University of Iowa Community Credit Union (UICCU) has added a 19-month CD Special and a 9-month CD Special, with the 19-month having the more competitive rate: 2.90% APY ($100k+), 2.80% APY ($10k+), and 2.70% APY ($1k+).
The Early Withdrawal Penalty cannot be found on UICCU’s website. In various phone conversations and Live Chats it’s been explained in a variety of ways, but the following Live Chat quote is the best explanation I’ve received:
Whatever amount you request as the early withdrawal amount, whether it is part of the balance or the entire balance, we calculate interest that would have accrued for 12 months on the amount requested and that is the penalty.
If there are fewer than 12 months remaining [on the term], it would be the interest that would have accrued for the remaining number of months on the requested amount you are withdrawing.
39-month Bump Option CD Special
I wrote about the 39-month Bump Option CD Special about three weeks ago. That CD is still available today earning the same tiered APYs.
The Deposit Rates page describes the Bump Option as follows:
Bump-Up CD has a one-time rate increase option that allows you to increase the rate
for the remaining term of the CD to match the current rate on a CD of equivalent terms.
Headquartered in North Liberty, University of Iowa Community Credit Union is currently the largest credit union in Iowa and the 33rd largest credit union in the country, with more than 175,000 members and deposits in excess of $3.9 billion.
In addition to University of Iowa students, staff, and alumni, membership is open to individuals who live or work anywhere in Iowa or in the Illinois counties of Henry, Knox, Mercer, and Rock Island (Quad Cities area).
“Direct” relatives of current members are also welcome to join. (You must provide your relative’s UICCU member number when applying.)
Joining UICCU and/or opening a CD Special can be done online, or in person at any of 16 full-service Iowa branches located in Bettendorf, Cedar Falls, Cedar Rapids (3), Coralville, Grinnell, Hiawatha, Iowa City (3), Marion, North Liberty, Waterloo, Waukee, and West Des Moines.
UICCU also participates in the Allpoint ATM Network, providing its members with free access to over 43,000 ATMs throughout the country.
Credit Union Overview
University of Iowa Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.28% (excellent), based on June 30, 2018 data. In the past year, UICCU increased its total non-brokered deposits by $465.78 million, an excellent annual growth rate of 16.23%. Please refer to our financial overview of University of Iowa Community Credit Union (NCUA Charter # 60269) for more details.
Established in 1938 as the State University of Iowa Hospital Employees Credit Union, the original membership included the staff of University Hospital exclusively. In 1966, the FOM was expanded to serve all staff, students, and alumni and the Credit Union was renamed the University of Iowa Credit Union. “Community” was added to the name in 1988 when the charter changed to include Iowa residents who weren’t affiliated with the University of Iowa.
Another name change will occur in less than a year:
Iowa Governor Kim Reynolds recently signed the state’s budget bill into law. This bill carries an amendment stating that credit unions "shall not include the name of any public university located in the state in its name.” This requires University of Iowa Community Credit Union (UICCU) to change its name by April 30 of next year. The UICCU Board of Directors met on June 9th and voted unanimously to comply with the law and move forward with the change.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to Iowa residents, University of Iowa Community Credit Union’s 19-month CD Special two top APYs currently rank third and fifth, regardless of minimum deposit.
The above rates are accurate as of 9/22/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.