14-month Share Certificate Special, 1.50% APY, $1k minimum deposit.
19-month Share Certificate Special, 1.70% APY, $1k minimum deposit.
In mid-February, Directions Credit Union (Directions CU) added a 14-month Share Certificate Special (1.50% APY) and a 19-month Share Certificate Special (1.70% APY) to its product line. The minimum opening deposit for either is $1k, with no stated balance cap.
Both Share Certificate Specials are also available as IRAs (Traditional and Roth), earning the same APYs, with the same funding requirements.
As stated in the Truth In Savings document, the Early Withdrawal Penalty reads as follows:
For accounts with terms of thirteen (13) to twenty three (23) month, the
penalty will be all dividends earned, whether paid or not, up to 120 days’ dividends.
Headquartered in Sylvania, Ohio, Directions Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, attend school, worship, or volunteer in the Ohio counties of Ashland, Crawford, Fulton, Huron, Knox, Lucas, Richland, Tuscarawas, Wayne, and Wood Counties, and Monroe County in Michigan.
Family members (grandparents, parents, spouses, siblings, grandchildren, children) and household members of eligible individuals are also eligible for membership.
As stated on the Credit Union’s “Join Directions” page (italics are mine),
Once your family members have joined, their family members are also eligible for membership.
My apologies in advance for the following meandering, but it struck me that theoretically, this could be a back door (albeit a convoluted one) to easy membership in Directions CU, based on a “six degrees of separation” premise. Just think about it.
Joining Directions CU can be done online, or at any of 19 Ohio branches located in Ashland, Lexington, Mansfield (2), Maumee, New Philadelphia, Ontario, Oregon, Perrysburg, Rossford, Shelby, Sylvania (2), Toledo (4), Willard, and Wooster.
Although Directions CU has an online application, the two Share Certificate Specials are not currently listed. According to CSR, these Specials can be opened in any of the above mentioned branches or by phone.
Credit Union Overview
Directions Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.44% (excellent) based on September 30, 2016 data. In the past year, Directions CU has increased its total non-brokered deposits by $43.4 million, an excellent annual growth rate of 7.84%. Please refer to our financial overview of Directions Credit Union (NCUA Charter # 60978) for more details.
In 1953, a group of parishioners from St. Clement’s Church (Toledo) formed the St. Clement Credit Union. The FOM was widened in the late 1960s to included three additional parishes. The next expansion in the FOM occurred in the 1980s, when more than 15 SEGs were added. In 1989, the Credit Union was re-branded as the Toledo Area Catholic Credit Union (TACCU). Between 2000 and 2008, the TACCU became a community credit union, merged with four other Ohio credit union, and re-branded with the Directions moniker. Today, Directions Credit Union is the sixth largest credit union in Ohio, with more than 78,100 members and assets in excess of $662 million.
How the Share Certificate Specials Compare
When compared to the 240 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Directions Credit Union’s 14-month Share Certificate Special APY currently tops the list.
When compared to the 181 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Directions Credit Union’s 19-month Share Certificate Special APY currently ranks second.
The above rates are accurate as of 3/9/2017.