Earlier this month, CoVantage Credit Union (CoVantage CU) added two Certificate Specials to their product line: 15-month (1.50% APY) and 50-month (2.00% APY). Both Specials require a $5k minimum deposit, with no stated balance cap.
The two Certificate Specials are also available as IRAs (Traditional), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for either Certificate Special is 90 days interest.
Headquartered in Antigo, Wisconsin, CoVantage Credit Union field of membership is residency based, with individuals who live or work in 19 northeastern Wisconsin counties and two 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 and Iron.
Family members of current CoVantage CU 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 by the online application, opening a Certificate Special requires an in-person visit to any of the above mentioned branches.
Credit Union Overview
CoVantage Credit Union (NCUA Charter # 66848) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.70% (excellent), based on September 30, 2016 data. In the past year, CoVantage CU has increased its total deposits by $115.81 million, an above average annual growth rate of 10.78%. Please refer to our financial overview of CoVantage Credit Union for more details.
Originally established in 1953 as the Antigo Co-op Credit Union, CoVantage Credit Union is currently Wisconsin’s 8th largest credit union, with more than 91,500 members and assets in excess of $1.3 billion. Brian Prunty, CEO of CoVantage CU since 1990, is retiring effective January 3, 2017. An article in the Antigo Daily Journal recalls Prunty’s tenure with the Credit Union.
Prunty took the reins of what was then known as the Antigo Co-op Credit Union in 1990 and over the past 26 years, guided its development into a billion dollar-plus business, with branches across northern and central Wisconsin and extending into Michigan’s Upper Peninsula. He has overseen the rebranding of the business as CoVantage, guided construction and acquisition projects in Antigo and across the region, and led it through the depth of a financial collapse that crippled hundreds of financial institutions.
Over the past 26 years, the credit union has grown from one location with 36 employees and $67 million in assets to 14 offices, 360 employees and almost $1.35 billion in assets. Membership has climbed from 15,000 in 1990 to 92,000 today.
How the Certificate Specials Compare
When compared to the 174 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the field of membership, CoVantage Credit Union's 15-month Certificate Special APY currently ranks fourth.
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the field of membership, CoVantage Credit Union's 50-month Certificate Special APY currently ranks first.
The above rates are accurate as of 12/23/2016.