Clark County Credit Union (CCCU) has raised the rate on its 60-month CD (2.27% APY). The minimum deposit is $1k, with no stated balance cap.
This is the first rate change for the 60-month CD since it was added to the product line in 2011.
As stated in CCCU’s Rates page, the Early Withdrawal Penalty reads as follows:
If you withdraw the principal balance or close your certificate account prior to maturity the following penalties will be assessed; 6 and 12-month certificates will be assessed a 90 day interest penalty, 24, 36, & 60 month certificates will be assessed a 180 day interest penalty.
American Share Insurance
Clark County Credit Union is not federally insured nor insured by any state government, but is instead insured by American Share Insurance (ASI), a provider of private share insurance for credit unions. For those unfamiliar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:
- ASI is the nation’s largest provider of private share insurance for credit unions.
- ASI has been insuring credit unions since 1974.
- Only ten states permit credit unions to be privately insured (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, Texas, and Wyoming).
- Privately insured credit unions are legitimate credit unions that are regulated by their home state.
- ASI-only insured credit union liquidations have been rare, with only three occurring in the past six years: Cumorah Credit Union, NV, 2009; USA One National Credit Union, IL, 2012; and Bensenville Community Credit Union, IL, 2014.
The above facts are intended as neither endorsement or disapproval of ASI or ASI insured credit unions.
Headquartered in Las Vegas, Clark County Credit Union’s field of membership provides a way for almost anyone in the U.S. to join.
Easy Membership: Individuals, regardless of residency status, who join KNPR 88.9 or KCNV 89.7 (Nevada Public Radio) qualify for CCCU membership. The initial donation is $40, and CCCU will “pay your initial donation! We will enroll you as a new member of our community NPR station - KNPR radio - for one full year when you become a new member of CCCU.”
Employment: Employees of any Clark County, City of Henderson, City of Las Vegas, or City of North Las Vegas government agency are eligible for membership. Employees and volunteers of any medical profession-related office or group in Clark County also qualify to join.
SEG: Employees of more than 20 SEGS are eligible for membership.
Relationship: Individuals related to a current CCCU member by blood, marriage, or adoption qualifies for membership.
Complete details concerning membership eligibility are available on the Who Can Join page.
Credit Union Overview
Clark County Credit Union (NCUA Charter # 86752) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 7.01% (excellent) based on September 30, 2016 data. In the past year, CCCU increased its total non-brokered deposits by $60.45 million, an excellent annual growth rate of 12.23%. Please refer to our financial overview of Clark County Credit Union for more details.
Clark County Credit Union is Nevada’s fourth largest credit union, with more than 40,300 members and assets in excess of $637 million. CCCU was established in 1951 by 25 Clark County government employees.
The first 'branch office' was a small wooden table, chair and a cashbox located just outside the evidence vault in the county building in downtown Las Vegas. The branch opened at noon on Fridays and closed at end of day, whereupon all the furniture and records were locked up again until the following week.
How the CD Compares
When compared to the 172 similar length-of-term CDs tracked by DepositAccounts.com, with similar minimum deposit requirements and nationally available, Clark County Credit Union’s 60-month CD APY currently ranks fourth.
The above rates are accurate as of 12/24/2016.