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
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%.
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.
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.
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:
- Members of twelve merged Credit Unions
- Military relationship
- Family or household members
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.
The above rates are accurate as of 2/21/2017.