Financial One Credit Union (Financial One) is currently offering a 58-month CD Special earning a competitive 3.45% APY. The minimum deposit is $1k, with no stated balance cap. This “limited-time” offer has been available since the beginning of the year. When asked about how long it might be available, CSR said that no end-date had been set.
The 58-month CD 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 (EWP) is a substantial "half of the interest that would be earned over the life of the CD, no matter when the withdrawal is made." Partial withdrawals are not allowed – only early closures. There is no limit on the number of 58-month CD Specials that can be opened by a member, which could be helpful. If you’re concerned with the onerous EWP should you need to access a portion of your funds, opening ten CD Specials ($10k each) rather than one CD Special ($100k) might be a handy solution.
Headquartered in Columbia Heights (a first-ring northern suburb of Minneapolis), Financial One Credit Union’s field of membership (FOM) 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 included in Financial One's FOM.
Family members of current Financial One members are welcome to apply.
Joining the Financial One and/or opening a CD Special can be done at any of the three Minnesota branches located in Blaine, Columbia Heights, and Coon Rapids.
Open a Membership Savings account with as little as $10.
This account solidifies and maintains your relationship with Financial One.
Financial One’s online membership application is essentially a “Contact Me” form, and following submission,
One of our representatives will contact you
within one business day to complete the process.
Financial One is part of the CO-OP Shared Branching network, which means,
Members can bank at over 5,000 credit union locations nationwide!
Cash checks, transfer funds, make payments and more. Best of all, it's free.
Credit Union Overview
Financial One Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.71% (excellent), based on December 31, 2018 data. In the past year, Financial One CU has increased its total non-brokered deposits by $10.93 million, an excellent annual growth rate of 11.77%. Please refer to our financial overview of Financial One Credit Union (NCUA Charter # 64287) for more details.
Originally chartered in 1933 as the Columbia Heights Credit Union, Financial One Credit Union has maintained its community charter and community commitment throughout its 86-year history. In a recent press release, Financial One announced it had been named “top provider of member value in Minnesota” in Callahan & Associates Return of Member (ROM) scoring system.
ROM captures all aspects of a member’s relationship with a credit union, using a calculation that considers three core functions: Return to Savers (savings), Return to Borrowers (lending), and Member Service Usage (product usage).
We are happy to announce that Financial One Credit Union scored 86.64% in Return to Savers, 82.03% in Return to Borrowers, and 74.49% in Member Service Usage, for a total ROM score of 97.59% (out of a possible 100).
How the CD Special Compares
When compared to 298 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Financial One Credit Union's 58-month CD Special currently tops the list.
The above rates are accurate as of 5/29/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.