In the past six months, Cedar Falls Community Credit Union (CFCCU) has offered several “Special” Certificates. The most recent addition to the product line is a 60-month Step-Up Certificate (2.25% APY). The minimum deposit is $1k, with no stated balance cap.
The 60-month Step-Up Certificate is also available as an IRA (Traditional, Roth, CESA) earning the same rate, with the same funding requirements.
As stated on the Deposit Rates page,
Member can "Step-Up" the rate one time during the term of the certificate
to the rate being paid at the time on regular certificates of similar term.
According to CSR, the Early Withdrawal Penalty for the 60-month Step-Up Certificate is 365 days.
Cedar Falls Community Credit Union’s field of membership is residency based, with individuals who live or work in the Iowa counties of Black Hawk, Bremer, Buchanan, Butler, Chickasaw, Fayette, and Grundy eligible to join.
CFCCU’s Become A Member page states that membership eligibility is, "also extended to your entire family; spouse, children, parents, brothers, sisters, grandparents and grandchildren."
Joining CFCCU and/or opening a Set-Up Certificate can be done in person at any of three Iowa branches, located in Cedar Falls (2) and Waverly. A completed Membership Application can also be returned by mail, but signature(s) must be notarized.
CFCCU’s “online application” is actually a Contact Me form, and upon submission,
We will be in touch with you shortly to finalize a few details...and then you'll
soon be a proud member-owner of Cedar Falls Community Credit Union!
Credit Union Overview
Cedar Falls Community Credit Union (NCUA Charter # 65565) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.31% (excellent) based on June 30, 2016 data. In the past year, CFCCU has increased its total deposits by $3.86 million, an excellent annual growth rate of 4.57%. Please refer to our financial overview of Cedar Falls Community Credit Union for more details.
Cedar Falls Community Credit Union was originally chartered in 1958 for the benefit of members of a local machinists’ union. The field of membership expanded to include other employee groups over the next 20+ years, until a community charter was granted in 1982. Cedar Falls Community Credit Union is currently Iowa’s 20th largest credit union, with more than 8,100 members and assets in excess of $104 million.
How the Step-Up Certificate Compares
When compared to the 225 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents in the northeastern Iowa region, Cedar Falls Community Credit Union’s 60-Month Step-Up Certificate APY currently ranks third.
The above rates are accurate as of 11/1/2016.