This is the third time in as many months that I’m writing about significant rate increases in Bayer Heritage Federal Credit Union’s (Bayer Heritage) long-term Share Certificates. Since the beginning of March, the rates on the 48-59 months and 60-months Share Certificates have been boosted by 76 and 77 bps, respectively. The new APYs are the highest in nearly six years. Either Share Certificates can be opened with a $500 minimum deposit, with no stated balance cap.
|2.28%||$500||-||Bayer Heritage Federal Credit Union||60 Month Share Certificate|
|2.02%||$500||-||Bayer Heritage Federal Credit Union||48 - 59 Month Share Certificate|
The Share Certificates are also available as IRAs (Traditional, CESA, and Roth) earning the same APYs, with the same funding requirements.
|2.28%||$500||-||Bayer Heritage Federal Credit Union||60 Month IRA Certificate (Traditional, CESA, Roth)|
|2.02%||$500||-||Bayer Heritage Federal Credit Union||48 - 59 Month IRA Certificate (Traditional, CESA, Roth)|
As stated in Terms and Conditions document, the 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will equal all dividends that have been earned on total certificate principal or four month's dividends on the amount withdrawn, whichever is less (minimum withdrawal penalty $15.00).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, Ohio; Pittsburgh (2), Pennsylvania; Goose Creek, South Carolina; and Baytown, Texas.
Credit Union Overview
Bayer Heritage Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 10.74% (excellent) based on December 31, 2016 data. In the past year, Bayer Heritage has increased its total non-brokered deposits by $32.12 million, an excellent annual growth rate of 9.22%. 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 second largest credit union in West Virginia, with more than has over 35,600 members and assets in excess of $422 million.
How the Share Certificates Compare
As Bayer Heritage has a footprint in several states, a national comparison is appropriate. When compared to 167 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 48-59 Month Share Certificate APY currently ranks first.
When compared to 180 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 first.
The above rates are accurate as of 5/4/2017.