Financial One Credit Union (Financial One CU) has raised the rates on two Share Certificate Specials: 9-month (1.09% APY) and 40-month (2.00% APY). The minimum deposit is $1k, with no stated balance cap.
Both Share Certificate Specials are also available as IRAs (Traditional, Roth, CESA, and SEP ) earning the same APYs, 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 account has earned 2.00% APY on qualifying balances up to $25k since it was added to the product line in June 2014. 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, but there is a limit of one Kasasa Cash account per SSN. Unlimited nationwide ATM fees will be refunded, with individual fees of $5 or higher requiring a receipt for reimbursement.
Headquartered in Columbia Heights (a first-ring northern suburb of Minneapolis), Financial One Credit Union’s field of membership is primarily residency based, with individuals who live, work, worship, or does business in Anoka County, the City of Champlin, or Northeast Minneapolis eligible to join.
Members of the Disabled American Veterans of Minnesota (DAV MN) are also eligible for membership.
Membership is also extended to the family of current Financial One CU members.
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 Financial One CU and/or opening a Share Certificate Special 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 4.85% (excellent), based on June 30, 2016 data. In the past year, Financial One CU increased its total deposit by $11.46 million, an excellent annual growth rate of 16.94%. 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 Share Certificate Specials Compare
When compared to the 334 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 9-month Share Certificate Special currently tops the list.
When compared to the 348 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 40-month Share Certificate Special APY currently ranks first.
How the Kasasa Cash Compares
When compared to the 32 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 four.
The above rates are accurate as of 11/23/2016.