Bellco Credit Union Boosts 24-Month CD Rates
Following an increase of 55 bps at the beginning of the year, the 24-month CD (1.00% APY) offered by Bellco Credit Union (Bellco) was a “New to Summary” CD in this week’s CD Rates Summary. Like the majority of Bellco’s CDs, the 24-month CD requires a $500 minimum opening deposit, with no stated balance cap.
The 24-month CD is also available as an IRA CD (Traditional, Roth, and CESA), earning the same APY with the same deposit requirements.
Smart Move CDs
Bellco’s 24-month Smart Move CD also had a large rate increase of 55 bps. The Smart Move 24-month CD rate (0.90% APY) is just 10 bps under the 24-month Traditional CD rate. Minimum deposit is $2,500. The three features of the Smart Move CD may offset the lower rate for many savers. These features are as follows:
- Make a one-time "bump-up" to the next interest rate anytime during the term of your CD.
- Ability to add a one-time additional deposit of $100 or more to your existing account.
- Flexibility to make one withdrawal during the account term with no penalty—as long as a minimum balance of $2,500 is left in the account.
I consider the no-penalty feature to be the most valuable in today’s interest rate environment.
Unlike the traditional CDs, Smart Move CDs are not available as IRA CDs.
CD Details
As stated on the CD Penalties page, the Early Withdrawal Penalty reads as follows:
For certificates with terms of 6 to 44 months, the amount of the
early withdrawal penalty is 90 days interest on the amount withdrawn.
The Certificates of Deposit page has an FAQ section that answers a variety of questions including,
Can I add a beneficiary when I open an account online?
When opening an account online, you can add up to two beneficiaries to your application by providing their name, date of birth, Social Security number, address & phone number.
How can I fund an account when I open it online?
Bellco's online membership application requires that you use Plaid to connect to an account at another credit union or bank.
If you don't have an account at another credit union or bank, or if your credit union or bank is not listed in Plaid, you'll need to visit a Bellco branch to apply for, and fund, your membership.
If you're an existing Bellco member, you can fund new accounts immediately using an existing Bellco account, or use Plaid to connect to an account at another credit union or bank.
Maturing funds can be distributed through a Plaid transaction, by check, or deposited in a Bellco savings account. There is a ten day grace period before a CD automatically renews.
Boost Interest Checking
Bellco’s rewards checking account, Boost Interest Checking, has been part of the product line for more than six years. The initial 2.25% APY on qualifying balances up to $25k is still in effect. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
- At least 15 debit card transactions per month
- At least one direct deposit per month
- Log in to Online or Mobile Banking at least once a month
The Boost Interest Checking account has no minimum balance requirement, monthly service fee, or minimum opening deposit, and there is a limit of one account per member. ATM fees from “foreign” ATMs are not reimbursed, but Bellco participates in the CO-OP ATM network, giving members access to more than 30,000 surcharge-free ATMs across the country.
Availability
Headquartered in Greenwood Village (suburban Denver), Bellco Credit Union’s field of membership is wide and varied, and includes virtually everyone in the U.S.
Easy Requirement In Colorado: Residents of Colorado who join Consumers United Association ($5 yearly fee or $25 lifetime fee) are automatically eligible to join Bellco.
Easy Requirement For Those Outside Of Colorado: “Do you want to join Bellco but live out of state? We've got you covered. By joining the Bellco Foundation [minimum $10 donation], you become eligible for Bellco membership.”
Residency: Individuals who live or work in the Colorado counties of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Garfield, Jefferson, Moffat, Mesa, Rio Blanco, or Weld also qualify.
Employment: Employees of nearly 1,600 SEGs are eligible to join.
Relationship: Family members of current Bellco members also qualify for membership.
Joining Bellco and/or opening a CD can be done online, or at any of the 26 Colorado branches located in Aurora (2), Brighton, Castle Rock, Centennial (2), Denver (4), Edgewater, Grand Junction, Greenwood, Lakewood, Littleton (2), Lone Tree, Longmont, Louisville, Parker, Sheridan, Thornton (2), Westminster (2), and Wheat Ridge. The Aurora branch located at Colfax and I-225 is temporarily closed.
A new Bellco membership can be established by opening a Savings Account with a minimum $25 deposit. There is also a one-time $5 membership fee.
If you're applying for membership, Bellco's online membership application requires that you use Plaid to connect to an account at another credit union or bank. If you don't have an account at another credit union or bank, or if your credit union or bank is not listed in Plaid, you'll need to visit a Bellco branch near you to apply for, and fund, your membership
Bellco participates in both the CO-OP Shared Branch network and ATM network, giving member access to more than 5,600 shared branches and more than 30,000 surcharge-free ATMs nationwide.
Credit Union Overview
Bellco Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.04% (excellent) based on September 30, 2021 data. In the past year, Bellco CU has increased its total deposits by $488.04 million, an excellent annual growth rate of 10.72%. Please refer to our financial overview of Bellco Credit Union (NCUA Charter # 68437) for more details.
Chartered in 1936 by employees of Mountain States Telephone and Telegraph Company, Bellco Credit Union is currently Colorado’s second largest credit union, with nearly 354,000 members and assets in excess of $5.8 billion. According to Bellco’s January 2022 Newsletter,
Throughout 2021, Bellco continued to support local organizations focused on our key priorities of Financial Education, Quality of Life, and Arts & Culture. Bellco contributed more than $520,000 to organizations focused on these areas, including more than $200,000 to organizations that help people of all ages – especially youth – learn the basics of good financial health.
How the CD Compares
When compared to 198 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available nationwide, Bellco Credit Union’s 24-month CD APY currently ranks third.
The above information and rates are accurate as of 1/21/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
