months interest.
Headquartered in Proctor, West Virginia, Bayer Heritage Federal Credit Union offers a variety of routes toward membership.
Employment: Employees of Bayer Corporation specifically named in the Bayer Heritage Charter.
Residency: Individuals who live, work, worship or attend school in Tyler or Wetzel Counties, West Virginia, and Monroe County, Ohio, or in specific areas of Marshall County, West Virginia, Belmont, Licking, and Muskingum Counties, Ohio, and Berkley and Charleston Counties, South Carolina.
Relationship: Immediate family of current members.
Complete membership details can be found on Bayer Heritage’s Eligibility Requirements page.
Joining Bayer Heritage and/or opening a Share Certificate can be done online, or in person at any of four West Virginia branches located in Martinsburg, Moundsville, New Martinsville, and Proctor. Other Bayer Heritage branches are located in Zanesville, Ohio; Pittsburgh (2), Pennsylvania; Goose Creek, South Carolina; and Baytown, Texas.
Credit Union Overview
Bayer Heritage Federal Credit Union (NCUA Charter # 11836) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.79% (excellent) based on March 31, 2016 data. In the past year, Bayer Heritage increased its total deposits by $11.31 million, an excellent annual growth rate of 3.23%. Please refer to our financial overview of Bayer Heritage Federal Credit Union for more details.
Bayer Heritage Federal Credit Union was founded in 1957 in Proctor, West Virginia, as the Mobay Employees Federal Credit. (Mobay Chemical Corporation was a joint venture between Monsanto Company and Bayer.) Between 1973 and 1981, additional branches were opened in Texas, Pennsylvania, and South Carolina to accommodate Mobay employees in those states. In 2007, the name was changed to Bayer Heritage Federal Credit Union, "In recognition of the past and preparation for the future." Presently, Bayer Heritage has over 35,000 members and assets in excess of $397 million.
How the CD Compares
When compared to 109 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Bayer Heritage Federal Credit Union's 60-Month Share Certificate APY currently ranks second.
The above rates are accurate as of 6/2/2016.