Over the weekend, Tennessee-based Consumer Credit Union (CCU) raised the rate on its 60-month CD (2.55% APY). There is no minimum or maximum deposit requirement.
With approximately 15 credit unions with “Consumer” in their names, it’s sometimes difficult to keep them all straight. Just don’t confuse Consumer Credit Union with Consumers Credit Union (headquartered in Illinois and known for its Free Rewards Checking Account) or Consumers Credit Union (headquartered in Michigan).
The 60-month CD made its debut 18 months ago, initially earning 2.00% APY. In mid-July, 10 bps were added to the APY and another 45 bps were added this past week. Interestingly, the 2.55% APY seems to be a popular rate for 5-year CDs in the area, with three credit unions (Consumer Credit Union, Kingsport Press Credit Union, and Eastman Credit Union) all offering the same rate.
According to CSR, the Early Withdrawal Penalty is “180 days interest on the amount being withdrawn.”
Headquartered in Greeneville, Tennessee, Consumer Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in the Tennessee counties of Anderson, Blount, Claiborne, Cocke, Greene, Hancock, Hamblen, Jefferson, Knox, Loudon, Sullivan, and Union, or in Johnson City, eligible to join. (Johnson City is specifically mentioned because it is located in Carter, Sullivan and Washington Counties.)
Joining CCU and/or opening a CD can be done online*, or in person at any of ten Tennessee branches, located in Greeneville (2), Jefferson City, Johnson City, Knoxville (3), Morristown (2) and Mosheim.
The first page of the online application includes the following instruction:
Based on your eligibility answers below, we will require proof of your employer (copy of a paystub), where you worship (copy of a church bulletin) or where you attend school (copy of school ID).
*Don’t be confused by the two different logos on the online application: Covenant Health Credit Union has recently become a division of Consumer Credit Union.
Credit Union Overview
Consumer Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.15% (excellent) based on June 30, 2017 data. In the past year, CCU has increased its total non-brokered deposits by $18.12 million, an excellent annual growth rate of 5.47%. Please refer to our financial overview of Consumer Credit Union (NCUA Charter #60056) for more details.
Established in 1953, Consumer Credit Union is currently Tennessee’s 12th largest credit union, with more than 39,400 members and assets in excess of $414 million. The recent acquisition of Covenant Health Credit Union (Knoxville) has expanded the FOM to include an additional three Tennessee counties.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Consumer Credit Union’s 60-Month CD APY currently ranks second.
The above rates are accurate as of 9/20/2017.