Financial One Credit Union (Financial One CU) is offering a 20-month Share Certificate Special (2.00% APY). The minimum deposit is $1k and there is a maximum balance cap of $100k.
The 20-month Share Certificate Special has been part of Financial One CU’s product for about a month. CSR stated it was a limited-time offering, but no specific end-date has been set.
The 20-month Share Certificate Special is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is a substantial "half of the interest that would be earned over the life of the CD, no matter when the withdrawal is made."
Financial One CU’s Kasasa Cash currently earns 2.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
The monthly qualification requirements are as follows:
- At least 12 debit card POS transactions
- Enrolled in and log into online banking
- Enrolled in and receive e-Statements
There is no minimum deposit requirement to open, no monthly service, and no minimum balance requirement to earn rewards.
Thanks to DA reader, thowellIII (whose name always makes me smile), for his Forum post about Financial One Credit Union.
Headquartered in Columbia Heights (a first-ring northern suburb of Minneapolis), Financial One Credit Union’s field of membership is primarily residency based.
Individuals who live, work, worship, or does business in Anoka County, the City of Champlin, or Northeast Minneapolis are eligible to join. Membership is also extended to the family of current members.
Individuals who are members of the Disabled American Veterans of Minnesota (DAV MN) are also eligible for membership.
Complete eligibility details are available on Financial One CU’s website.
Financial One CU’s general online application starts the process and following submission,
One of our representatives will contact you within one business day to complete the process.
Joining the Credit Union and/or opening a Share Certificate can be done at any of the three Minnesota branches located in Blaine, Columbia Heights, and Coon Rapids. Unlike the Share Certificate, the Kasasa Cash account can be opened online.
Credit Union Overview
Financial One Credit Union (NCUA Charter # 64287) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 11.53% (above average), based on December 31, 2015 data. In the past year, Financial One CU increased its total deposit by $10.23 Million, an excellent annual growth rate of 15.75%. Please refer to our financial overview of Financial One Credit Union for more details.
Originally chartered in 1933 as Columbia Heights Credit Union, Financial One Credit Union has maintained is community charter and community commitment throughout its 83-year history. Financial One CU was the recipient of a NerdWallet.com grant to help establish the "GenY Program," which will provide tools and real-life guidance to enable young people to maintain their finances.
How the CD Compares
When compared to the 212 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the Minneapolis-St. Paul metropolitan area, Financial One Credit Union's 20-month CD Special currently tops the list.
How the Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available to Minneapolis-St. Paul metropolitan area residents and earn rewards on balances of at least $25k, Financial One Credit Union’s Kasasa Cash APY currently ranks in the top three.
The above rates are accurate as of 3/18/2016.
To look for the best nationwide Reward Checking Account rates and the best Reward Checking Account rates in your state, please refer to our High Yield Reward Checking Account rates table or our new Rates Map page.