Last week, Homeland Credit Union (Homeland CU) raised the rates on its 18- and 30-month CDs and Jumbo CDs. The minimum deposit for the Jumbo CDs is $75k, with the regular CDs requiring only a $500 minimum deposit.
Both CDs have been part of Homeland CU’s product line for more than seven years, but this is the first time either CD has had a competitive rate. Last week's rate hikes were the first increases for either CD in almost a year, with the 18-month adding an impressive 235 bps and the 30-month gaining a more modest 164 bps.
According to CSR, the Early Withdrawal Penalty for either the 18- or 30-month term is 90 days of interest.
Excess Share Insurance
In addition to the NCUA insurance coverage on funds up to $250k, Homeland CU offers Excess Share Insurance ESI.
All individual share, share draft and share certificates of deposit accounts held by the same member are added together and insured up to the $250,000 by the NCUA and an additional $250,000 by ESI, for a total of $500,000.
Headquartered in Chillicothe, Homeland Credit Union's field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Ohio counties of Fairfield, Fayette, Highland, Hocking, Jackson, Pickaway, Pike, Ross, or Vinton eligible to join.
Joining Homeland CU can be done on the phone (740.775.3331) or at any of five Ohio branches located in Chillicothe (2), Circleville, Greenville, and Waverly. Opening a CD can be done at any branch locations.
Credit Union Overview
Homeland Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.17% (excellent), based on June 30, 2018 data. In the past year, Homeland CU has increased its total non-brokered deposits by $2.92 million, an above average annual growth rate of 0.9%. Please refer to our financial overview of Homeland Credit Union (NCUA Charter # 61089) for more details.
Chartered in 1932, the original Mead Credit Union was Ohio’s first industrial credit union, serving the workers at the Mead Paper Company’s Chillicothe plant. As the FOM grew and diversified, the name was changed to Homeland Credit Union to dispel the perception that only Mead employees could join. Homeland Credit Union is currently Ohio’s 15th largest credit union, with more than 21,700 members and assets in excess of $398 million.
How the CDs and Jumbo CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Homeland Credit Union’s 18-month Jumbo CD and CD APYs currently rank third and fourth respectively, regardless of minimum deposit requirement.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Homeland Credit Union’s 30-month Jumbo CD APY currently ranks fourth, regardless of minimum deposit requirement.
The above rates are accurate as of 9/20/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates page.