IC Federal Credit Union (IC FCU) is featuring a Special 1-Year CD (2.59% APY) that is available when opened in conjunction with an Intelligent Checking™, which is a rewards checking account. The CD can be opened with a $500 minimum deposit of new money, and there is no stated balance cap.
Although it is not stated on the promotion page, the Intelligent Checking™ account must remain open throughout the term of the 1-year CD, according to CSR.
This is the third time IC FCU has offered a limited-time, special rate 1-year CD with a checking relationship in the past two years. This current version offers an APY of 100 and 134 bps higher than was offered in August 2017 and May 2016, respectively.
According to CSR, the Early Withdrawal Penalty (EWP) on the Special 1-year CD is 90 days interest. As DA readers know, one of my pet peeves is the lack of disclosures or Truth-In-Savings documents on bank/credit union websites. As I was looking for the EWP on IC FCU’s website, I came upon this statement, which I found to be a bit disingenuous.
Terms and conditions disclosures available at account opening.
If I’m trying to educate myself about a product you’re offering, I want to have all the available information before I make the purchase, not during the purchase.
IC FCU’s Intelligent Checking™ is a rewards checking account, which has been earning 2.59% APY on qualifying balances up to $15k for more a little more than four years. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|1.35*%||-||$15k||IC Federal Credit Union||Intelligent Checking|
|OTHER TIERS: 0.25% → $15k+|
- At least 12 debit card purchases
- Receive e-statements
- Either a Direct Deposit or an ACH transaction per statement cycle
The Intelligent Checking™ has no monthly fee or minimum balance requirement, but does require an initial deposit of $50 to open the account. ATM fees will be reimbursed up to $5 per statement cycle, if qualifying requirements are met.
Headquartered in Fitchburg, Masssachusetts, IC Federal Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, attend school, or participate in associations headquartered in the Massachusetts counties of Franklin, Hampden, Hampshire, Middlesex, Norfolk, and Worcester, eligible to join.
For complete details, please refer to IC FCU’s Membership page.
Opening a Special 1-year CD requires an in-person visit to any of the above mentioned branch locations. Promo Code “1804” must be used when opening to obtain the CD's special rate. An Intelligent Checking™ account can be opened online or in-branch.
Credit Union Overview
IC Federal Credit Union has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 5.16% (excellent) based on December 31, 2017 data. In the past year, IC FCU has increased its total non-brokered deposits by $8.27 million, an excellent above average growth rate of 2.27%. Please refer to our financial overview of IC Federal Credit Union (NCUA Charter # 24250) for more details.
Chartered in 1928, IC Federal Credit Union’s beginnings can be traced to the basement of the Immaculate Conception Church in Fitchburg. Originally established for the benefit of the Church’s parishioners, the charter was changed in 1986 allowing the FOM to expand. The IC Federal Credit Union re-rebrand occurred at the same time; the “IC” stands for “Intelligent Choice.” IC Federal Credit Union is currently Massachusetts 23rd largest credit union, with more than 34,650 members and assets in excess of $505 million.
How the Special CD Compares
When compared to the 390 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, IC Federal Credit Union's Special 1-Year CD APY currently ranks first.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
How the Intelligent Checking™ Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the FOM and have maximum qualifying balances of at least $15k, IC Federal Credit Union’s Intelligent Checking™ currently ranks fifth.
The above rates are accurate as of 3/30/2018.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.