CoVantage Credit Union (CoVantage) has added 150 bps to its 17-month Certificate Special, boosting the rate to 3.25% APY. The minimum deposit is $5k, with no stated balance cap.
The 17-month Certificate Special is also available as an IRA (Traditional, Roth, and SEP), earning the same APY with the same funding requirements.
Added to the product line in July, the 17-month Certificate Special had an initial rate of 2.65% APY. The rate dropped to 1.75% APY in early September, where it remained until this weekend. In keeping with the prevailing trend of competitive short-term CD rates and pedestrian long-term CD rates, CoVantage’s 60-month Certificate currently also has a 3.25% APY.
According to CSR, the Early Withdrawal Penalty for the Certificate Special is 90 days interest.
Headquartered in Antigo, Wisconsin, CoVantage Credit Union field of membership (FOM) is residency based, with individuals who live or work in 19 northeast Wisconsin counties and three Michigan Upper Peninsula counties eligible to join.
Wisconsin Counties: Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Marinette, Menominee, Oconto, Oneida, Outagamie, Portage, Price, Shawano, Taylor, Vilas, Waupaca, and Wood.
Michigan Counties: Dickinson, Iron, and Menominee.
Family members of current CoVantage members also qualify for membership. The Membership page has a “family tree” that clearly shows the qualifying relationships, which include “spouse, parent, child, stepparent, stepchild, sibling, step-sibling, grandparent, step-grandparent, grandchild or step-grandchild.”
Joining CoVantage 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).
While checking and savings accounts can be opened online, opening a Certificate Special requires an in-person visit to any of the above mentioned branches.
Credit Union Overview
CoVantage Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.13% (excellent), based on June 30, 2018 data. In the past year, CoVantage CU has increased its total non-brokered deposits by $99.5 million, an excellent annual growth rate of 7.84%. 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 104,000 members and assets in excess of $1.5 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 196 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.
The above rates are accurate as of 11/12/2018.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.