Nebraska-based Cobalt Credit Union (formerly known as SAC Federal Credit Union) has unveiled a 30-month Certificate Special, which earns 3.35% APY. This limited-time offer can be opened with a $1k minimum deposit.
The Certificate Special promotion page states “earn up to 3.35% APY.” According to CSR, the “up to” is just a caveat to cover any early withdrawals. Speaking of which, CSR stated that the Early Withdrawal Penalty is 180 days of dividends on the amount being withdraw, plus a $25 fee.
Headquartered in Papillion, Nebraska, Cobalt Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, attend school, or regularly do business in the Nebraska counties of Cass, Douglas, Sarpy, Saunders, or Washington, or the Iowa counties of Carroll, Crawford, Harrison, Ida, Mills, Monona, Pottawattamie, Sac, or Shelby eligible to join.
Employees and retirees of the SpartanNash grocery store chain are also eligible.
Immediate family members of the above-mentioned individuals qualify for membership. In this instance, "immediate family members" is defined as spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, stepsiblings, and adoptive relationships.
Joining Cobalt CU and/or opening a Certificate Special can be done online, or in person at any of 25 Nebraska branches located in Bellevue (2), Blair, Elkhorn, Lincoln, Offutt AFB (3), Omaha (13), Papillion (3), and Plattsmouth, or the five Iowa branches located in Council Bluffs (4) and Denison.
Credit Union Overview
Cobalt Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 7.21% (excellent) based on June 30, 2018 data. In the past year, Cobalt CU has increased its total deposits by $35.42 million, an excellent annual growth rate of 5.04%. Please refer to our financial overview of Cobalt Credit Union (NCUA Charter # 5400) for more details.
The newly rebranded Cobalt Credit Union is currently Nebraska’s largest locally-owned financial institution and largest credit union, with more than 108,500 members and assets excess of $1 billion. Founded in 1946 as SAC Federal Credit Union, it was originally located at Andrews Field, Maryland, the headquarters of the Strategic Air Command (SAC). When SAC was moved to Offutt Air Force Base in Omaha, the Credit Union naturally followed.
The Cobalt name change is recent and part of a planned expansion and proposed charter change. According to a Credit Union Journal August 2018 article,
The name change took effect August 1 as the credit union simultaneously pursues a charter change that will allow for further expansion.
Cobalt CU has been open to all local residents for more than a decade, but research conducted in 2017 showed that 58 percent of all community members perceived the credit union as only open to military personnel.
Under our current federal charter, we are unable to expand into additional counties,” DeBoer [Cobalt president/CEO] added. “We want to be a trusted resource throughout Iowa and Nebraska, and this proposed change in charter enables us to do that.”
How the Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Cobalt Credit Union’s 30-month Certificate Special APY currently shares the top rung with Mountain America Credit Union’s 3-year Term Deposit APY.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.35% APY||30-Month Certificate Special||Cobalt Credit Union|
|3.33% APY||33-Month CD Special||Great Lakes Credit Union|
|3.30% APY||40-Month CD||Centris Federal Credit Union|
The above rates are accurate as of 10/17/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.