CoVantage Credit Union (CoVantage) began offering a new rate on its 20-month Certificate Special (2.00% APY) yesterday; the previous rate was a decidedly unimpressive 0.70% APY. The minimum deposit is $5k, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the Certificate Special is 90 days interest.
About a year ago, I wrote about CoVantage’s 50-month Certificate Special, which also had an APY of 2.00% APY. At that time, the 50-month Certificate Special was ranked as the top 4-year CD available within the field of membership. A year later, that same 50-month Certificate 2.00% APY would lag behind 15 higher APYs. A lot has changed in the past year.
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 2.24% (excellent), based on September 30, 2017 data. In the past year, CoVantage CU has increased its total non-brokered deposits by $105.49 million, an excellent annual growth rate of 8.78%. 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 98,900 members and assets in excess of $1.4 billion. CoVantage’s legendary CEO, Brian Prunty, retired a year ago. 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 the 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 20-month Certificate Special APY currently shares the top spot with Service Credit Union’s 18-month Share Certificate Special APY.
The above rates are accurate as of 1/4/2018.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.