Hiway Federal Credit Union Continues Easy Membership Requirement

UPDATE 10/9/2020: DA was contacted by Hiway Federal Credit Union’s marketing department concerning the upcoming change to a state charter.

Hiway Federal Credit Union is in the process of a charter change (going from a Federal Charter to a State Charter) but our field of membership, including the ability for anyone who is a member of the Minnesota Recreation and Park Foundation (MRPF) or the Association of the United States Army (AUSA), to join Hiway is not affected.

The announcement of the charter change on Hiway Federal Credit Union’s (Hiway FCU) website does not address the EMR, but I should have known that absence of evidence is not evidence of absence. I apologize for any confusion this may have caused.

We are excited to announce that our membership has voted in favor of Hiway’s proposed charter change, to move from a federal charter to a Minnesota state charter in our 89th year of operation. The proposal is now pending final approval from our regulatory agencies. Upon final approval, the charter change will be effective December 1, 2020. At that time, we will be able to provide services to all who live, work, worship, volunteer or attend school in the seven-county metro area (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington).

DA reader, Infinityy, posted the following in the Forum last week.

Hiway is converting to a state charter as of December 1, 2020,
which will remove the nationwide easy membership option.

As Infinityy pointed out, Hiway FCU has had a history of competitive CD rates, “so you may want to join before December if you are outside of their branch footprint.”

The most competitive CD rates currently available at Hiway FCU are the 36-47 month (up to 1.20% APY, $25k) and 48-59 month (up to 1.30% APY, $25k).

The CDs are also available as IRA CDs (Traditional, Roth, and CESA) earning the same tiered APYs with the same deposit levels.

As stated in Certificate Accounts Disclosure, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of 24 to 47 months,
the penalty we may impose will equal 180 days dividends.

If your account has an original maturity of greater than 47 months,
the penalty we may impose will equal 365 days dividends.

Funding and Accessing Maturing Funds

In a Live Chat, CSR stated, “The easiest way to fund a certificate is to have the funds available in your share savings. Once the funds are in your savings, we can open the certificate and transfer [the funds] in.” Funds can be transferred into a share savings account by ACH, wire, or check. Hiway FCU also participates in the CO-OP Shared Branch network, providing members easy access to their Hiway FCU accounts, no matter where they live.

There is a 14-day grace period before a certificate automatically renews. Maturing funds can be distributed by cashier’s check or wire, or “depending on the amount, transferred through online banking to an external source.”

Unlimited beneficiaries (equal shares) can be named and Social Security numbers are required.

Hi Yield Checking

Hiway FCU also has a competitive reward checking account, Hi Yield Checking, which currently earns 2.22% APY on qualifying balances up to $25k.

For complete details about the Hi Yield Checking account, please refer to my August 19, 2020 blog post.

Availability

Headquartered in Saint Paul, Minnesota, Hiway Federal Credit Union’s field of membership (FOM) provides a way to join for almost every US citizen or resident alien, at least for the next seven weeks. (After December 1, 2020, the FOM will consist of include individuals who live, work, worship, volunteer, or attend school in Minnesota counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, or Washington.)

Easy Membership: Anyone who joins the Minnesota Recreation and Park Foundation (MRPF) or the Association of the United States Army (AUSA) is eligible to join Hiway FCU.

MRPF is a non-profit organization dedicated to promoting recreation and parks for the purpose of enhancing the quality of life in Minnesota communities. There is a one-time $10 fee required to join.

AUSA is a private, non-profit educational organization that supports America’s Military-Active Army, Army National Guard, Army Reserve, Government Civilians, Retires, Veterans, Disabled Veterans, Family Members and Civilians. There is a one-time $40 fee required to join.

Residency: Individuals who live, work, worship, or attend school in the Saint Paul/Minneapolis Metro Community Area are eligible to join.

Employment: Employees of more than 220 Select Employee Groups (including the Minnesota Department of Transportation, Minnesota Department of Public Safety, and Minnesota National Guard) are eligible to join.

Personal Relationship: Individuals whose family members or household members are membership-eligible are welcome to apply.

Joining Hiway FCU and/or opening any type of account can be done online, or at either of the two Minnesota branches that are currently open to walk-in traffic. According to Hiway FCU’s Branch Locations page, both the Main Office in St. Paul and the Fort Snelling office in Minneapolis have “limited walk-in access.”

The membership application is also available as a download, which can be returned by snail-mail.

A $5.00 minimum balance establishes your membership, represents
your credit union share and entitles you to all of Hiway’s benefits.

Hiway FCU participates in the CO-OP Shared Branch and ATM networks, as well as the MoneyPass ATM network.

Credit Union Overview

Hiway Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.75% (excellent) based on June 30, 2020 data. In the past year, Hiway FCU increased its total non-brokered deposits by $234.68 million, an excellent annual growth rate of 23.02%. Please refer to our financial overview of Hiway Federal Credit Union (NCUA Charter # 24360) for more details.

Established in 1931 for the benefit of the employees of the Minnesota Highway Department, Hiway Federal Credit Union is currently Minnesota’s sixth largest credit union, with more than 78,000 members and assets in excess of $1.4 billion. In July, Hiway FCU announced it had been named one of the “Top Workplaces in Minnesota” by the StarTribune for the seventh consecutive year.

How the CDs Compare

When compared to 211 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $25k or less and are nationally available, Hiway Federal Credit Union's 36-47 month CD APY currently ranks second.

When compared to 179 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $25k or less and are nationally available, Hiway Federal Credit Union's 48-59 month CD APY currently ranks second.

The above rates are accurate as of 10/8/2020.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.