About eight years ago, CapEd Federal Credit Union (CapEd) added a series of Promotional Rate Share Certificates (PRSC) that have offered competitive APYs on a limited-time basis. After two years of mediocre rates, CapEd has substantially raised the rates on all three PRSCs, with the 12-month offering the most competitive rate. CapEd is the first easy membership requirement credit union to currently offer 1% APY on a 1-year CD with small minimum deposit requirements.
While CapEd’s regular Share Certificates have tiered APYs based on deposit levels ($500, $10k, $50k), the PRSCs only require a $500 minimum deposit to earn the stated APY.
The PRSCs are also available as IRA PRSCs (Traditional, Roth, CESA, and SEP) earning the same APYs, with the same funding requirements.
According to CapEd’s Truth-In-Savings (TIS) disclosure,
You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.
The Early Withdrawal Penalty is described in the TIS as follows,
If your account has an 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Seven days of dividends on the amount withdrawn if earned dividends are less than seven days’ dividends.
The balance on which the penalty is figured is the amount withdrawn less available dividends. If you have withdrawn all dividends at the time of early withdrawal, the penalty is taken from the principal.
Funding a PRSC can be done by ACH, wire, or through an internal transfer from an CapEd savings account. CapEd participates in the CO-OP Shared Branch network, making the transfer of funds relatively easy.
There is a 10-day grace period before a PRSC automatically renews. According to the TIS,
If we or you prevent renewal, your funds will be placed in your savings account.
Maturing funds can also be distributed by wire or a cashier’s check to the address in file, if so desired.
Headquartered in Meridian, Idaho, CapEd Federal Credit Union's FOM again offers membership to virtually any US citizen/resident alien who becomes a member of the Idaho CapEd Foundation with a one-time $20 membership fee. The Foundation is a “501(c)(3)e non-profit organization supporting educators across Idaho through monthly grants to Idaho educators.”
Employees, retirees, volunteers, and students of any public, private, or parochial school in any of the following locations also qualify for membership.
Idaho Counties: Ada, Adams, Blaine, Boise, Camas, Canyon, Cassia, Elmore, Gem, Gooding, Jerome, Lincoln, Minidoka, Owyhee, Payette, Valley, or Washington.
Twin Falls County School Districts: Buhl, Castleford, Filer, Hansen, Murtaugh, or Twin Falls, or the College of Southern Idaho or Xavier Charter School.
Immediate family or household members of a current CapEd members or a CapEd membership-eligible individual are also eligible membership. Immediate family is defined as “parents, step-parents, adoptive parents, siblings, step siblings, adoptive siblings, grandparents, grandchildren, and spouses.”
Joining CapEd and/or opening a Promo Share Certificate can be done online, or at any of ten Idaho branches located in Boise (3), Eagle, Kuna, Meridian (2), Nampa (2), and Twin Falls. According to CapEd’s Locations page,
Due to staffing limitations, some CapEd branch locations may temporarily close from 1:00pm - 2:00pm. If you're planning on visiting in this timeframe, we highly recommend calling your branch prior to your visit to confirm availability.
A $5 minimum deposit in a Primary Savings account establishes a CapEd membership.
CapEd participates in both the CO-OP Shared Branch and ATM networks.
Credit Unions have joined together and created “shared” branches. This means you can go into any credit union participating in shared branching and access some of the same features you'd be able to access as if it were your credit union.
Credit Union Overview
Capital Educators Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.82% (excellent) based on December 31, 2021 data. In the past year, CapEd has increased its total non-brokered deposits by $143.38 million, an excellent annual growth rate of 17.55%. Please refer to our financial overview of Capital Educators Credit Union (NCUA Certificate # 1040) for more details.
Capital Educators Federal Credit Union was originally established in 1936 as the Boise Teachers Federal Credit Union. Thirteen Boise teachers founded the new credit union, which had a total of $610 in loans and $596 in deposits at the end of the first year. Mergers in 1972 and 2005 with two other Idaho “Teacher” credit unions helped grow the membership. In 2012, the Idaho CapEd Foundation was established and CapEd’s chartered changed, permitting virtually anyone to join. CapEd is currently the fourth largest credit union headquartered in Idaho, with assets in excess of $1.13 billion and nearly 91,000 members.
How the 12-Month Promo Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, two banks have higher rates than offered on the CapEd 12-Month Promo Share Certificate. The following table compares the 12-Month Promo Share Certificate 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 3/14/2022.
To search for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.