Canvas Credit Union Reverse Tier Savings Has Competitive Blended APY


Deal Summary: Reverse Tier Savings Account, 2.50% (up to $2k), 1.00% ($2k-$5k), 0.50% ($5k-$10k), 0.35% ($10k-$50k), 0.10% ($50k+).

Availability: Colorado residents; Partner Companies and Select Employee Groups, including Consumer United Association.

About four years ago, Canvas Credit Union’s (Canvas CU) introduced its Reverse Tier Savings Account (RTSA) that earns higher APYs on lower balances. While there is no minimum balance requirement or minimum opening deposit requirement, the first $5k deposited must be new money, which is defined as “funds not on deposit at Canvas Credit Union at the time the account is opened.”

I last wrote about RTSA in October 2020 when the highest APY was 3.25% on balances up to $2k. While the APYs for the five rate tiers have dropped, the RTSA has actually become more competitive in the current rate environment.

The dividend rate tiers are structured as follows:

    2.50% – Up to $2,000

    1.00% – $2,000.01-$5,000

    0.50% – $5,000.01-$10,000

    0.35% – $10,000.01-$50,000

    0.10% – $50,000.01+

The RTSA’s blended APYs can be determined using Canvas CU’s Reverse Tier Savings Calculator. The blended APYs assume the dollar amount will be held in the account for one year. With the top nationally available savings accounts currently earning 0.60% APY, the RTSA starts to lose its competitive edge with balances >$28k. This is definitely an improvement over the point of diminishing returns (>$18k balances) noted in the October 2020 blog post.


Headquartered in Lone Tree, Colorado, Canvas Credit Union’s field of membership (FOM) has not been clearly spelled out on its website for a couple of years.

A vague description of the FOM is stated on the Membership page, but no specific details are provided. (I had hoped the first page of the online membership application would provide some membership eligibility information, but there was nothing.)

You are related to a current member of Canvas Credit Union.

You are employed by or affiliated with a Canvas Credit Union Partner Company or Select Employee Group.

You live or work in a qualifying area. (Contact us to learn about qualifying areas.)

CSR confirmed that individuals who live or work anywhere in Colorado qualify for membership. CSR also stated that anyone who belongs to the Consumer United Association ($5 fee) is also eligible to join. When I asked for a definition of “anyone” (hoping for an nationwide easy membership requirement), I was told “anyone” has to live in Colorado. While CSR wasn’t able to provide more specific information about the PCs, SEGs, or what constitutes “family members,” she did state the FOM would be visible on the online application, once all personal identification information had been entered.

Joining Canvas CU can be done online, or in person at any of 29 Colorado branches located in Arvada, Aurora (3), Brighton, Broomfield, Castle Rock (2), Centennial, Denver (4), Fort Collins (5), Greeley, Highlands Ranch, Lakewood, Littleton (2), Lone Tree, Loveland, Parker, Thornton (2), and Windsor. As stated on the Locations page,

We are now offering appointment bookings at 29 of our branch locations.

A $5 minimum deposit in a Member Savings Account establishes a Canvas CU membership.

Canvas CU participates in both the CO-OP Shared Branch and ATM networks.

Manage your Canvas accounts at more than 200 locations in Colorado and 5,900 locations nationwide.

We’re part of the CO-OP ATM Network, the nation’s largest surcharge-free ATM network, providing access to 30,000 ATMs throughout the U.S. and Canada, including 9,000 deposit-taking ATMs and 5,500 7-Eleven® locations, and access to over 800,000 ATMs worldwide.

Credit Union Overview

Canvas Credit Union has an overall health grade of "A" at, with a Texas Ratio of 3.19% (excellent) based on March 31, 2021 data. In the past year, Canvas CU has increased its total non-brokered deposits by $916.4 million, an excellent annual growth rate of 25.73%. Please refer to our financial overview of Canvas Credit Union (NCUA Charter # 64778) for more details.

Established in 1938, Canvas Credit Union is currently Colorado’s third largest credit union, with more than 262,000 members and assets in excess of $3.4 billion. Originally known as Public Service Credit Union (PSCU), the initial FOM was exclusive to public service employees, but has been expanded over the years to include all Colorado residents. In 2018, PSCU rebranded and became known as Canvas Credit Union. An August 2018 Credit Union Times article provided some insight into the rebrand:

The change process started about 18 months ago when the credit union began researching and reaching out to members, employees and the community. Its official rebranding launch takes place on Aug. 31, according to the credit union.

“The research starkly highlighted consumers’ desire for personalized financial guidance in a partnership atmosphere. Canvas emerged as the name most reflective of its members’ life journey — a fresh canvas on which the credit union helps members paint their future,” the credit union said.

How the Reverse Tier Savings Account Compares

As I mentioned above, when compared to the nationally available Savings Accounts tracked by, Canvas Credit Union’s Reverse Tier Savings Account blended APY currently matches the top APYs up to approximately $28k.

The table below compares the top Reverse Tier Savings account, which are part of DA’s bi-weekly Best Bank Accounts Interest Rates.

The above information and rates are accurate as of 9/1/2021.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Denver savings accounts, Grand Junction savings accounts, savings accounts

Canvas Credit Union (CO) Has Competitive 22-Month CD Special
Deal Summary: 22-month CD Special, 1.15% APY, $1k minimum.

Availability: Colorado residents; Partner Companies and Select Employee Groups; possible easy membership requirement.

Canvas Credit Union (Canvas CU) has been offering a 22-month CD Special since late June, with the initial 1.15% APY still in effect. The minimum opening deposit is $1k, with no stated balance cap.

Canvas CU no longer includes it Truth-in-Savings disclosure on the website, but CSR confirmed the Early Withdrawal Penalty has not changed:

Reverse Tier Savings Account

In late 2017, Canvas CU introduced its...

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Public Service Credit Union (CO) Adds Reverse Tier Savings Account
Deal Summary: Reverse Tier Savings Account, 3.25% APY up to $2k, new money.

Availability: Colorado residents; Partner Companies and Select Employee Groups.

About a month ago, Public Service Credit Union (PSCU) introduced its Reverse Tier Savings Account, which earns higher APYs on lower balances. While there are no minimum balance or minimum opening deposit requirements, the first $5k deposited must be new money, which is defined as “funds not on deposit at PSCU at the time the account is opened.”

The dividend rate tiers are structured as...

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Public Service CU (CO) Has Limited-Time Promo 21-Month CD
Deal Summary: 21-month CD, 1.80% APY, $1k minimum, available through June 30, 2017.

Availability: Colorado residents; Partner Companies and Select Employee Groups.

Now through June 30, 2017, Public Service Credit Union (PSCU) is offering a 21-month CD that earns 1.80% APY. The minimum opening deposit is $1k, with no stated balance cap.

As stated in the Truth In Savings document, the Early Withdrawal Penalty reads as follows:

Thanks to the DA reader who saw this CD advertised in a Colorado newspaper.


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Black Friday 24-month CD At Public Service CU (CO)

UPDATE 11/26/2016: No longer available.

Availability: Colorado residents; Partner Companies and Select Employee Groups.

With Black Friday little more than a week away, Public Service Credit Union (PSCU) is promoting its Black Friday 24-month CD (3.00% APY). The minimum opening deposit is $1k, with a balance cap of $10k.

This year on Black Friday, Public Service Credit Union wants you to earn money instead of spend it.

As the name suggests, the 24-month CD is only available on Black Friday (November 25, 2016) and must be opened in-branch....

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