Greater Iowa Credit Union Adds 24-Month CD Special, 3.00% APY

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Deal Summary: CD Specials – 24-month (3.00% APY), 13-month (2.75% APY), $1k minimum

Availability: Residents of 33 Iowa counties; several SEGs; military relationship.

Greater Iowa Credit Union (GICU) is currently offering three CD Specials, which follow my “Special Rates Rule of Three” – one very competitive rate, one good rate, and one not-so-special rate. The competitive rate is the 3.00% APY offered on the 24-month CD Special, with the 13-month CD Special offering a good rate of 2.75% APY. The CD Specials can be opened with a $1k minimum deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$1k-Greater Iowa Credit Union24 Month CD Special
Rates as of July 22, 2019.

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

GICU’s Greater Checking account has been earning 3.04% APY on qualifying balances up to $20k since it was introduced almost four years ago.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.04*%-$20kGreater Iowa Credit UnionGreater Checking
OTHER TIERS: 0.15% $20k+
Rates as of July 22, 2019.

While the qualifying requirements haven’t changed since I last wrote about the Greater Checking account, there is a new $1k minimum daily balance requirement to earn the 3.04% APY.

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.
  • The Greater Checking account has no minimum balance requirement or monthly fees, and requires a minimum of $50 to open. There is a limit of one account per tax ID number per household. Nationwide ATM fees will be reimbursed up to $10 per month, if qualifying requirements are met.

    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 its 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

    Joining GICU must be done in person at any of eight Iowa branches located in Ames (3), Denison, Des Moines, Indianola, Waukee, and West Des Moines. While current GICU members can open a CD Special over the phone, that option is not available for those applying for membership.

    $5.00 minimum share balance required to open and maintain Primary Share.

    Easy But Limited Membership Requirement

    The lack of an online application is a real disappointment, as a possible “backdoor” into GICU exists. Article III, Section 3.1 of GICU’s Bylaws reads 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 13% of ISUAA’s membership. 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.

    Without a GICU online application or the ability to join either by phone or mail, I’m afraid this backdoor is more of a tiny window that's been painted shut. In hopes of finding a way around this limitation, I did a Live Chat and spoke with two different CSRs, but the answer was the same: you have to come into a branch to join GICU. If anyone can figure out a way to join without traveling to Central Iowa, let me know!

    Credit Union Overview

    Greater Iowa Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.97% (excellent) based on March 31, 2019 data. In the past year, Greater Iowa has increased its total deposits by $23.92 million, an excellent annual growth rate of 6.18%. 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, Greater Iowa Credit Union is currently Iowa’s tenth largest credit union, with more than 32,600 members and assets in excess of $470 million.

    How the CD Specials Compare

    When compared to 271 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Greater Iowa Credit Union’s 24-Month CD Special APY currently ranks first.

    Interest RateCD Length of TermCredit Union/Bank
    3.00% APY24-Month CD SpecialGreater Iowa Credit Union
    2.93% APY29-Month CD SpecialCommunity Choice Credit Union
    2.90% APY24-Month CDQuontic Bank

    When compared to 285 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Greater Iowa Credit Union’s 13-Month CD Special APY currently ranks third.

    Interest RateCD Length of TermCredit Union/Bank
    2.85% APY12-Month CDQuontic Bank
    2.80% APY1-Year e-CDHome Loan Investment Bank
    2.75% APY13-Month CD SpecialGreater Iowa Credit Union

    The above rates are accurate as of 7/5/2019.

    To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

    Related Pages: Omaha CD rates, Des Moines CD rates, 1-year CD rates, 5-year CD rates

    Comments
    Greater Iowa Credit Union Has New 22-Month CD Special

    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...

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    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,...

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    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.

    Continue Reading


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