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.
|1.81%||$1k||-||Greater Iowa Credit Union||27 Month CD Special|
|1.81%||$1k||-||Greater Iowa Credit Union||27 Month CESA Special|
|1.81%||$1k||-||Greater Iowa Credit Union||27 Month IRA Special (Traditional, Roth)|
The 27-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
Credit Union Overview
Greater Iowa Credit Union (NCUA Charter # 64203) 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 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 265 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Greater Iowa Credit Union’s 27-Month CD Special APY currently rank second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.91% APY||28-Month CD Special||Collins Community Credit Union|
|1.81% APY||27-Month CD Special||Greater Iowa Credit Union|
|1.65% APY||26-Month Customized Jump Up eCD||Northwest Bank|
The above rates are accurate as of 1/9/2017.