Greater Iowa Credit Union Has New 22-Month CD Special

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UPDATE 2/21/2017: Greater Iowa Credit Union may have an Easy Membership Requirement. Details in the Availability Section below.

Deal Summary: 22-month CD Special, 1.81% APY, $1k minimum

Availability: Residents of 33 Iowa counties; several SEGs; members of previously merged credit unions; military relationship.

Greater Iowa Credit Union (GICU) has been quite prolific with its CD Specials, which change on a monthly basis. One of this month’s offerings is a 22-month CD Special (1.81% APY). The minimum opening deposit is $1k, with no stated balance cap. A 11-month CD Special is also available, but the APY is only 0.70%.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.81%$1k-Greater Iowa Credit Union22 Month CD Special
1.81%$1k-Greater Iowa Credit Union22 Month IRA Special (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of February 26, 2017.

The 22-month CD Special is available as an IRA (Traditional, Roth, CESA) earning the same APY, with the same funding requirements.

As stated on the Deposit Rates page, the Early Withdrawal Penalty reads as follows:

Early withdrawal penalty of 90 days of interest will be imposed on certificates with a term of
one year or less and 180 days of interest on certificates with a term greater than one year.

Greater Checking

More than a year ago, GICU introduced its Greater Checking account, which continues to earn 3.04% APY on qualifying balances up to $20k. I have discussed this Rewards Checking Account in greater detail in a June 2016 blog post.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.81%$1k-Greater Iowa Credit Union22 Month CD Special
1.81%$1k-Greater Iowa Credit Union22 Month IRA Special (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of February 26, 2017.

Availability

Headquartered in Ames, Greater Iowa Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in the following 33 Iowa counties eligible to join.

Iowa Counties - Adair, Audubon, Boone, Butler, Calhoun, Carroll, Clarke, Crawford, Dallas, Franklin, Greene, Grundy, Guthrie, Hamilton, Hardin, Harrison, Ida, Jasper, Lucas, Madison, Marion, Marshall, Monona, Polk, Poweshiek, Sac, Shelby, Story, Tama, Warren, Webster, Woodbury, and Wright.

Greater Iowa’s FOM is spelled out in greater detail on the website, listing 25 different ways to qualify for membership that can be categorized as follows:

  • SEGs
  • Members of twelve merged Credit Unions
  • Military relationship
  • Family or household members

The application process can be started online, but must be completed by mail or in person at any of seven Iowa branches located in Ames (3), Denison, Des Moines, Indianola, and West Des Moines.

UPDATE: Easy membership requirement.

Thanks to DA reader, Kaight, for her comment about a possible “backdoor” into GICU.

Article III, Section 3.1 of GICU’s Bylaws states in part,

Membership of this credit union shall consist of and be limited to:

#2 - Members of the Iowa State University Alumni Association

Iowa State University Alumni Association (ISUAA) is made of up “alumni, students, and friends of Iowa State University” who live throughout the world. “Friends” are non-alumni and account for more than 12% of ISUAA’s membership. As Kaight pointed out, a one-year membership, either single or joint, costs $57. You can join ISUAA either online or by filling out the printable Membership form and returning it by mail.

Credit Union Overview

Greater Iowa Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.91% (excellent) based on September 30, 2016 data. In the past year, Greater Iowa has increased its total deposits by $28.51 million, an excellent annual growth rate of 9.18%. Please refer to our financial overview of Greater Iowa Credit Union (NCUA Charter # 64203) for more details.

Established in 1932 as the Iowa State College Building and Grounds Credit Union with nine members, today’s Greater Iowa Credit Union is currently Iowa’s ninth largest credit union, with over 29,600 members and assets in excess of $395 million.

How the CD Special Compares

When compared to the 261 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Greater Iowa Credit Union’s 22-Month CD Special APY currently rank second.

Interest RateCD Length of TermCredit Union/Bank
1.91% APY28-Month CD SpecialCollins Community Credit Union
1.81% APY22-Month CD SpecialGreater Iowa Credit Union
1.60% APY23-Month CD SpecialConnexus Credit Union

The above rates are accurate as of 2/21/2017.

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

Comments
Kaight
Kaight   |     |   Comment #1
Thank you for posting this, Ken. That 22 month CD, at a decent rate of return, is of a type I believe many are today seeking. To wit: Relatively short stuff that pays OK. The recent INOVA deal was in the same ball yard.

