For more than two years, First Federal Credit Union (First Federal) has offered a variety of CD Specials with attractive rates. The latest offering includes a 10-month (1.75%), 20-month (2.00%), and 30-month (2.25% APY) CD Special. Of the three, the 10- and 20-month are the most competitive.
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to CSR, the Early Withdrawal Penalty for the CD Specials is formula-based, using the variables of the amount being withdrawn and the amount of time left until maturity.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 is residency based, with individuals who live, work, or worship in Linn County, Iowa, eligible for membership.
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 requires an in-person visit to either of two Iowa branches located Cedar Rapids and Hiawatha.
The new Cedar Rapids branch on Westdale Parkway will be opening in November 2017.
Credit Union Overview
First Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.82% (excellent) based on June 30, 2017 data. In the past year, First Federal has increased its total deposits by $3.38 million, an excellent annual growth rate of 8.46%. 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 located in Iowa’s 2nd most populated county and serves over 7,500 urban and rural residents. The Credit Union’s story is reflective of Midwest values: work diligently and good things will happen. In celebration of its 90th anniversary, 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 208 similar length-of-term CDs tracked by DepositAccounts.com that are available within the field of membership, First Federal Credit Union's 20-month CD Special APY currently ranks second, regardless of minimum deposit.
When compared to the 285 similar length-of-term CDs tracked by DepositAccounts.com that are available within the field of membership, First Federal Credit Union's 10-month CD Special APY shares the top spot with INOVA Federal Credit Union’s 14-month CD, regardless of minimum deposit.
The above rates are accurate as of 10/17/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.