Get $100 or Give $200
That’s the choice you have when opening a new High Yield Checking account at Capital Educators Federal Credit Union (CapEd). The "We Love Teachers" promotion offers the option of having $100 deposited into the new High Yield Checking account, or donating the $100 to WeLoveTeachers.org, and having CapEd match that donation with another $100.
High Yield Checking
CapEd’s High Yield Checking earns 2.50% APY on qualifying balances up to $10k, with qualifying balances of $10k+ earning 0.20% APY; all non-qualifying balances earn 0.05% APY. These rates have been in effect for almost four years.
|2.50*%||-||$10k||Capital Educators Federal Credit Union||High Yield Checking|
|OTHER TIERS: 0.20% → $10k+|
I last wrote about the High Yield Checking account in July 2012, and since then, the qualification requirements and limitations have not changed.
- At least one direct deposit or automatic payment.
- At least twelve debit card purchases.
- Must enroll online and accept disclosure to receive eStatements.
- Requirements are waived during the first qualification cycle and the high yield rate is earned regardless of whether the requirements are met.
- Only one High Yield Checking account per main member SSN.
- A maximum of $25 in domestic ATM fees refunded per qualification cycle.
Many thanks to the longtime DA reader who mentioned the We Love Teachers bonus.
12-Month Promotional Share Certificate
I wrote about the 12-Month Promotional Share Certficate in June 2015, when the rate was increased to 1.30% APY. That rate only lasted for two months before dropping to 0.45% APY, but I am pleased to report that the 1.30% APY is again being offered. CapEd’s website states this is a "Limited-Time" promotion, so how long the rate may last is anyone’s guess.
|1.40*%||$500||-||Capital Educators Federal Credit Union||12 Month Promotional Share Certificate|
|1.40*%||$500||-||Capital Educators Federal Credit Union||12 Month Promotional IRA Certificate (Traditional, Roth, CESA, SEP)|
These special promotional rates are available for new accounts with a
minimum of $500, or existing accounts where $1000 is added to a maturing certificate.
The 12-month Share Certificate is also available as an IRA (Traditional, Roth, CESA, and SEP) earning the same APY, with the same funding requirements.
As stated in CapEd’s Truth In Savings brochure, the Early Withdrawal Penalty reads as follows:
Original maturity of one year or less, we may impose a penalty equal to the lesser of:
90 days of dividends, or
The number of days from renewal/opening date to the date of withdrawal at the rate currently in effect for the account, or
Seven days of dividends on the amount withdrawn if earned dividends are less than seven days’ dividends.
While its name suggests membership might be limited by employment in the education industry, Capital Educators Federal Credit Union offers membership to virtually anyone who joins as a Sustaining Member Volunteer of the Idaho CapEd Foundation, a non-profit that funds worthwhile educational endeavors.
Other ways to qualifying for membership included working for, volunteering for, or being retired from any position in the State of Idaho’s educational industry.
In addition, if any members of your immediate family or household are current CapEd members or qualify through the education industry, you qualify for membership.
Credit Union Overview
Capital Educators Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.67% (excellent) based on December 31, 2015 data. In the past year, CapEd has increased its total deposits by $77.73 Million, an excellent annual growth rate of 20.77%. Please refer to our financial overview of Capital Educators Credit Union for more details.
Capital Educators Federal Credit Union (NCUA Certificate # 1040) was originally established in 1936 as the Boise Teachers Federal Credit Union. With assets of $491+ Million and over 61,400 members, CapEd continues "To promote thrift and provide a wide range of quality financial services to our members, while maintaining a financially sound institution."
How the High Yield Checking Compares
When compared to the 36 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationally, Capital Educator Federal Credit Union’s High Yield Checking APY currently ranks fifth.
How the CD Compares
When compared to the 136 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally, CapEd’s 12-Month Promotional Share Certificate currently ranks second.
The above rates are accurate as of 4/1/2016.