First Federal Credit Union (IA) Has Three New CD Specials

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Deal Summary: CD Specials – 8-month, 0.60% APY; 18-month, 0.80% APY; 60-month, 1.05% APY; $10k minimum deposit.

Availability: Residents of the Iowa counties of Buena Vista, Clay, Dickinson, and Linn.

For more than six years, First Federal Credit Union (First Federal) CD product line has consisted of a series of limited-time CD Specials, usually three or four offered at one time. The latest offerings include an 8-month (0.60% APY), 18-month (0.80% APY), and 60-month (1.05% APY). Any of the CD Specials can be opened with a minimum $10k deposit, with no stated balance.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.05%$10k-First Federal Credit Union 60 Month CD Special
0.80%$10k-First Federal Credit Union 18 Month CD Special
0.60%$10k-First Federal Credit Union 8 Month CD Special
Rates as of September 23, 2021.

The Early Withdrawal Penalty (EWP) for the CD Specials has always been a bit of a mystery: there’s no Truth-in-Savings disclosure provide on the website and no CSR has ever been able to explain it to my satisfaction. I’ve been told a number of times that the EWP is formula-based, using the amount being withdrawn and the amount of time left until maturity as the determinant for the penalty.

Availability

Headquartered in Hiawatha, Iowa, First Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, or worship in the counties of Buena Vista, Clay, Dickinson, or Linn, eligible for membership.

Since the 2018 merger between First Federal and Eaton Employees Federal Credit Union, an online membership application has been added to First Federal’s website.

While checking, savings, and money market accounts can be now be opened online, opening a CD still requires a visit to any of five Iowa branches located in Cedar Rapids (2), Hiawatha, Marion, and Spencer. Member Services (319.743.7806) can start the process of opening a CD, but an in-person visit is needed for ID verification for new members.

A minimum $5 deposit into a Share Savings account establishes a First Federal membership.

First Federal does not belong to the Shared Branch network but,

As a first Federal debit cardholder, you have access to thousands of FREE ATMs across the country. In the state of Iowa, look for the pink and black Shazam Privilege Status logo; this means there is no fee to use the ATM. When traveling out of state, avoid the irritating surcharge fees by using an ATM belonging to the MoneyPass network.

Credit Union Overview

First Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of *9.08% (excellent) based on March 31, 2021 data. In the past year, First Federal has increased its total non-brokered deposits by $13.86 million, an excellent annual growth rate of 11.39%. 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 currently Iowa’s 17th largest credit union, with more 11,300 members and assets in excess of $187 million. Headquartered in Linn County (Iowa’s second most populated county), First Federal has just announced it has entered into a purchase and assumption agreement with Northeast Security Bank, to acquiring the bank’s Urbana branch location. According to a recent Corridor Business Journal article,

“This is an exciting opportunity for First Federal and its members,” Tom Chalstrom, president and CEO of First Federal Credit Union, stated. “We look forward to being part of the Urbana and Benton County community.”

Urbana is set to become the sixth branch part of the First Federal Credit Union, joining two Cedar Rapids locations, Hiawatha, Marion and Spencer.

The board of directors of each organization unanimously approved the proposed branch acquisition. The purchase should be finalized in the fourth quarter of 2021, subject to regulatory approvals as well as other customary closing conditions.

Former customers of the NSB Urbana branch will become members of First Federal Credit Union as soon as the transaction is finalized.

How the CD Specials Compare

When compared to the 204 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, First Federal Credit Union's 18-month CD Special APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
1.00% APY18-Month Certificate Special ($500k min)USALLIANCE Financial
0.80% APY18-Month CD Special ($10k min)First Federal Credit Union
0.75% APY17-Month CD Special ($1k min)GreenState Credit Union

When compared to 260 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, First Federal Credit Union's 8-month CD Special APY currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
0.75% APY9-Month CD Special ($1k min)Veridian Credit Union
0.70% APY7-Month Fixed CD ($500 min)Lafayette Federal Credit Union
0.60% APY8-Month CD Special ($10k min)First Federal Credit Union

The above information and rates are accurate as of 8/30/2021.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Sioux City CD rates, Cedar Rapids CD rates, 1-year CD rates, 5-year CD rates

Comments
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