The new month has brought new rates to the two CD Specials offered by Iowa-based GreenState Credit Union (GreenState). The 13-month CD Special (2.30% APY) and 26-month CD Special (2.80% APY) both gained 30 bps. The minimum opening deposit for either CD Special is $1k, with no stated balance cap.
In the past eight years, I’ve written about 30 blog posts about GreenState’s limited-time CD Specials. In the past, a CD Special was usually available for at least a month, but in the past eight months, the “limited-time” seems to have grown longer.
As stated in the fine print on the Savings page, the Early Withdrawal Penalty reads as follows:
Certificates with a term of less than a year will be calculated equal to the number of days in the certificate term.
Certificates with terms of a year or longer will be charged 365 days of dividends. Loss of principal investment is possible.
According to CSR, the first step in opening a CD Special is opening a Share Savings account that can be funded by credit card, or through an external checking or savings account.
You can then move money by connecting accounts in Online Banking, sending a check, or calling us with card information over the phone. The last option does have a fee of $26.50.
Once the CD matures, we can put the funds into the attached savings account and then you can request a check be mailed.
Unfortunately, ACH and wire transfers are still not available for outgoing funds and GreenState doesn’t participate in the CO-OP Shared Branch network, either.
Headquartered in North Liberty, Iowa, GreenState Credit Union’s field of membership (FOM) began to include all U.S. citizens/resident aliens in early 2020, and the GreenState online application made it easy for out-of-area individuals to join. That online application was short-lived. By the end of 2020, there was no option in the online application to join via an association.
GreenState’s online application continues to lack an option to join via an association, but as described in GreenState’s Become a Member page, GreenState membership is open to:
Members of the Iowa Consumer Council/American Consumer Council.
According to a GreenState official, any out-of-area individual interested in joining can call the toll-free number (800.397.3790) and will be given instructions on how to join GreenState via the Council membership.
Field of Membership
Residency: Anyone who lives or works anywhere in Iowa, or in a county in qualifies for membership. Those counties are,
- Illinois – Carroll, DuPage, Hancock, Henderson, Henry, Jo Daviess, Knox, Mercer, Rock Island, Warren, Whiteside, Will (north of I-80)
- Nebraska – Burt, Cass, Dakota, Douglas, Otoe, Sarpy, Thurston, and Washington
- South Dakota – Brookings, Lincoln, Minnehaha, Moody, and Union
- Wisconsin – Crawford, Grant, and Lafayette
School Affiliation: All University of Iowa students, staff, and alumni qualify for membership.
Family Relationship: Direct relatives of current members are also welcome to apply.
Organization Relationship: Members of the Iowa Consumer Council/American Consumer Council are eligible to join.
Joining GreenState can be done online,, by phone (800.397.3790), or in person at any of 23 Iowa branches located in Ankeny, Bettendorf, Cedar Rapids (3), Clive, Coralville, Davenport, Des Moines (2), Dubuque, Fort Dodge (2), Grinnell, Iowa City (3), Marion, North Liberty, Urbandale, Waterloo, Waukee, and West Des Moines.
Following the completion of the acquisition of Oxford Bank & Trust (Oak Brook, Illinois), GreenState now has six Illinois branches, located in Addison (2), Naperville (2), Plainfield, and Westmont.
Appointments with a staff member at your local branch are recommended for any services beyond standard teller window services.
Establishing a GreenState membership requires a minimum $5 deposit in a share savings account. Once a membership is established, opening a CD Special can be done online, by phone (800.397.3790), or at any of the above-mentioned branch locations.
GreenState participates in the CO-OP ATM network, but not the Shared Branch network. GreenState also belongs to the Allpoint ATM Network, providing its members with free access to over 43,000 ATMs throughout the country.
Credit Union Overview
GreenState Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.30% (excellent), based on March 31, 2022 data. In the past year, GreenState increased its total non-brokered deposits by $863.42 million, an excellent annual growth rate of 17.05%. Please refer to our financial overview of GreenState Credit Union (NCUA Charter # 60269) for more details.
GreenState Credit Union is currently the largest credit union in Iowa and the 21st largest credit union in the country, with nearly 370,000 members and assets in excess of $9.4 billion. Established in 1938 as the State University of Iowa Hospital Employees Credit Union, the original membership was exclusive to the staff of University Hospital. In 1966, the FOM was expanded to serve all University of Iowa staff, students, and alumni and was aptly renamed the University of Iowa Credit Union. The FOM expanded further in 1988, when all Iowa residents not affiliated with the University of Iowa were added.
In 2019, an Iowa State Legislature budget bill requirement forced UICCU to rebrand and the credit union turned to its membership to suggest names. At first, the choice of “GreenState” was a bit controversial, as some members saw it as a political statement. In fact, the member who suggested “GreenState” came up with the name as he was flying across Iowa: as he looked out the plane’s window, all he could see was green.
How the 13-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the GreenState Credit Union 13-month CD Special. The following table compares the 13-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 26-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the GreenState Credit Union 26-month CD Special. The following table compares the 26-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 7/5/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.