When I wrote about Credit Union of the Rockies' (CUR) Promotional CDs in September, there were four CDs, with the 24-month (2.75% APY) having the most competitive rate. While the 24-month has been removed from the product line, the 36-month (2.50% APY), 48-month (2.60% APY), and 60-month (2.70% APY) are still available. As DA reader, alan1, stated in the Forum,
Nothing new here -- their rates have stayed steady for quite a
while, and are now more attractive than when first announced.
Of the three, the 60-month has become the most competitive. The minimum opening deposit for any of the Promotional CDs is $1k, with no stated balance cap.
The fine print on the Savings Rate page states,
Promotional CD available for any member (new included).
The Promotional CDs are also available as IRAs (Traditional, Roth), earning the same APYs with the same funding requirements.
As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:
We may impose a penalty if you withdraw any of the principal before the maturity date. For all Share Certificates, the amount of an early withdrawal penalty is based on the term of your Share Certificate. The penalty schedule is as follows:
- 3 months-6 months = 90 days interest
- 12 month-60 months = 180 days of interest
Headquartered in Golden, Colorado, Credit Union of the Rockies has a field of membership (FOM) that requires a bit of investigating to figure out completely.
According to the Become A Member page, there are three ways to qualifying for membership.
Residency: Individuals who live, work, or worship in the Colorado counties of Clear Creek, Eagle, Gilpin, Grand, Jefferson, or Summit are eligible to join.
Family Relationship: Family members related by blood, marriage, or adoption to anyone who meets the above residency requirement is eligible for membership.
Employment: Employees of one of CUR’s 260+ Community Partners (listed on the online application) are also welcome to apply.
The online application lists one more important option:
If you do not qualify through one of the above avenues, you
may be eligible for membership by joining Consumers United.
Consumers United Association (CUA) “is open to consumers who are interested in financial education and advocacy.” CUA membership fee is $5 annually or $25 for a lifetime membership.
Some Colorado credit unions that offer membership through CUA limit eligibility to Colorado residents. Multiple CSRs stated that anyone, regardless of residency status, was eligible to join CUR through CUA membership.
While most of CUR CDs are listed on the online application, the Promotional CDs aren’t. CSR suggested calling the Credit Union (303.273.5200) after submitting the online application to open a Promotional CD.
By opening a savings account with as little as $5, you become partial owner of your credit union.
Credit Union of the Rockies participates in the CO-OP Shared Branch and ATM networks.
If you are not near a CUR branch, you can always visit a shared branch location to access your funds. The shared branch network provides nationwide access to over 5,000 branch locations and 30,000 ATMs.
Credit Union Overview
Credit Union of the Rockies has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.82% (excellent) based on September 30, 2019 data. CUR has an excellent capitalization level (12.49%), the result of holding $96.26 million in assets with $12.03 million in equity. Please refer to our financial overview of Credit Union of the Rockies (NCUA Charter # 67226) for more details.
Credit Union of the Rockies is currently Colorado’s 31st largest credit union, with more than 9,200 members and assets in excess of $96 million. Chartered in 1937, CUR’s original FOM was exclusive to the employees of the Farm Security Administration (FSA) in Denver. The FSA was a New Deal agency created in 1937 to battle rural poverty during the Great Depression. Its most famous contribution was its photography program, which highlighted the challenges of rural poverty. This photo by Arthur Rothstein has become iconic image of the Dust Bowl.
How the Promotional CD Compares
When compared to 182 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $5k or less, Credit Union of the Rockies' 60-month Promotional CD APY currently ranks first.
When compared to 171 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $5k or less, Credit Union of the Rockies' 48-month Promotional CD APY currently ranks first.
The above rates are accurate as of 2/3/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.