Washington-based Horizon Credit Union (Horizon CU) is currently offering a limited-time 26-month Special Certificate that earns 2.32% APY. The minimum opening deposit is $1k of new money, with no stated balance cap. Horizon CU offers Excess Share Insurance, which provides an additional $250k of coverage beyond the NCUA’s standard $250k coverage.
I had a conversation with a Member Services Representative (MSR) concerning the promotion page, which unfortunately has some misleading information. The 26-month Special Certificate is described as earning “up to 2.32% APY.” “Up to” is a phrase I don’t like to see, because I know those two little words usually mean there’s some type of limitation or extra requirement. In this instance, it's actually an error. While Horizon CU is also offering two Special Certificates (15- and 20-month) that require a Horizon Credit Union checking account with direct deposit, the 26-month requires new money, without a checking relationship.
As stated in the Truth In Savings disclosure, the Early Withdrawal Penalty (unique to Horizon CU’s Special Certificates) reads as follows:
The penalty is forfeiture of all dividends earned
and paid to the account at time of early withdrawal.
Headquartered in Spokane Valley, Horizon Credit Union’s field of membership is primarily residency based, with individuals who live, work, or worship in the following locations eligible for membership:
Washington State - all school districts
Idaho Counties - Benewah, Bonner, Boundary, Kootenai, Latah, Lewis, Nez Perce, and Shoshone
Montana Counties - Beaverhead, Broadwater, Deer Lodge, Gallatin, Granite, Jefferson, Lake, Lewis and Clark, Mineral, Missoula, Powell, Ravalli, Sanders, and Silver Bow.
In addition, federal employees living or working in Region One of the United States Forest Service are also eligible for membership.
Joining Horizon Credit Union and/or opening a Special Certificate can be done at any of 22 branches located in Washington (Colville, Davenport, Deer Park, Ephrata, Liberty Lake, Moses Lake , Spokane  and Spokane Valley ); Idaho (Coeur de Alene, Ponderay, Post Falls, and Sandpoint); and Montana (Butte, Missoula , and Warm Springs).
Credit Union Overview
Horizon Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.75% (excellent) based on September 30, 2017 data. In the past year, Horizon CU has increased its total non-brokered deposits by $91.75 million, an excellent annual growth rate of 12.45%. Please refer to our financial overview of Horizon Credit Union (NCUA Charter # 67264) for more details.
Horizon Credit Union was originally founded in 1947 as the Kaiser Employees Federal Credit, serving the employees of Kaiser Aluminum. In 1966, the Credit Union’s assets had reached $2 million, and soon thereafter, a series of charter expansions began. The Horizon Credit Union re-brand happened in 1991, after a change from a federal to a state charter. Following mergers with eight other credit unions (located in Washington, Idaho, and Montana), Horizon Credit Union currently has more than 71,000 members and assets in excess of $969 million.
How the Special Certificate Compares
When compared to the 296 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Washington State residents, Horizon Credit Union's 26-month Special Certificate APY ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.35% APY||24-Month PurelyCD||BankPurely|
|2.32% APY||26-Month Special Certificate||Horizon Credit Union|
|2.30% APY||24-Month CD||Sallie Mae Bank|
The above rates are accurate as of 2/8/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.