Bayer Heritage Federal Credit Union Adds 6.18% APY 12-Month CD

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Update: The end date of the 12-month Share Certificate Special (6.183% APY) has been extended to December 15, 2023.

Deal Summary: 12-month Share Certificate, 6.183% APY, $100 minimum/$100k maximum deposit, new money, limit of one per membership, available through November 30, 2023.

Availability: Easy membership requirement

As one of my friends said earlier this week, “You can tell it’s Halloween because all the stores are decked out for Christmas!” Bayer Heritage Federal Credit Union (Bayer Heritage) seems to be following that marketing strategy with its current “Out of this World Deals” for the holiday season. In addition to a couple of “Santa Helper” loans, Bayer Heritage is also offering a wow-worthy 6.183% APY on its ”Sas-Squash” 12-month Share Certificate, which is available now through November 30, 2023. (I haven’t quite figured out the Sasquash Santa relationship; perhaps Sasquash is a really big elf who specializes in really big rates? FYI – “Sasquash” is Bayer Heritage’s spelling. Everyone knows the proper spelling is “Sasquatch.”)

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.60%$100$100kBayer Heritage Federal Credit Union12 Month Share Certificate Special
4.60%$100$100kBayer Heritage Federal Credit Union12 Month IRA Certificate Special (Traditional, Roth, CESA)
Rates as of May 25, 2024.

The details for the limited-time 12-month Share Certificate can be found on the landing page.

  • Offer includes share and IRA Certificates.
  • New money only.
  • Minimum opening deposit of $100.
  • Maximum opening deposit of $100,000; no additional deposits or contributions allowed.
  • Subject to early withdrawal penalty.
  • Offer limited to one special rate share or IRA certificate per BHFCU membership; additional certificates opened during promotion will not qualify for promotional rate.
  • Upon renewal, share and IRA certificates will auto-renew into like term at the going rate.
  • BHFCU reserves the right to change or discontinue offer without notice at any time.

12-month Jumbo Share Certificate Special

The Bayer Heritage 12-month Jumbo Share Certificate Special I wrote about in early October is still available and continues to offers tiered rates of 5.81% APY ($500k min) and 5.76% APY ($250k min).

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.76*%$500k-Bayer Heritage Federal Credit Union12 Month Jumbo Share Certificate Special
OTHER TIERS: 4.71% $250k - $500k
Rates as of May 25, 2024.

Early Withdrawal Penalty

As stated at the bottom of the Dividends Rate page, the Early Withdrawal Penalty (EWP) reads as follows:

12 months – Earned dividend on total certificate principal or three months’ dividends on the amount withdrawn. Whichever is less. Minimum withdrawal penalty $25.00.

Credit Union bylaws give the Credit Union authority to impose a notice of up to 60 days for withdrawal of shares.

According to CSR, partial withdrawals are not allowed: a Share Certificate can only be closed early. If a 12-month Share Certificate is closed within 90 days of account opening, the principal will be reduced.

Availability

Headquartered in Proctor, West Virginia, Bayer Heritage Federal Credit Union’s field of membership (FOM) expanded recently and now included an easy membership requirement through the American Consumer Council, making virtually all U.S. citizens/resident aliens eligible to join Bayer Heritage.

The last “Select Your Eligibility” option on the online membership application reads, “I am a member of the American Consumer Council.”

As stated on the Eligibility Requirements page, choosing the option

will give us permission to process and enroll you into the ACC. There is no additional cost to you for joining the ACC.

Other ways to qualify for Bayer Heritage membership include,

Employment: Employees of Bayer Corporation specifically named in the Bayer Heritage Federal Credit Union Charter.

Residency: Individuals who live, work, worship or attend school in the West Virginia counties of Tyler or Wetzel, or Monroe County, Ohio; or in specific areas of the West Virginia counties of Berkeley or Marshall; the Ohio counties of Belmont, Licking, or Muskingum; the South Carolina counties of Berkeley or Charleston; or Harris County, Texas.

Relationship: Immediate family of current Bayer Heritage members.

Complete membership details can be found on the Eligibility Requirements page.

Account Opening

Joining Bayer Heritage can be done online (there’s a “Join Today” button at the top right of every page of the Bayer Heritage website) or at any of the four full-service West Virginia branches located in Beckley, Martinsburg, Moundsville, and New Martinsville. Other Bayer Heritage branches are located in Zanesville (OH), Pittsburgh (PA), Goose Creek and Summerville (SC), and Baytown (TX).

