In early July, I wrote about Icon Credit Union’s (ID) 1-Year CD Special (1.25% APY). The 1-Year CD Special is still available (although the website states "Limited Time Only!"), and today, Icon Credit Union (ICU) began offering a new 21-month CD Special (1.60% APY).
Like the 1-Year CD Special, the 21-month CD Special has a $500 minimum opening deposit, with no maximum balance cap, and requires money new to Icon Credit Union.
As stated on ICU’s Truth In Savings document, the Early Withdrawal Penalty is as follows:
The penalty we may impose will equal 90 days dividends on the amount withdrawn subject to penalty.
Membership in Icon Credit Union is open to anyone who lives or works in the Idaho counties of Ada, Adams, Canyon, Kootenai, Shoshone, Valley and Washington; or the Oregon counties of Union and Wallowa. Individuals with immediate family and household members who are current or eligible members are also eligible for membership. For more detail, please refer to ICU’s Membership Eligibility page.
Joining Icon Credit Union and/or opening either of the above mentioned CD Specials can be done online, or in-person at any of six full service Idaho branches located in Boise (5) and Meridian, or the La Grande, Oregon branch.
Credit Union Overview
Icon Credit Union has an overall health grade of A+ at DepositAccounts.com, with a Texas ratio of 1.09% (excellent) based on June 30, 2014 data. In the past year, ICU increased its total deposits by $39.47 Million, resulting in a growth rate of 26.88% (excellent). Please refer to our financial overview of Icon Credit Union for more details.
Icon Credit Union began in 1952 (NCUA Charter # 68594) as the Idahy Federal Credit Union (IFCU), when seven employees of the Idaho Department of Highways started with $35 and the idea of a credit union that reflected their values of integrity, service and community.
Steady growth in assets, members and employees, marked the next 50 years of the credit union’s history. In 2003 and 2005, IFCU merged with Sho-Pan Hi Federal Credit Uion and the Boise Cascade Employees Credit Union, respectively. IFCU converted their federal charter to a state charter to expand their field of membership at minimal cost in 2008.
In 2010, the name was changed to Icon Credit Union, and in 2014, Boise U.S. Federal Credit Union merged with Icon Credit Union. This last merger resulted in total membership of over 22,000, with assets in excess of $226 Million.
How the Rate Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, with a required minimum $500 deposit, and available to Idaho residents, Icon Credit Union’s 11-month CD Special is highly competitive:
|Interest Rate||CD Length||Institution|
|1.60% APY||21-month CD Special||Icon Credit Union|
|1.56% APY||24-month Promo CD||Capital Educators Federal Credit Union|
|1.31% APY||24-month CD||Pinnacle Federal Credit Union|
These rates are accurate as of 9/18/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.