For the past 18 months, First Federal Credit Union (First Federal CU) has offered a variety of CD Specials. The latest include a 16-month CD Special (1.50% APY) and a 29-month CD Special (2.00% APY), with the latter being the most competitive.
Both 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to CSR, the Early Withdrawal Penalty for the CD Specials is formula-based, using the variables of the amount being withdrawn and the amount of time left until maturity.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.
First Federal recently announced plans to build an additional branch in Cedar Rapids, with a projected opening date somwhere between 12-24 months.
Credit Union Overview
First Federal Credit Union (NCUA Certificate # 24673) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 10.22% (excellent) based on June 30, 2016 data. In the past year, First Federal CU has increased its total deposits by $3.38 million, an excellent annual growth rate of 4.1%. Please refer to our financial overview of First Federal Credit Union for more details.
Founded in 1926, First Federal Credit Union is located in Iowa’s 2nd most populated county and serves over 7,600 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 Special Compares
When compared to the 378 similar length-of-term CDs tracked by DepositAccounts.com that are available within the field of membership, First Federal Credit Union's 29-month CD Special APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 11/30/2016.