With Trump at the helm many folks believe rates could ascend. We don't know exactly when. But most of us believe it will be in a good deal less than five years. So these relatively shorter deals can, for some individuals, provide a bridge. Now if only I had a way into this CU I might well decide to participate on this one. But right now I cannot identify a way in. It is noteworthy, though, that this is another Iowa deal. From what I can see, Iowa is second only to the Washington, D.C. area when it comes to being a hotbed for great CD deals. Only problem is for most of the Iowa deals, Veridian excepted, joining presents a high hurdle.
Kaight
Kaight   |     |   Comment #2
Oops, sorry. There IS an easy way to join this CU. The $57 ticket is a little pricey, though, but it might be worth considering depending on the size of the CD you want to open. Fifty-seven bucks gets you into the Iowa State Alumni Association . . . and presumptively into GICU.

Years ago I joined the Fresno State AA (Go Bulldogs!!) to gain entry into a CU in the Fresno area.  Of course I live thousands of miles away from Fresno and have never visited the Fresno State campus.  But I have no regrets. I didn't maintain my FSAA membership. But I remain a member of that CU! So I dunno. Ken says GICU offers a "prolific" ongoing string of specials. Hmmmmmm. For fifty-seven bucks it might be worth joining.

Caveat:

I have not personally sought to gain GICU membership by joining the ISAA.  You need to do the requisite checking yourself BEFORE attempting this maneuver.  If I decide to spend the money and try to gain entry that way, I will post my outcome.  Until then, you are on your own.  Neither life, nor this proposed way into GICU, comes with a guarantee.  Do the research before you plunk down fifty-seven bucks!!  
Ken Tumin
Ken Tumin   |     |   Comment #3
Thanks Kaight. If you or anyone gives this path to membership a try, posting your experience in the comments would be greatly appreciated.
itserich
itserich   |     |   Comment #4
It is worth noting, the highest rate is also a credit union located in Iowa. I don't understand why rates are so high in Iowa, but they have been high since at least mid 2015.
???
???   |     |   Comment #6
I posted away back when, that DC and Iowa were going to be active.
DC because of the political influence and IA because of ethanol .
Info from word of mouth
!!!
!!!   |     |   Comment #7
If the production of ethanol wasn't subsidized by our tax dollars, it would be a loosing proposition. Almost everything revolves around money and politics.
LuvCD
LuvCD   |     |   Comment #8
Welcome to America!
Carpline
Carpline   |     |   Comment #9
Don't forget Massachusetts!
Bozo
Bozo   |     |   Comment #5
"Iowa Stubborn", one of my favorites from "The Music Man". As they said, "ya got to give Iowa a try".
Greater Iowa Credit Union Adds 27-Month CD Special
Availability: Residents of 33 Iowa counties; several SEGs; members of previously merged credit unions; military relationship.

Two months ago, Greater Iowa Credit Union (GICU) was promoting a 19-month CD Special (1.61% APY). That CD Special is no longer available, but GICU is currently offer a 27-month CD Special (1.81% APY). The minimum opening deposit is $1k, with no stated balance cap. A far-less competitive 11-month CD Special (0.70% APY) is also available.

The 27-month CD Special is available as an IRA (Traditional, Roth,...

Continue Reading
Greater Iowa CU Features 19-month CD Special
Availability: Residents of 33 Iowa counties; several SEGs; members of previously merged credit unions; military relationship.

Greater Iowa Credit Union (Greater Iowa) is currently offering a 19-month CD Special (1.61% APY). The minimum opening deposit is $1k, with no stated balance cap. A far-less competitive 10-month CD Special (0.70% APY) is also available.

The 19-month CD Special is available as an IRA (Traditional, Roth, CESA) earning the same APY, with the same funding requirements.

As stated on the Deposit Rates page, the Early Withdrawal Penalty...

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Greater Iowa CU Adds New RCA: Greater Checking Account
Availability: Residents of 33 Iowa counties; several SEGs; members of previously merged credit unions; military relationship.

Greater Iowa Credit Union (Greater Iowa) has added a new reward checking account: Greater Checking, which earns 3.04% APY on qualifying balances up to $20k. Qualifying balances over $20k earn 0.15% APY, with non-qualifying balances earning 0.01% APY.

Greater Checking Qualifying Requirements

  • Open and maintain a share account ($5).
  • Have at least 20 debit card purchases.
  • Have one Direct Deposit of at least $100, or one Bill Pay transaction.
  • Be enrolled in eStatement.
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