Columbia Credit Union Adds High Rate 15-Month CD/Rewards Checking Combo

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Deal Summary: Income Checking, 5.00% APY on qualifying balances up to $25k. 15-month High Five CD – 5.00% APY when Income Checking monthly qualifications met or 4.50% APY when monthly qualifications are not met, $500 minimum deposit.

Availability: Residents of Washington State and four northwest Oregon counties.

"High fives are flying" at Columbia Credit Union (Columbia CU) with a very competitive Rewards Checking Account/15-month High Five CD promotion. The RCA and the 15-month CD must be opened at the same time and both must remain opened for the length of the CD term.

Income Checking

The Income Checking account currently earns 5.00% APY on qualifying balances up to and including $25k. Qualifying balances of $25k+ and non-qualifying balances both earn 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
6.00*%-$25kColumbia Credit Union (WA)Income Checking
OTHER TIERS: 0.05% $25k+
Rates as of March 4, 2024.

The qualifying requirements include:

  • At least 15 purchases using Columbia CU debit card and/or credit card.
  • Minimum $500 direct deposit into the Income Checking account.
  • Enroll in eStatements.

The Income Checking has no monthly service fee or minimum balance requirement, and can be opened with a minimum $1 deposit. Nationwide ATM fees will be reimbursed up to $25 per month if the three qualifying requirements are met.

15-Month CD

Simply put, the 15-month High Five CD Special has two possible monthly rates: 5.00% APY when the Income Checking monthly qualifications are met and 4.50% APY when the Income Checking monthly qualifications are not met.

According to the Deposit Rates Sheets document,

The 15-Month High Five certificate available January 25, 2023, has a Non-Qualifying APY [4.50%] that increases to the Qualifying Relationship APY [5.00%] every month any certificate owner’s Income Checking earns Rewards APY status. Qualifying Relationship APY status is reviewed on the last calendar day of each month and, when earned, the Qualifying Relationship APY is applied retroactively for the entire month.

The 15-month High Five CD Special is also available as an IRA CD Special (Traditional, Roth, CESA), earning the APYs (based on the RCA qualifications being met or not) with the same deposit requirements.

As stated in the Deposit Rates Sheets document, the Early Withdrawal Penalty reads as follows:

The amount of the early withdrawal penalty is based on
the term of your account. The penalty schedule is as follows:

365 days or less – 90 days dividends; more than 365 days – 180 days dividends.

The penalty will be deducted from the principal, if the account has not yet earned enough dividends or if dividends have already been paid out.

Availability

Headquartered in Vancouver, Washington, Columbia Credit Union’s field of membership (FOM) is community-based, with U.S. citizens or residents (18 years or older) who live or work in Washington State, or in any of the northwest Oregon counties of Clackamas, Marian, Multnomah, or Washington eligible to join.

Family members of membership-eligible individuals also qualify for membership.

Joining Columbia CU and/or opening the “Two High Yield High Fives” combo can be done online, or at any of twelve Washington branches located in Battle Ground (2), Ridgefield, Vancouver (7), and Washougal. Columbia CU also has two Oregon branches, both of which are located in Portland.

While opening a share savings account is not required to establish a Columbia CU membership, there is a $5 lifetime membership fee that will be charged when joining.

Columbia CU participates in the CO-OP ATM network, but not the Shared Branch network.

CD Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($10 fee), internal transfer.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited monthly. Dividends can remain in the CD or can be transferred to a Columbia CU savings account.
  • Maturing Funds – Automatic transfer to Columbia CU savings account, then can be distributed by ACH, wire ($18 fee), or cashier’s check.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
  • Grace Period –10 calendar days before renewal as an 18-month CD.
  • Credit Check – Soft pull.

Credit Union Overview

Columbia Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.37% (excellent) based on September 30, 2022 data. In the past year, Columbia CU has increased its total non-brokered deposits by $7.75 million, an average annual growth rate of 0.38%. Please refer to our financial overview of Columbia Credit Union (NCUA Charter # 68186) for more details.

