Baxter Credit Union Offers High Rate 65-Month Rewards CD


Baxter Credit Union (IL) is offering a 65-month CD (2.35% Rewards APY or 2.10% Regular APY). It can be opened with a minimum $500 deposit, with no maximum balance cap. The 65-month CD is also available as an IRA (Traditional, Roth and CESA) at the same rates. According to CSR, the Early Withdrawal Penalty is 270 days interest (approximately 9 months interest).

To qualify for the higher Rewards APY, certain relationship requirements must be met. As stated in Baxter Credit Union’s Disclosure page,

To qualify for a Rewards Rate Certificate Account, you must have two of the following relationships:

Direct deposit of at least $500 per month into a credit union checking account;

At least $25,000 on deposit;

Or a qualifying loan in good standing. Qualifying loans include: Mortgage, Home Equity, Auto, and Credit Cards.


Membership in Baxter Credit Union is open to those who live or work in the Illinois Counties of DuPage, Kane, Lake, McHenry, and Kenosha County, Wisconsin. In addition, those who live or work in the Village of Schaumberg or in portions of Cook County (north of 95th) are eligible for membership.

You can also qualify for membership if you work for any of 98 Select Employee Groups. For more detail, please refer to Baxter Credit Union’s Membership Eligibility Policy. (Note: a complete listing of the 98 SEGs is on the first page of Baxter Credit Union's online application, but that page is time sensitive and closes after a few minutes of inactivity.)

Joining Baxter Credit Union and opening a CD can be done online or at any of 38 branches located in Illinois (12), Arkansas, California (7), Florida, Indiana (2), Massachusetts (2), Minnesota (7), Mississippi, North Carolina, Ohio, Texas, and Puerto Rico (3).

Credit Union Overview

Baxter Credit Union has an overall health grade of "A" at, with a Texas ratio of 6.13% (excellent) based on June 30, 2014 data. In the past year, Baxter Credit Union has increased its total deposit by $119.04 Million, an annual growth rate of 7.19% (excellent). Please refer to our financial overview of Baxter Credit Union for more details.

Baxter Credit Union was established in 1981, when a group of executives at Baxter decided to establish a new credit union for the convenience and financial well-being of their employees. (Baxter is a global, diversified healthcare company with annual sales of over $15 Billion). Today, with over $1 Billion in total assets and over 180,000 members, Baxter Credit Union is one of the nation’s top 100 credit unions and the fourth largest in Illinois.

How the Rate Compares

When compared to similar length-of-term CDs tracked by, with a $500 minimum deposit, Baxter Credit Union’s 65-month Rewards CD is competitive.

Interest Rate CD Length Institution
2.35% APY 65-month Rewards CD Baxter Credit Union
2.25% APY 70-71 month Relationship CD Promo Regions Bank
2.10% APY 65-month Regular CD Baxter Credit Union
1.71% APY 60-month CD USAlliance Credit Union

These rates are accurate as of 10/6/2014.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

Unique Reward Checking Account with Debit Card Alternatives at BCU

Today I came across another credit union that is allowing credit card purchases instead of debit card purchases to satisfy the requirements for its reward checking account. It’s Baxter Credit Union (BCU). Unfortunately, the credit union’s field of membership is limited, so not many will be able to join. Nevertheless, it’s good to see more reward checking options. Last year I reported on Southwest Airlines FCU’s reward checking account that allows members to use either debit or credit cards to satisfying the reward checking requirements.

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Reward Checking Account at Baxter Credit Union in IL/WI
Update: The top rate has fallen to 2.00% APY.

Baxter Credit Union is offering a reward checking account called Powerchecking. It pays 2.00% APY on balances up to $25,000 (0.25% for above) if the following monthly requirements are met:
  • direct deposit of at least $500
  • receive E-statements
  • complete 15 (used to be 10) checking transactions that can include bill pay, debit card purchases (signature base), ACH withdrawals/deposits and credit union loan payments using online banking
If these are not met, no interest is earned and there will be BCU ATM fees for each ATM transaction...

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BCU continues to offer a reward checking account (see post).

Membership is open to those who live or work in the Illinois counties of Cook (north of Route 58),...

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Baxter Credit Union (BCU) is offering a special 13-month CD with a rate of 2.85% APY. Minimum deposit is $500. This special is listed in the credit union's rate table as of 4/01/09. Since credit unions often update their rates at the start of the month, I called BCU this morning and confirmed this special is still available. According to the CSR, it should last through April.

BCU continues to offer a reward checking account with rates up to 4% APY as of 4/01/09 (see post).

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This credit union seems to frequently have CD specials. The last one I reported on was in March when it was offering a 5.75% 13-month CD.

Field of membership includes those who live or work in Lake, McHenry, DuPage, Kane or parts of Cook County, Illinois or in Kenosha County, Wisconsin or in Village of Schaumburg, Illinois. You can also be eligible via select employer groups and via family...

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