Bayer Heritage FCU Adds 25 Basis Points To Long-Term CDs

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Deal Summary: Share Certificates – 60-months (2.53% APY), 48-59 months (2.28% APY), 36-47 months (2.02% APY), 24-35 months (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.

In early March, I wrote a Forum post about a recent 25 basis point increase for Bayer Heritage Federal Credit Union’s (Bayer Heritage) long-term Share Certificates. Last week, Bayer Heritage again raised the rates on these same Share Certificates by another 25 basis points. Any of these can be opened with a $500 minimum deposit, and there is no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.53%$500-Bayer Heritage Federal Credit Union60 Month Share Certificate
2.28%$500-Bayer Heritage Federal Credit Union48 - 59 Month Share Certificate
2.02%$500-Bayer Heritage Federal Credit Union36 - 47 Month Share Certificate
1.77%$500-Bayer Heritage Federal Credit Union24 - 35 Month Share Certificate
Accounts mentioned in this post. Rates as of April 26, 2017.

The Share Certificates are also available as IRAs (Traditional, CESA, and Roth) earning the same APYs, with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.53%$500-Bayer Heritage Federal Credit Union60 Month IRA Certificate (Traditional, CESA, Roth)
2.28%$500-Bayer Heritage Federal Credit Union48 - 59 Month IRA Certificate (Traditional, CESA, Roth)
2.02%$500-Bayer Heritage Federal Credit Union36 - 47 Month IRA Certificate (Traditional, CESA, Roth)
1.77%$500-Bayer Heritage Federal Credit Union24 - 35 Month IRA Certificate (Traditional, CESA, Roth)
Accounts mentioned in this post. Rates as of April 26, 2017.

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will equal all dividends that have been earned on total certificate principal or four month's dividends on the amount withdrawn, whichever is less (minimum withdrawal penalty $15.00).

Availability

Headquartered in Proctor, West Virginia, Bayer Heritage Federal Credit Union’s field of membership (FOM) offers a variety of ways to join.

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, and 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.

Interest RateCD Length of TermCredit Union/Bank
2.28% APY48-59 Month Share Certificate SpecialBayer Heritage Federal Credit Union
2.25% APY49-Month Share Certificate SpecialNASA Federal Credit Union
2.12% APY48-Month CD Promo RateSignal Financial Federal Credit Union

When compared to 181 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 third.

Interest RateCD Length of TermCredit Union/Bank
2.75% APY60-Month Term DepositMountain America Credit Union
2.60% APY5-Year Share CertificateService Credit Union
2.53% APY60-Month Share Certificate SpecialBayer Heritage Federal Credit Union

The above rates are accurate as of 4/7/2017.

To look for the best CD rates, both nationwide and in state specific, please refer to our CD rates table, or our Rates Map page.

Comments
Bayer Heritage FCU Ups 60-Month CD By 25 Basis Points
Availability: Employees of Bayer Corporation; Residents of Marshall, Tyler, and Wetzel Counties, WV; Belmont, Licking, Monroe, and Muskingum Counties, OH; and Berkeley and Charleston Counties, SC.

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.

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...

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Bayer Heritage FCU Boosts Rates On Long-Term CDs
Availability: Employees of Bayer Corporation; Residents of several West Virginia, Ohio, and South Carolina counties

For most of 2015, Bayer Heritage Federal Credit Union (Bayer Heritage) had at least one long-term Share Certificate included in DA’s bi-weekly CD Rates Summary. That changed in early November when Bayer Heritage lowered the rates on the 48-59 month and 60-month Share Certificates.

Good news - They’re back, and with higher rates than before.

Both Share Certificates are available as IRAs (Traditional, CESA, and Roth) earning the same APYs, with the same funding requirements.

Continue Reading
Bayer Heritage FCU Raises Rates On Long-Term CDs
Availability: Employees of Bayer Corporation; Residents of several WV, OH, and SC counties

Bayer Heritage Federal Credit Union (Bayer Heritage) began the month by raising the rates on its 48-59 Month Share Certificate (2.02%) and 60-Month Share Certificate (2.27% APY). The minimum opening deposit is $500 and there is no maximum balance cap.

Both Share Certificates are available as IRAs (Traditional, CESA, and Roth) earning the same APYs, with the same funding requirements.

According to a very helpful CSR, the Early Withdrawal Penalty for all Bayer Heritage Share Certificates is...

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It has been awhile since Bayer Heritage Federal Credit Union has been offering top CD rates. Perhaps this is another follower of rising Treasury yields. On August 1st the credit union made big increases to its long-term CD rates. Its 5-year CD rate increased from 1.64% to 2.02% APY, and its 4-year CD rate increased from 1.38% to 1.76% APY. These 5-year and 4-year CD rates are now very competitive. Minimum deposit is $500, and these are also available in an IRA. These rates are listed in the credit union's...

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New Higher CD Rates at Bayer Heritage FCU in WV, OH & SC - Local Only

I hope this isn't an April's Fools joke, but Bayer Heritage Federal Credit Union has just increased some of its CD rates which were already very competitive. The best rates are 3.56% APY for a 5-year term and 3.30% APY for a 4-year term. These rates are up by about 40 basis points since February. The shorter term CD rates also went up, but they're not quite as competitive. These include a 2.02% APY 3-year CD and a 1.51% APY 2-year CD. Minimum deposit is $500, and these are also...

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