Washington-based Horizon Credit Union (Horizon CU) began International Credit Union Week by raising the rate on its 26-month Special Certificate (1.61% APY). The minimum opening deposit is $1k of new money, with no stated balance cap.
For the past four years, the 26-month Special Certificate’s APY has been stuck at a low 0.71% APY. This week’s 90 basis point increase results in an APY that equals the highest rate ever for this Certificate; that rate occurred in 2011 and the APY only lasted about three weeks.
As stated on Horizon CU’s Disclosure page, the Early Withdrawal Penalty is as follows:
On terms 13 months and over, the penalty will be 180 days dividends. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account.
Headquartered in Spokane Valley, Horizon Credit Union’s field of membership is primarily residency based, with individuals who reside, 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.
Other - 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 Certificate Special can be done at any of 23 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 (NCUA Charter # 67264) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.61% (excellent) based on June 30, 2016 data. In the past year, Horizon CU has increased its total deposits by $114.52 million, an excellent annual growth rate of 18.8%. Please refer to our financial overview of Horizon Credit Union 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, Horizon’s assets had reached $2 million, and soon after, a series of charter expansions began. A final name change to Horizon Credit Union took place in 1991, following the transfer from a Federal to a State chartered credit union. Following mergers with eight other credit unions (located in Washington, Idaho and Montana), Horizon Credit Union has over 67,600 members and assets in excess of $828 million.
How the Special Certificate Compares
When compared to the 283 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Washington State residents, Horizon Credit Union's 26-month Special Certificate APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.75% APY||24-Month Share Certificate||Potlach No 1 Federal Credit Union|
|1.61% APY||26-Month Special Certificate||Horizon Credit Union|
|1.55% APY||25-Month Special CD||Veridian Credit Union|
The above rates are accurate as of 10/17/2016.