Over the weekend, Washington based Horizon Credit Union (Horizon CU) raised the rate on its 18-month Special Certificate (1.71% APY). The minimum opening deposit is $1k, with no balance cap.
In the past 15 months, the 18-month Special Certificate’s APY has hovered between 1.11% and 1.25%, and this latest 46 basis point increase resulted in the highest APY in nearly three years.
The fine print on the Union’s Certificates Rate page states,
Rate shown with a 0.50% bump for direct deposit of net pay into a Horizon Checking Account.
Horizon CU has three checking accounts (Replenish, Bridge, and Go Griz! Checking Account) from which to choose.
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 (FOM) 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. (Note: since I last wrote about Horizon CU, the FOM has expanded to include an additional seven Montana counties.)
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 an 18-month 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 2.47% (excellent) based on March 31, 2016 data. In the past year, Horizon CU has increased its total deposits by $109.05 million, an excellent annual growth rate of 17.74%. 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 65,700 members and assets in excess of $824 million.
How the CD Compares
When compared to the 168 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 18-month Special Certificate ranks first.
The above rates are accurate as of 6/7/2016.