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, with no stated balance cap.
|1.77%||$500||-||Bayer Heritage Federal Credit Union||12 - 23 Month Share Certificate|
|1.77%||$500||-||Bayer Heritage Federal Credit Union||12 - 23 Month IRA Certificate (Traditional, CESA, Roth)|
The 12-23 Share Certificate is also offered as an IRA (Traditional, CESA, and Roth) earning the same APY, with the same funding requirements.
Bayer Heritage raised the rates on its long-term Share Certificates three times in as many months last spring, which led to three blog posts in March, April, and May. That burst of increases was short-lived, as those rates were lowered as quickly as they had risen. By the end of September, the 48-59 months and 60-months Share Certificates were earning the same APYs as offered in April. While the rates were raised again at the beginning of December, these long-term Share Certificates are now earning the same APYs as they did in May. This somewhat long narrative simply means the flattening yield curve is still with us.
As stated in Terms and Conditions document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 12 months:
The penalty we may impose will equal all dividends that have been earned on total certificate principal or three month's dividends on the amount withdrawn, whichever is less (minimum withdrawal penalty $15.00).
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will equal all dividends that have been earned on total certificate principal or four month's dividends on the amount withdrawn, whichever is less (minimum withdrawal penalty $15.00).
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 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 at any of the four West Virginia branches located in Martinsburg, Moundsville, New Martinsville, and Proctor. Other Bayer Heritage branches are located in Zanesville (OH), Pittsburgh (PA), Goose Creek (SC), and Baytown (TX).
Credit Union Overview
Bayer Heritage Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.66% (excellent) based on June 30, 2017 data. In the past year, Bayer Heritage has increased its total non-brokered deposits by $48.34 million, an excellent annual growth rate of 13.08%. 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 36,400 members and assets in excess of $459 million.
How the Share Certificates Compare
As Bayer Heritage has a footprint in several states, a national comparison is appropriate. When compared to 205 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 12-23 Month Share Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.77% APY||12-23 Month Share Certificate Special||Bayer Heritage Federal Credit Union|
|1.75% APY||14-Month CD||INOVA Federal Credit Union|
|1.72% APY||12-Month IB CD||IncredibleBank|
The above rates are accurate as of 12/11/2017.
To look for the best CD rates, both nationwide and in state specific, please refer to our CD rates table.