Blackhawk Community Credit Union Jumbo CD Rates Remain On Top
In July, Wisconsin-based Blackhawk Community Credit Union (Blackhawk) hiked the rates on its long-term CDs (90-100 bps increases). This week’s 10 bps increases only improved the rate-leading positions of the 3-year Jumbo CD (5.40% APY), 4-year Jumbo CD (5.45% APY), and 5-year Jumbo CD (5.50% APY). Although Blackhawk descries these very competitive CDs as “Jumbo,” the minimum opening deposit is a non-jumbo $10k.
All three CDs are available as IRA CDs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.
As stated on the Savings page, the Early Withdrawal Penalty reads as follows:
Certificates withdrawn prior to maturity will incur an early withdrawal penalty. One year
or less, penalty is 90 days interest, and greater than one year is 180 days interest.
Availability
Headquartered in Janesville, Wisconsin, Blackhawk Community Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live, work, worship, or attend school in the Wisconsin counties of Dane, Green, Jefferson, Kenosha, Milwaukee, Racine, Rock, Walworth, or Waukesha, as well as Boone, Lake, McHenry, or Winnebago Counties in Illinois, eligible to join.
In addition, employees of 14 local SEGs (listed on the online application) also qualify for membership.
Immediate family members (spouse, civil union, parent, sibling, child, grandchild, or grandparent, including step- relations) of a current Blackhawk member also qualify for membership.
Account Opening
Joining Blackhawk can be done online, or at any of the ten Wisconsin branches located in Beloit, Delavan, Edgerton, Janesville (4), Kenosha, Milton, and Stoughton. Appointments are available and can be scheduled online.
A minimum $5 deposit is all you need to own one “share” of Blackhawk Community Credit Union.
While checking and savings accounts can be opened online, CDs cannot. According to CSR, new members must open a Jumbo CD in-branch; existing members can open a Jumbo CD in-branch or over the phone.
Funding and Other Particulars
The Truth-in-Savings Disclosure and Fee Schedule is only available to members. The following is from a conversation with CSR.
- Funding – ACH, wire, check, or internal transfer.
- Ownership – Individual, joint, or trust.
- CO-OP Shared Branch Network – No.
- Dividends – Compounded/credited quarterly; dividends can be withdrawn, but are subject to EWP.
- Maturing Funds – Cashier’s check to the address on file or transferred into a Primary Shares account.
- Grace Period – 10 calendar days before automatic renewal.
- Beneficiaries – Unlimited, percentages can be assigned; Social Security numbers are preferred but not required for beneficiaries.
- Credit Check – Hard pull when joining Blackhawk, using Transunion and ChexSystems.
Credit Union Overview
Blackhawk Community Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 3.16% (excellent) based on June 30, 2023 data. In the past year, Blackhawk’s total non-brokered deposits decreased by -$66.55 million, a below average annual growth rate of -9.8%. Please refer to our financial overview of Blackhawk Community Credit Union (NCUA Charter # 66998) for more details.
Blackhawk Credit Union was chartered in 1965, serving the Fisher Body Division of General Motors (Janesville) and office employees of UAW Local 95. The first expansion in the FOM occurred in 1983 when membership was opened to everyone who lived or worked in Rock County. Over the next 20 years, the FOM continued to expand, and in 2004, “Community” was added to the name “because the community is so important” to the Credit Union. The 2017 Kenosha City Employees Credit Union merger expanded Blackhawk’s footprint in Kenosha County, which is Wisconsin’s eighth largest county. Currently the 17th largest credit union headquartered in Wisconsin, Blackhawk Community Credit Union has more than 45,000 members and assets in excess of $794 million.
How the 3-Year Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Blackhawk Community Credit Union 3-Year Jumbo CD. The following table compares the 3-Year Jumbo CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 4-Year Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Blackhawk Community Credit Union 4-year Jumbo CD. The following table compares the 4-year Jumbo CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 5-Year Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Blackhawk Community Credit Union 5-year Jumbo CD. The following table compares the 5-year Jumbo 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 9/29/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
