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 the year, Bayer Heritage added 102 bps to its 60-month Share Certificate, upping the APY to 2.53%. At the time, the rate wasn’t wow-worthy, as both nationally-available and local 5-year CDs were earning APYs of 3% and above. The 2.53% APY has been in effect for the past three months, but there’s no guarantee the rate will last into April. In other words, if you’re interested, you need to make your move in the next two days. The minimum deposit is $500, with no stated balance cap.
|1.51%||$500||-||Bayer Heritage Federal Credit Union||60 Month Share Certificate|
|1.51%||$500||-||Bayer Heritage Federal Credit Union||60 Month IRA Certificate (Traditional, CESA, Roth)|
The 60-month Share Certificate is also offered as an IRA (Traditional, CESA, and Roth), earning the same APY with the same funding requirements.
As stated on the Dividends Rate page, the exceptionally mild Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than 12 months:
The penalty we may impose will equal all dividends that have been earned on total certificate principal or four month's dividends on the amount withdrawn, whichever is less (minimum withdrawal penalty $25.00).
Headquartered in Proctor, West Virginia, Bayer Heritage Federal Credit Union’s field of membership (FOM) offers a variety of ways to join, with individuals meeting any of the following requirements eligible for 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 or Monroe County, Ohio; or in specific areas of Marshall County, West Virginia; Belmont, Licking, or Muskingum Counties, Ohio; Berkley or Charleston Counties, South Carolina.
Relationship: Immediate family of current Bayer Heritage 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.
It's easy to become a member! Just open a Share Account with a $5.00 deposit.
The following comes from Bayer Heritage’s Branch Updates page.
- Beginning Tuesday, March 17, 2020, all Bayer Heritage FCU branch lobbies will be closed to the public.
- Drive thru services will be available 9:00 am - 5:00 pm Monday - Friday. The Zanesville, OH branch drive-thru will be available 8:00 am- 4:00 pm Monday - Friday.
- Branches without drive thru services (Lanxess, Martinsburg, and Bushy Park) will be closed, but plant employees at the Bushy Park location may utilize the walk up teller machine.
- The drive thru services at our New Martinsville, Moundsville, and Goose Creek branches will also be available 10:00 am - 12:00 pm Saturday.
Bayer Heritage participates in both the CO-OP Shared Branch and ATM networks.
Credit Union Overview
Bayer Heritage Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.38% (excellent) based on December 31, 2019 data. In the past year, Bayer Heritage has increased its total non-brokered deposits by $14.45 million, an excellent annual growth rate of 3.26%. 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 in West Virginia, with more than 35,100 members and assets in excess of $511 million.
How the Share Certificate Compares
As Bayer Heritage has a footprint in several states, a national comparison seems appropriate. When compared to 190 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Bayer Heritage Federal Credit Union's 60-Month Share Certificate APY currently ranks first.
The above rates are accurate as of 3/30/2020.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Tablepage.