For three years, First Federal Credit Union (First Federal) has regularly offered CD Specials with competitive rates. The latest offerings include a 48-month (3.00% APY), 24-month (2.50% APY), and 12-month (2.25% APY). As of this writing, all three APYs are the highest rates available anywhere in their respective length-of-term categories.
The CD Specials require a $10k minimum opening deposit of new money, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the CD Specials is formula-based, using the variables of the amount being withdrawn and the amount of time left until maturity.
Headquartered in Hiawatha, Iowa, First Federal Credit Union’s field of membership (FOM) is residency based. Since I last wrote about First Federal in October, a merger with Eaton Employees Credit Union has added three Iowa counties to the FOM. First Federal now offers membership to individuals who live, work, or worship in the counties of Buena Vista, Clay, Dickinson, and Linn.
While First Federal CU does have an online banking platform for account management, bill payments, and loan applications, joining First Federal and/or opening a CD Special requires an in-person visit to any of four Iowa branches located Cedar Rapids (2), Hiawatha, and Spencer.
Credit Union Overview
First Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.53% (excellent) based on September 30, 2017 data. In the past year, First Federal has increased its total non-brokered deposits by $8.58 million, an excellent annual growth rate of 10.26%. Please refer to our financial overview of First Federal Credit Union (NCUA Charter # 24673) for more details.
Founded in 1926, First Federal Credit Union is headquartered in Iowa’s second most populated county and serves over 6,800 urban and rural residents. The Credit Union’s story is reflective of Midwest values: work diligently and good things will happen. As part of its 90th anniversary celebration, First Federal CU committed,
to 90 separate days of volunteer activity. During the summer, our 20 employees gave over 250 hours of service in a variety of ways. The celebrating is over, but our service continues! Employees will be in the community, in schools, churches, organizations and groups donating their time and resources.
How the CD Specials Compare
When compared to the 322 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available to Iowa residents, First Federal Credit Union's 48-month CD Special APY currently ranks first.
When compared to the 380 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available to Iowa residents, First Federal Credit Union's 24-month CD Special APY currently shares the top spot with Banesco USA’s 24-month CD APY.
When compared to the 398 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available to Iowa residents, First Federal Credit Union's 12-month CD Special APY currently ranks first.
The above rates are accurate as of 3/5/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.