UPDATE 5/21/2015: Rates were dropped on 5/20/2015.
Every so often, great rates appear where you might least expect them, and that’s exactly what happened today when Greater Nevada Credit Union (Greater Nevada CU) raised the rates on four of its CDs: 18-month CD (1.50% APY), 24-month CD (2.00% APY), 36-month CD (2.50% APY), and 48-month CD (3.00% APY).
The minimum opening deposit for any these CDs is $1K, with no maximum balance cap. The CDs are also available as IRAs (Traditional and Roth) earning the same APYs and with the same funding requirements.
These rates are a limited-time offer, although no specific end date is stated on Greater Nevada CU’s website. When I asked how long the rates would be available, CSR replied, "It could be a day; it could be a week; it could be a month," which translates to "if you’re interested, move quickly."
I did receive some conflicting information concerning the Early Withdrawal Penalty (EWP). CSR stated that the EWP on all the CDs was 30 days interest, but the Important Account Information brochure seems to contradict that statement:
If your account has an original maturity of two years or less: The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of more than two years: The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
As always, it's wise to confirm any statements made by CSR with written documentation, whenever possible.
Headquartered in Carson City, Greater Nevada Credit Union offers membership to all individuals who live or work in any Nevada county. In addition, anyone related to a current Greater Nevada CU member by blood, marriage or adoption, AND lives in the same household is eligible for membership.
Greater Nevada CU also has a "Refer A Friend" promotion that pays $25 to you and $25 to the new member when they open a new membership and checking account. This offer is valid for checking accounts opened before July 31, 2015.
Credit Union Overview
Greater Nevada Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.14% (excellent), based on December 31, 2014 data. In the past year, Greater Nevada CU increased its total deposits by $55.82 Million, an excellent annual growth rate of 13.75%. Please refer to our financial overview of Greater Nevada Credit Union for more details.
Founded in 1949, Greater Nevada Credit Union (NCUA Certificate # 68228) is Nevada’s second largest credit union, with 48,000+ members and assets in excess of $515 Million. Since 2008, Greater Nevada CU has been consistently recognized in the Reno/Tahoe Best Places to Work Awards, and recently was honored as being one of the top three employers in the large business category.
How the CDs Compare
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Nevada residents, Greater Nevada Credit Union’s limited-time rates currently rank first in all term lengths.
The above rates are accurate as of 5/15/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.