Bellco Credit Union Unveils Competitive 17-Month Promo CD
Now through February 28, 2023, Colorado-based Bellco Credit Union (Bellco) is offering three Promo CDs: 17-month (5.00% APY), 13-month (4.50% APY), and 6-month (3.50% APY). Of the three, the 17-month offers the most competitive rate. Any of the Promo CDs can be opened with a $500 minimum deposit, with no stated balance cap.
As stated on the Truth in Savings disclosure, 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certificates with terms of 6 to 44 months, the amount of the early withdrawal penalty is 90 days interest on the amount withdrawn.
If the account has not yet earned enough interest, or if the interest has already been paid, the penalty will be deducted from the principal.
Availability
Headquartered in Greenwood Village, Colorado (a suburb of Denver), Bellco Credit Union’s field of membership is wide and varied, and includes virtually all U.S. citizens and resident aliens.
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: As stated in the Bellco Membership Eligibility page, “For interested parties outside of Colorado, 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, Larimer, Mesa, Moffat, Rio Blanco, or Weld also qualify.
Employment: Employees of nearly 1,600 SEGs are eligible to join.
Relationship: Family members (related by blood, marriage, or adoption) of current Bellco members also qualify for membership.
Account Opening
Joining Bellco and/or opening a Promo CD can be done online, or at any of the 27 Colorado branches located in Aurora (3), 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.
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.
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.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – If opening online, only Plaid can be used for funding, no ACH or wire funding available. If opening in-branch, the funding options are Plaid or an internal transfer.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and can be withdrawn penalty-free.
- Maturing Funds – Plaid transaction, cashier's check to address on file, or deposited in a Bellco savings account.
- Beneficiaries – Up to two can designated with equal shares; DOB, Social Security number, address, and phone number are required.
- Grace Period – 10 calendar days before automatic renewal as a traditional 12-month CD.
- Credit Check – Soft pull when joining.
Credit Union Overview
Bellco Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.77% (excellent) based on September 30, 2022 data. In the past year, Bellco CU has increased its total non-brokered deposits by $665.69 million, an excellent annual growth rate of 13.2%. 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 more than 358,000 members and assets in excess of $7.1 billion. According to a Credit Union Times December 2022 article, as of September 2022, Bellco was the fourth largest credit union holder of commercial real estate loans.
4. Bellco Credit Union of Greenwood Village, Colo., 10 miles south of Denver ($7.1 billion in assets, 358,564 members), which held $1.9 billion in commercial real estate loans on Sept. 30, or 32% of its total loans. The balance rose 4.1% from June 30, and rose 69% from a year earlier.
How the 17-Month Promo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Bellco Credit Union 17-month Promo CD. The following table compares the 17-month Promo CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 1/26/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
I would not invest at Bellco, or anywhere else, through SaveBetter. But direct like this: you betcha!!
ETA:
Interesting. I'm a Bellco member and, after posting the above, I telephoned them on their toll-free number. Was unable to get through. Got message: "Sorry, but your call cannot be completed".
They must be swamped. Tried on their local number, 303-689-7800, and reached them quickly with no drama at all. Asked about limitation, if any, regarding number of Promo accounts permitted to be opened by a single member. There is no such limit. You may open away at 5% APY. Also inquired how long this deal has been ongoing. It is a new deal. Has only been around for a few days. Such a sweet deal!
Plaid? Sounds like could be one of those San Francisco fly-by-night fintech operations. Really I have no idea. But you don't need Plaid to get this Bellco deal. If you did, I would be remaining clear.
I did join Bellco a number of years back. At that time this Plaid foolishness was not in effect. I have kept my otherwise inactive membership alive with small yearly ACH funds movements into my Bellco statement account. I do this with all my inactive CU memberships, just lying in wait for a deal to (I live in hope) come along.
So when Ken posted this deal I was joyful for this easy shot at 5% APY CDs with no upper limit. I skipped, for obvious reasons, reading the portion of Ken's post where he discussed joining Bellco. Thus I was unaware of the new, to me, Plaid requirement. Heck, had that been a requirement back when I joined there is an excellent chance I would not have joined Bellco in the first place!
Anyway, you're right again. Once one is a Bellco member then opening the 5% CDs via ACH is very easy and straightforward, with no Plaid involvement.