Columbia Credit Union was founded in 1952 as the SP&S Federal Credit Union, serving SP&S Railway employees. (The Spokane, Portland and Seattle Railway was a joint venture by Great Northern Railway and Northern Pacific Railway, which constructed a rail line along the northern bank of the Columbia River.) For the first six years, the Credit Union operated out of the basement of its founder, Delbert Thompson. In 1975, the Credit Union re-branded as Columbia Credit Union when a new charter was adopted, allowing railroad employees and community members to join. Columbia Credit Union is currently the ninth largest credit union in Washington, with more than 109,000 members and assets in excess of $2.2 billion.

How the Income Checking Account Compares

When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $25k, Columbia Credit Union’s Income Checking APY currently ranks first.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

How the 15-Month High Five CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Columbia Credit Union 15-month High Five CD Special. The following table compares the 15-month High Five CD Special to the two highest-rate CDs from credit unions and to the other two highest-rate CDs from banks.

The above information and rates are accurate as of 2/13/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Portland checking accounts, reward checking accounts, 1-year CD rates

Comments
Columbia Credit Union Income Checking Earns 2.50% APY
Deal Summary: Income Checking, 2.50% APY on qualifying balances up to $25k.

Availability: Residents of Washington State and four northwest Oregon counties.

There’s a new rewards checking account in Columbia Credit Union’s (Columbia CU) product line. The Income Checking account earns 2.50% APY on qualifying balances up to and including $25k. Qualifying balances of $25k+ and non-qualifying balances both earn 0.03% APY.

The qualifying requirements include:

  • At least 15 purchases using Income Checking debit card and/or Columbia CU credit card.
  • Minimum $500 direct deposit into the Income...
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Columbia Credit Union (WA/OR) 5-Year CD Earns Up To 3.10% APY
Deal Summary: 5-year CD, 3.10% APY ($100k), 3.05% APY ($50k), 3.00% APY ($10k), and 2.95% APY ($500).

Availability: Residents of Washington State and four northwest Oregon counties.

In this climate of falling rates, Columbia Credit Union’s (Columbia CU) 5-year CD is a rarity: its top APY (3.10%) has been in effect for a year. With deposit levels of $500, $10k, $50k, $100k, the 5-year CD earns APYs of 2.95%, 3.00%, 3.05%, and 3.10%, respectively.

The 5-year CD is also offered as an IRA (Traditional, Roth,...

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Deal Summary: 30-month CD, 3.60% APY ($100k), 3.55% APY ($50k), 3.50% APY ($10k), and 3.45% APY ($500).

Availability: Residents of Washington State and four northwest Oregon counties.

Columbia Credit Union (Columbia CU) started the new year by adding 100 bps to its 30-month CD, resulting in APYs up to 3.60%. I’m always wary when I see the phrase “up to,” because those two little words can signal some special requirement, such as a checking relationship. In this instance, “up to” is in reference to tiered APYs,...

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Columbia Credit Union (WA) Adds 25-Month Certificate
Deal Summary: 25-month Certificate, 2.65% APY, $5k minimum deposit (at least 50% new money), one-time bump up option.

Availability: Residents of Washington State and four northwest Oregon counties.

Columbia Credit Union (Columbia CU) is celebrating its 65th Anniversary by offering a 25-month Certificate (2.65% APY). The minimum deposit is $5k, with no stated balance cap. At least 50% of the deposit “must be money not already on deposit at Columbia CU.”

The 25-month Certificate is also offered as an IRA (Traditional, Roth, and...

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$250 Checking Account Bonus at Columbia Credit Union in WA - Local Only

Columbia Credit Union is offering a $250 bonus for opening and activating a new Columbia checking account. The offer is listed at the credit union's promotions page as of 8/27/2010. The small print states:

They don't state the required activity. However, they do state what is required for an active checking account. An active checking account is required to receive their other bonuses for a loan or mortgage. Here is what the small print states regarding an active checking:

Credit for this find goes to FW member juggler451 who posted it at...

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