Washington-based Horizon Credit Union (Horizon CU) has just unveiled a 10-month CD Special earning a very competitive 5.00% APY. The minimum opening deposit for this limited-time offering is $1k of new money, with no stated balance cap. Horizon CU defines new money as ”money that has not been previously deposited to the credit union.”
As stated in the Truth In Savings Share Certificate Special disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
A penalty may be imposed for withdrawals before maturity. The penalty is
forfeiture of all dividends earned and paid to the account at time of early withdrawal.
Excess Share Insurance
Horizon CU offers Excess Share Insurance, which provides an additional $250k of coverage beyond the NCUA’s standard $250k coverage.
Headquartered in Spokane Valley, Horizon Credit Union’s field of membership (FOM) is primarily community-based, with U.S. citizens and resident aliens in the following locations eligible for membership:
Washington State - Those who live, work, or worship in any Washington school districts.
Idaho Counties - Employees, employers, students and retirees who "reside in, work in, are headquartered in or are paid from” Ada, Adams, Benewah, Bonner, Boundary, Canyon, Kootenai, Latah, Lewis, Nez Perce, Shoshone, Valley or Washington Counties.
Montana Counties - Those who live, work, or worship in Beaverhead, Broadwater, Cascade, Chouteau, Deer Lodge, Gallatin, Granite, Jefferson, Judith Basin, Lake, Lewis and Clark, Mineral, Missoula, Pondera, Powell, Ravalli, Sanders, Silver Bow or Teton Counties. Federal employees living or working in Region One of the United States Forest Service are also eligible for membership.
Oregon Counties - Those who live or work in Baker, Grant, Malheur, Umatilla, Union, or Wallowa Counties.
For complete FOM details, please refer to the Horizon CU How To Join page.
Joining Horizon Credit Union and/or opening a CD Special can be done online or at any of 12 Washington branches located in Colville, Deer Park, Ephrata, Liberty Lake, Moses Lake (2), Spokane (2) and Spokane Valley (4). There are also 12 Idaho branches located in Boise (4), Coeur d’Alene, Meridian (2), Nampa, Ponderay, Post Falls, Sandpoint and Weiser and four Montana branches located in Butte and Missoula (3).
You must complete payment of a $20.00 membership fee as a condition of admission to membership if 18 years of age and older.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, or credit/debit card ($10k max).
- CO-OP Shared Branch Participant – No.
- Dividends – Compounded/credited monthly; dividends can be paid out or transferred to another account.
- Maturing Funds – ACH, wire, cashier’s check, or internal transfer.
- Beneficiaries – Unlimited, equal shares, Social Security number required.
- Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
- Credit Check – Hard pull when joining.
Credit Union Overview
Horizon Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.39% (excellent) based on September 30, 2022 data. In the past year, Horizon CU has increased its total non-brokered deposits by $158.46 million, an excellent annual growth rate of 10.64%. 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, with a FOM exclusive to 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 ten other credit unions (located in Washington, Idaho, Montana, and Oregon), Horizon Credit Union is currently the twelfth largest credit union headquartered in Washington state, with more than 114,000 members and assets in excess of $2 billion.
How the 10-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, no banks or credit unions have higher rates than currently offered on the Horizon Credit Union 10-Month CD Special. The following table compares the 10-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above rates and information are accurate as of 12/30/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.