Minnesota-based Great River Federal Credit Union (Great River) has added two 37-Month CD Specials, both offering exceedingly competitive rates. The Classic Advantage CD Special currently earns 4.02% APY, with the Premier Advantage CD Special earning 4.07% APY. The minimum opening deposit is $500, with a cap of $250k. At least 50% of the opening deposit must be new money, simply defined as funds not on deposit with Great River.
This limited-time offer has no end-date specified and will “end at the Credit Union’s discretion.” About a year ago, Great River introduced an exceedingly competitive CD Special, and due to overwhelming response, it stopped accepting applications just a few days after my post. So please keep that in mind if you try to apply for this CD.
The CD Specials are also available as IRA CD Specials (Traditional and Roth), earning the same APYs with the same deposit requirements.
Classic Advantage and Premier Advantage
Classic Advantage and Premier Advantage, refer to the type of accounts offered by Great River, with Classic Advantage being the default:
Classic Advantage Accounts give you access to all of the products and solutions that the Credit Union has to offer, with no minimum balance requirement.
Premier Advantage Accounts reward our members for taking advantage of the various lending and savings products we have to offer. With a combined savings/checking account balance of $15,000, or an open loan above $15,000, Premier Members enjoy a $5 discount on safe deposit boxes, Share Certificate bonus of .05% APY, 1 Free box of checks per year, and free corporate checks.
The bump-up feature may be used once at any time throughout the 37-month term. In my opinion, the idea of the bump-up option is actually better than the reality of the bump-up. The bump-up rate would apply to a new 37-month CD Special rate and as the 37-month CD Special may “end at the Credit Union’s discretion,” there’s no guarantee there will even be any future 37-month CD Specials offering a higher rate.
Early Withdrawal Penalty
According to CSR, a CD Special can only be closed early: no partial withdrawals are allowed. As stated in the fine print on the Share Certificates page, the Early Withdrawal Penalty (EWP) reads as follows:
The penalty assessed on the amount withdrawn will equal: three months dividends on terms one year or less, six months dividends terms greater than one year.
Funding and Maturing Funds
According to CSR, funds must be on deposit at Great River before a CD Special can be opened. Great River participates in the CO-OP Shared Branch network, making the transfer of funds relatively easy. ACH and wire transfers can also be used to deposit funds.
Maturing funds can be distributed by check to the address on file or transferred to a Great River savings account. A maturity notice will be sent 20 calendar days prior to maturity. There is a ten day grace period before a 37-month CD Special renews as a 36-month CD.
Up to six beneficiaries (equal shares) can be designated. While Social Security numbers are not required for each name beneficiary, “they are greatly appreciated.”
New Member Checking Account Bonus
Great River is also offering a new member bonus of $100 for opening a checking account or credit card. In addition to opening the checking account, the new member must either establish direct deposit or make at least five debit card transactions within 60 days. Full details are available at this Great River bonus page.
Headquartered in St. Cloud, Minnesota, Great River Federal Credit Union joined the American Consumer Council (ACC) in May 2021, which allowed an expansion of the “field of membership (FOM) to include anyone who joins the ACC.” Prior to offering an easy membership requirement, the FOM was limited to three west central Minnesota counties.
Employees of more than 36 Minnesota Select Employer Groups also qualify for membership, as do immediate family members (siblings, parents, children) of current Grand River members.
Joining Grand River can be done online, through Great River’s Go Live-video chat, or at any of the seven Minnesota branches located in Big Branch, Foley, St. Cloud, Sartell, Sauk Centre, Sauk Rapids, and Waite Park.
Following the recent acquisition of two out-of-state credit unions (GEM Federal Credit Union and Four Flags Area Credit Union), Great River now has a brick-and-mortar presence in Minot, North Dakota and Niles, Michigan.
While checking and savings accounts can be opened online, CDs have to be opened in-branch or over the phone (888.211.5393). CSR stated that opening a CD can be done over the phone AFTER the membership application is approved and funds for the CD have been deposited in a Great River savings account.
Your initial $5 deposit entitles you to ownership of the credit union.
Readers have reported that a hard credit pull is done in the membership application process. This can ding your credit score.
Grand River has joined the CO-OP Shared Branch and ATM networks, giving its members,
nationwide access to over 5,600 shared branches to cash checks, make deposits, and withdraw money wherever you go! That’s not all, the CO-OP ATM Network has nearly 30,000 ATMs nationwide you can use for FREE!
Credit Union Overview
Great River Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.11% (excellent) based on March 31, 2022 data. In the past year, Great River has increased its total non-brokered deposits by $72.11 million, an excellent annual growth rate of 32.76%. Please refer to our financial overview of Great River Federal Credit Union (NCUA Charter # 24632) for more details.
Great River Federal Credit Union was originally chartered in 1948 as Machinist Federal Credit Union, serving the employees of Franklin Manufacturing’s refrigerator factory. The first rebrand (St. Cloud T&L Credit Union) occurred in 1964 when the FOM expanded to include a variety of other trade groups. The Great River name was chosen in 1999 because the FOM had grown to include more than 80 employer groups in Minnesota, the source of the Great River (aka, the Mississippi). In 2001, a community charter was adopted to include three Minnesota counties. Great River Federal Credit Union is currently the 18th largest credit union in Minnesota, with more than 19,000 members and assets in excess of $320 million.
How the 37-Month CD Specials Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Great River Federal Credit Union 37-month Premier Advantage CD Special and 37-month Classic Advantage CD Special. The following table compares the 37-month CD Specials to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 8/12/2022.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.