It's easy to become a member! Just open a Share Account with a $5.00 deposit.

Opening a Share Certificate can be done at any of the above-mentioned branch locations. While there is an “Apply Today!” button on the landing page that leads to the online membership application, Share Certificates are not listed.

Current Bayer Heritage members can open a Share Certificate using CU@Home (online banking platform).

According to CSR, the funds must be on deposit before a Share Certificate can be opened. CSR suggested that the easiest way for a new member to open a Share Certificate would be to first deposit the funds in the Share Account and then use CU@Home to opening the Share Certificate, transferring the funds from the Share Account.

Funding and Other Details

The following information is from a conversation with a great CSR.

  • Funding – ACH ($100k max), wire ($5 fee), internal transfer, shared branch transaction.
  • CO-OP Shared Branch Participant – Yes.
  • Ownership – Individual, joint, or trust.
  • Dividends – Compounded/credited monthly and can be withdrawn penalty free.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to a Bayer Heritage Share Account.
  • Grace Period – None. It is the account owner’s responsibility to contact Bayer Heritage prior to maturity date to prevent automatic renewal.
  • Beneficiaries – Unlimited; percentages can be assigned; Social Security numbers are required.
  • Credit check – Hard inquiry; ChexSystems.

Credit Union Overview

Bayer Heritage Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.86% (excellent) based on June 30, 2023 data. In the past year, Bayer Heritage has increased its total non-brokered deposits by $45.66 million, an excellent annual growth rate of 7.39%. Please refer to our financial overview of Bayer Heritage Federal Credit Union (NCUA Charter # 11836) 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." Bayer Heritage is currently the largest credit union headquartered in West Virginia, with nearly 41,000 members and assets in excess of $726 million.

How the 12-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, have fixed rates, and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Bayer Heritage Federal Credit Union 12-Month Share Certificate. The following table compares the 12-Month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 11/2/2023.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Pittsburgh CD rates, Washington CD rates, Charleston CD rates, Wheeling CD rates, Bluefield CD rates, Zanesville CD rates, Houston CD rates, 1-year CD rates, IRA CD rates, nationwide deals

Previous Comments
Lustily3522
  |     |   Comment #1
Notice posted on their website that their website is still DOWN and no estimate of a fix!!!!!
111
  |     |   Comment #2
Oh well. Take 2 aspirin (preferably Bayer) and call them in the morning. I'm sure it'll be fine then.
John2022
  |     |   Comment #3
Maximum Deposit for 12 mos CD/CERTIFICATE is: $100,000. ---6.18 APY
Rickny
  |     |   Comment #4
Just close the box that says they are having problems and you can navigate the site.

One question for those that joined. When you open the share savings account for membership they ask for a branch. Which one do you pick?
mwaters1
  |     |   Comment #10
I chose Pittsburg for no good reason.
enduser
  |     |   Comment #5
Grace Period – None.
Wow really? This is one of those gotchas that can be costly. Why not allow the member to specify what to do when it matures up front instead of waiting until the last minute, and/or how about sending a notice that the CD is about to mature?
slimjimmy51
  |     |   Comment #7
Well I’m losing confidence in Bayer Heritage real fast. Got on line Friday to open an account. It’s now Tuesday and still haven’t heard squat from them. The web site is down, phone system is down. They don’t answer emails. I’d like to cancel my application before they do a hard pull on my credit and on chexsystem. There’s no grace period on a CD. If they don’t answer their phones or email how the hell can you cash it in. I don’t want them to drop the rate and blame the downtime. I went through this with Department of Commerce bank.
mwaters1
  |     |   Comment #11
A credit union representative told me the credit pull was a soft pull not a hard.
FawnDoberman
  |     |   Comment #8
STATUS from Bayer Heritage
[11/7/2023 8:51:06 PM] Bayer Heritage FCU:
Good afternoon!