Only God knows why Bellco management imposed this asinine Plaid hurdle. After further review I also have discovered (it at least appears on the surface) that Bellco in addition now requires membership aspirants to have a cell phone telephone number. That, if true, would have been yet another reason I never would have become a member in the first place. I eschew cell phones.
Bottom line, things have gone downhill regarding ease of joining up at Bellco since I became a member several years back. And I was unaware of this when I wrote my other posts on this thread.
Yeah, it's a very sweet looking deal with a 90 day EWP, but if I were going to set up a maximum phising scam, I'd do exactly what they're doing - require highly sensitive personal information, and when you supply it, require more of it. Am I paranoid, the only one who finds this anxiety provoking, or do others think this is 'in-line' reasonable? I'm becoming tempted to see if they can just securely erase all the personal info I've sent them, and call it a day. Comments/experience appreciated.
You will primarily encounter it when creating an "instant" ACH link to an external financial institution. It will ask you for your log in information to the other FI and after you put it in you will be able to create a link to an account at the other FI. That is the general way it works. Convenient, but not very comfortable from a security standpoint since a company with which you have no relationship is getting your private information.
My advice is that any time you use it, go to the other FI and change your password and if possible your user name too immediately afterward for better security.
Spot on! Good and helpful post.
Plaid might not be a fintech, but that is merely a technicality. Plaid IS located in San Francisco. Not one cent of my money will ever go to any such San Francisco based financial world operation. Only an absolute fool would assume such risk.
Thanks
The process was very smooth. Only wrinkle, if you even can call it that:
My new CD took several minutes to appear in my accounts list. It did not show up instantaneously. But it did show up in short order and everything is correct. I like that at Bellco, unlike at some other financial institutions, they provide you the interest rate when you pull up your account. All in all, and bottom line, a very straightforward way to earn 5% APY on your money.
I have a history with Bellco that goes back a few years. Have found them to be quite helpful and easy to work with throughout. Nice people. Course with this CD you don't even have to telephone them. It all easily can be accomplished online.
"How to Make a Donation
Bellco Credit Union accepts donations on behalf of the foundation. If you would like to become a member of the Bellco Foundation, simply fill out the Foundation Form and mail a check (of at least $10) payable to “Bellco Foundation” to:
Bellco Credit Union
Attn: Foundation
P.O. Box 6611
Greenwood Village, CO 80155-6611"
Can that be right? Filling out a paper form and mailing a check? I'll check with them on Monday if I can get through. But it feels like '1990' tech, unless, as I said, I'm missing something.
Edit: If I read it right, it said to put 'Belco Foundation member' (or something to that effect) to do what, presumably, would be both joining the Foundation and becoming a member. However, it never did ask for the $10 needed to join, neither by 'Plaid' nor any other method, simply saying that what I sent them would be processed in 3 business days. *One* thing you might want to consider, which I (hope not foolishly) ignored: If you read their terms and privacy documents, some of it sounds pretty scary: They require uploading of photo ID, your *social security number*, name, address, selfie picture, the whole nine yards. And they say that they may sell and/or share your information with....it's pretty cloudy language but it feels rather like selling your firstborn child. With your social security alone they could do a lot of damage by sharing or selling it. Perhaps I ought not just to change whatever passwords I'll have to give them to fund the account, but my name as well. Let's hope not.
I would very much welcome comments on this experience. Have other out-of-state applicants had these same problems? Any thoughts on all of ths? I'm wondering if I ought to contact them and ask them to securely erase all the materials they've gathered so far.
In the former, it stipulates some of the personal information they collect, what you can or can't opt out of, and ill-defined 'third parties' they may share information with. (Bellco required my name, address, telephone number, SS number, bank statement with my name and address, etc. Unless I specifically opt-out, they can presumably share all of that with 'third party marketers.')
I don't know if these disclosures are more draconian than other financial institutions' rules. But I do know that I find it a bit chilling, given that, as an out of state applicant, given all the very personal information they require you give them about you, that,
"When you are no longer our customer, we continue to share your information as described in this
notice."
You can opt-out of some info sharing, but there are 4 catagories that you cannot. I assume that if you've shared with Bellco information about a benficiary (such as their social security number, which is required), they can share that, too - I don't see where it's prohibited.
I'm reluctant to give up on this deal, because the short EWP is just so tantalizing. But I am heavily leaning towards pulling the plug on my application tomorrow, and and asking them to please not share the voluminous personal information they've already gathered with anybody, as it's starting to smell like a stinky fish to me.