Four months ago, CoVantage Credit Union’s (CoVantage) 17-month Certificate Special was a regional rate leader, with an APY of 3.25%. The rate was lowered to 3.00% APY in January, but with the recent trend of dropping rates, that 3.00% APY currently qualifies as a regional rate leader. While the majority of CoVantage Certificates can be opened with a $1k minimum deposit, the 17-month Certificate Special requires a $5k minimum deposit.
|3.00%||$5k||-||CoVantage Credit Union||17 Month Certificate Special|
|3.00%||$5k||-||CoVantage Credit Union||17 Month IRA Special (Traditional, Roth, CESA)|
The 17-month Certificate Special is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the Certificate Special is 90 days interest.
As I noted in my November blog post, CoVantage was offering competitive short-term CD rates and uninspired long-term CD rates at the time, as were many banks and credit unions. For about two months, CoVantage’s 60-month and 17-month Certificate both earned 3.25% APY; following a recent rate decrease, the 60-month Certificate now earns 3.10% APY.
Headquartered in Antigo, Wisconsin, CoVantage Credit Union field of membership (FOM) is residency based, with individuals who live or work in 22 northeast Wisconsin counties and three Michigan Upper Peninsula counties eligible to join.
Wisconsin Counties: Brown, Clark, Calumet, Florence, Forest, Langlade, Lincoln, Marathon, Marinette, Manitowoc, Menominee, Oconto, Oneida, Outagamie, Portage, Price, Shawano, Taylor, Vilas, Waupaca, Winnebago, and Wood.
Michigan Counties: Dickinson, Iron, and Menominee.
Family members (spouse, parent, child, grandparent, including step- relations) of current CoVantage members also qualify for membership.
Other ways to qualify for 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 16 Wisconsin branches located in Antigo (3), Crandon (2), Elcho, Rhinelander, Rothschild, Shawano (3), Stevens Point, Wausau (2), and Weston (2). There are also three Michigan branches in Crystal Falls and Iron River (2).
Credit Union Overview
CoVantage Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.31% (excellent), based on December 31, 2018 data. In the past year, CoVantage CU has increased its total non-brokered deposits by $100.19 million, an excellent annual growth rate of 7.6%. 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 ninth largest credit union, with more than 108,000 members and assets in excess of $1.6 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 employees organization with nearly $1.35 billion in assets. During those 26 years, the membership increased by more than 600%.
How the Certificate Special Compares
When compared to 181 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, CoVantage Credit Union's 17-month Certificate Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||17-Month Certificate Special||CoVantage Credit Union|
|2.95% APY||18-Month CD||Limelight Bank|
|2.90% APY||18-Month CD Promo||Banesco USA|
The above rates are accurate as of 3/22/2019.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.