Canvas Credit Union (CO) Has Competitive 22-Month CD Special

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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:

The amount of the early withdrawal penalty is 90 days interest calculated on the amount withdrawn for terms 18 months or less and 180 days for terms 24 months or greater.

Reverse Tier Savings Account

In late 2017, Canvas CU 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 follows:

    3.25% - Up to $2,000

    1.50% - $2,000.01 - $5,000

    0.75% - $5,000.01 - $10,000

    0.40% - $10,000.01- $50,000

    0.30% - $50,000.01+

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 1.00% APY, the Reverse Tier Savings Account loses its edge at about the $18k level.

Jumbo Money Market Account

The Jumbo Money Market Account currently earns 0.75% APY on balances of $100k+; balances between $1k and $99,999.99 currently earn 0.15% APY. There is a $10 monthly service fee that will be waived with a $1k minimum balance. In addition to Online Banking and Mobile Banking, the Jumbo MMA offers check writing.

Availability

Headquartered in Denver, Canvas Credit Union’s field of membership (FOM) is not specifically spelled out anywhere on its website.

A vague description of the FOM can be found on Canvas CU's Membership page, but no details are provided.

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

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.

I was able to confirm with CSR 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, no matter where they live. While I hope that the easy membership requirement is indeed available, I'm not 100% confident, as there’s no mention of it on the website. CSR wasn’t able to provide more specific information about the PCs, SEGs, or what constitutes “family members.”

Joining Canvas CU can be done online, or done in person at any of 30 Colorado branches located in Arvada, Aurora (3), Brighton, Broomfield, Castle Rock (2), Denver (5), Engelwood, Fort Collins (5), Greeley, Highlands Ranch, Lakewood, Littleton (2), Lone Tree, Loveland, Parker, Thornton (2), and Windsor.

We are now offering appointment bookings at 8 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 5,000 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 DepositAccounts.com, with a Texas Ratio of 2.98% (excellent) based on June 30, 2020 data. In the past year, Canvas CU has increased its total deposits by $403.56 million, an excellent annual growth rate of 18.38%. 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 260,400 members and assets in excess of $3 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 Canvas Credit Union. An August 2028 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 CD Special Compares

When compared to 303 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to all Colorado residents, Canvas Credit Union’s 22-Month CD Special APY currently ranks second.

The above rates are accurate as of 10/21/2020.

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, savings accounts, money market accounts, 1-year CD rates

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

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The dividend rate tiers are structured as...

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