I sincerely apologize for our delay in looking at your application. We did experience system outage. Our system is back up and we are limited to what we are able to do. We are starting to work on Online Applications. The applications will be worked on in the order that they were received. Once your application can be reviewed a representative will be reaching out to you.
slimjimmy51
  |     |   Comment #9
I put my application in on Nov. 3. I understand their system is down and they will get to my application as soon as possible. Today I received an email stating that it all looks good and I can move to the next step which is verification. I was asked if the wife has her own cell which I replied she does not. I tried to call the branch that sent the email but just get a recording stating my call can’t be completed. The main call center just says the system is still down. I’m really trying to open an account but maybe I should just cancel everything.
slimjimmy51
  |     |   Comment #13
We tried to open an account so we could get a CD. Their system was down at the time and we had to wait. Finally got an email saying the application looked ok and move to the verification step. They asked if the wife had her own cell phone which she does not. I tried to call over and over but got nothing but a recording saying the system is down. I emailed them asking to cancel my application. Now two weeks later I find out that they pulled a report from Chexsystem anyway. Tried to call but the system is still down. Still can’t call them. Horrible that a business operates this way.
Bayer Heritage Fed Credit Union Boosts 12-Month Jumbo CD Special Rates
Deal Summary: 12-month Jumbo Share Certificate Special, 5.81% APY ($500k min), 5.76% APY ($250k min). 12-month Jumbo Share Certificate, 5.71% APY ($100k min).

Availability: Easy membership requirement

DA readers may have noticed the 12-month Jumbo Share Certificate Special offered by Bayer Heritage Federal Credit Union (Bayer Heritage) near the top of the nationally available 1-year CD category in yesterday’s CD Deals Summary. Following a recent 26 bps rate increase, the 12-month Jumbo Share Certificate Special currently offers tiered rates of 5.81% APY ($500k min) and 5.76% APY...

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Bayer Heritage Federal Credit Union 6-Month CD Rate Soars
Deal Summary: 6-month Share Certificate, 5.65% APY, minimum $500 deposit.

Availability: Easy membership requirement

Following a recent 308 bps rate increase, the Bayer Heritage Federal Credit Union (Bayer Heritage) 6-month Share Certificate now offers a near rate-leading 5.65% APY. The minimum deposit is $500, with no stated balance cap.

The combination of the new APY and the new easy membership requirement has placed the 6-month Share Certificate near the top of the nationally available Under 1-Year CD Rates category in this week’s CD Deals Summary.

The Share Certificate is...

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Bayer Heritage Federal Credit Union Has Rate Leading 1-Year CD
Deal Summary: 12-23 Month Share Certificate, 1.51% APY, minimum $500 deposit.

Availability: Employees of Bayer Corporation; Residents of Marshall, Tyler, and Wetzel Counties, West Virginia; Belmont, Licking, Monroe, and Muskingum Counties, Ohio; and Berkeley and Charleston Counties, South Carolina.

Since the beginning of the year, Bayer Heritage Federal Credit Union (Bayer Heritage) has been offering a rate of 1.51% APY on its 12-23 Month Share Certificate. The minimum deposit is $500, with no stated balance cap. 1.51% APY is the highest Share Certificate rate currently available at...

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Bayer Heritage Federal Credit Union Has Rate Leading 5-Year CD
Deal Summary: 60-Month Share Certificate, 2.53% APY, minimum $500 deposit.

Availability: Employees of Bayer Corporation; Residents of Marshall, Tyler, and Wetzel Counties, West Virginia; Belmont, Licking, Monroe, and Muskingum Counties, Ohio; and Berkeley and Charleston Counties, South Carolina.

It’s been more than two years since I last wrote about Bayer Heritage Federal Credit Union (Bayer Heritage). While Bayer Heritage had been a prolific producer of good long-term CD rates between 2015 and 2017, they were outpaced by the most recent rising rate climate. At the beginning of...

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Bayer Heritage FCU Ups 12-23 Months CD Rate
Deal Summary: 12-23 months Share Certificate (1.77% APY), minimum $500 deposit

Availability: Employees of Bayer Corporation; Residents of Marshall, Tyler, and Wetzel Counties, West Virginia; Belmont, Licking, Monroe, and Muskingum Counties, Ohio; and Berkeley and Charleston Counties, South Carolina.

Over the weekend, Bayer Heritage Federal Credit Union (Bayer Heritage) significantly raised the rate on its 12-23 months Share Certificate by 51 bps. The new 1.77% APY is the highest rate for the Share Certificate since DA began tracking Bayer Heritage in 2010. The minimum deposit is $500,...

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