CoVantage Credit Union Offers 11-Month CD Special Nationwide
Wisconsin-based CoVantage Credit Union (CoVantage) has brought back its 11-month Certificate Special, with an improved 5.75% APY. (I last wrote about the 11-month Certificate Special in May 2022 when it earned 2.00% APY – a competitive rate at the time). The minimum opening deposit is $1k, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.75% | $1k | - | CoVantage Credit Union | 11 Month Certificate Special | |
| 5.75% | $1k | - | CoVantage Credit Union | 11 Month IRA Special (Traditional, Roth, CESA) |
The 11-month Certificate Special is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with the same deposit requirements.
Early Withdrawal Penalty
According to CSR, partial withdrawals are not permitted: CoVantage Certificates must be closed early. All CoVantage Certificates have the same 90 days Early Withdrawal Penalty. If a Certificate is closed within the first 90 days following account opening, the principal will be reduced.
Availability
Headquartered in Antigo, Wisconsin, CoVantage Credit Union’s field of membership (FOM) now includes an easy membership requirement: a one-time $10 donation (part of the membership online application) to the CoVantage Cares Foundation qualifies for membership in ConVantage Credit Union.
Individuals who live or work in 30 northeast Wisconsin counties, three Michigan Upper Peninsula counties, or three Illinois counties are also eligible to join.
- Wisconsin counties: Brown, Calumet, Clark, Door, Florence, Fond Du Lac, Forest, Kewaunee, Langlade, Lincoln, Marathon, Marinette, Manitowoc, Menominee, Milwaukee, Oconto, Oneida, Outagamie, Ozaukee, Portage, Price, Shawano, Sheboygan, Taylor, Vilas, Washington, Waukesha, Waupaca, Winnebago, and Wood.
- Michigan counties: Dickinson, Iron, and Menominee.
- Illinois counties: Will, and portions of Cook and DuPage.
Family members (spouse, parent, child, grandparent, including step- relations) of current CoVantage members also qualify for membership.
Several other ways to qualify for membership (employment, organization membership) can be found on the Become a Membership page.
Joining CoVantage and/or opening a Certificate Special can be done online, or at any of 15 full-service Wisconsin branches located in Antigo (2), Appleton, Crandon, Elcho, Menasha, Neenah, Plover, Rhinelander, Rothschild, Shawano, Stevens Point, Wausau (12), and Weston. There are also three Michigan branches in Crystal Falls and Iron River (2) and two Illinois branches in Mokena and New Lenox.
A $10 deposit in a regular share (savings) account is all that is required to establish your ownership share in the credit union.
CoVantage participates in both the CO-OP ATM network and the Alliance One ATM network.
Funding and Other Details
The following information is a conversation with a very knowledgeable CSR.
- Funding* – ACH ($50k online max), wire, or internal transfer.
- CO-OP Shared Branch Participant – No.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded/credited monthly or quarterly (your choice); automatic dividends transfer to a CoVantage Share Account can be set up when opening a Certificate.
- Maturing Funds – Internal transfer to a CoVantage Share Account.
- Beneficiaries – Unlimited, percentages can be assigned. Social Security numbers are preferred but not required for beneficiaries.
- Grace Period – 10 calendar days before renewing as a 12-month Certificate.
- Credit Check – None, per se. Identity verification through Social Security number.
*Existing members opening a Certificate online must have the funds for the Certificate already on deposit with CoVantage before opening.
Credit Union Overview
CoVantage Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.72% (excellent), based on June 30, 2023 data. In the past year, CoVantage CU has increased its total non-brokered deposits by $366.7 million, an excellent annual growth rate of 14.58%. Please refer to our financial overview of CoVantage Credit Union (NCUA Charter # 66848) for more details.
Originally established in 1953 as the Antigo Co-op Credit Union, CoVantage Credit Union is currently Wisconsin’s seventh largest credit union, with more than 162,000 members and assets in excess of $3.4 billion. CoVantage’s legendary CEO, Brian Prunty, retired in 2017. In his 26-year tenure, Prunty guided the Credit Union’s development from a one-location, 36 employees, $67 million asset small-town institution to a multi-state, 14 branch, 360 employee organization with nearly $1.35 billion in assets. During those 26 years, the membership increased by more than 600%.
How the 11-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the CoVantage Credit Union 11-month Certificate Special. The following table compares the 11-month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
| APY | CD Term (Early Withdrawal Penalty) | Credit Union/Bank |
|---|---|---|
| 6.00% | 12-17 Month CD (EWP=greater of $50 or 270 days) | Credit Human |
| 5.75% | 11-month Certificate Special (EWP=90 days) | CoVantage Credit Union |
| 5.70% | 14-Month CD Special (EWP=180 days) | Langley Federal Credit Union |
| 5.67% | 12-Month CD (EWP=180 days) | CFG Bank |
| 5.65% | 12-Month Online CD (EWP=90 days) | Forbright Bank |
The above information and rates are accurate as of 10/3/2023.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
