Deal Summary: 60-month Promo CD, 2.75% APY; 12-month Promo CD, 1.35% APY; $500 minimum.
In the past few years, Idaho Central Credit Union (Idaho Central) has offered a series of promotional rates on CDs. Idaho Central is currently featuring four Promo CDs, with the 12-month Promo CD (1.35% APY) and a 60-month Promo CD (2.75% APY) being the most competitive. All the Promo CDs require a $500 minimum opening deposit, with no stated balance cap.
The Promo CDs are also offered as IRAs (Traditional, Roth, and CESA) with the same funding requirements, but earning APYs a uniform 10 basis points higher.
According to CSR, the Early Withdrawal Penalty for either Promo CD is 180 days interest.
One-Time Additional Deposit
A really nice feature offered on all ICCU CDs is the “1-time additional deposit in first 60 days,” following the account opening. As a colleague of mine stated, “That's a handy feature for those trying to transfer money into the CD. Holds and transfer delays can take time.” According to CSR, there is no limit on the amount you can add to the CD, but you only have one window of opportunity within the first 60 days.
Headquartered in Chubbuck, Idaho Central Credit Union’s field of membership covers most individuals in the state. U.S. Citizens and Resident Aliens with a valid Social Security number, and who meet any of the following requirements, are eligible for membership.
1) Any employee or employer, student, or retiree who resides in, works in, is headquartered in or is paid from one of the following 36 Idaho counties is eligible:
Ada, Adams, Bannock, Bear Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou, Cassia, Clark, Custer, Elmore, Franklin, Freemont, Gem, Gooding, Jefferson, Jerome, Kootenai, Lemhi, Lincoln, Madison, Minidoka, Oneida, Owyhee, Payette, Power, Shoshone, Teton, Twin Falls, Valley, and Washington.
(Note: The Idaho Panhandle counties of Benewah, Bonner, Boundary, Clearwater, Idaho, Latah, Lewis, Nez Perce are not currently within the field of membership.)
2) Employees or retirees of the State of Idaho, other public employees or retirees within the State of Idaho.
3) Employees or retirees of any division, subsidiary or branch of the Micron Corporation are eligible.
4) Individuals who reside in, work in or are paid in Jackpot, Nevada, are also eligible.
Complete membership eligibility details can be found on Idaho Central’s Resources page.
Joining Idaho Central and/or opening a CD can be done online or in person at any of 27 Idaho branches located in Blackfoot, Boise (6), Burley, Caldwell (2), Chubbuck (2), Coeur D’Alene, Eagle (2), Idaho Falls (3), Meridian (4), Nampa (2), Pocatello, Rexburg, and Twin Falls (2).
Credit Union Overview
Idaho Central Credit Union, has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.85% (excellent) based on December 31, 2016 data. In the past year, Idaho Central’s increased its total non-brokered deposits by $448.73 million, an excellent annual growth rate of 23.06%. Please refer to our financial overview of Idaho Central Credit Union (NCUA Charter # 63194) for more details.
Idaho Central Credit Union was originally organized in 1940 as a state-chartered credit union for the officers of other Idaho credit unions. At that time, officers were denied membership in the credit unions where they worked! At the end of 1940, Idaho Central had $298.93 in assets and 22 members. Today, after several expansions of membership eligibility, Idaho Central is the largest credit union in Idaho, serving more than 253,600 members and holding assets in excess of $2.8 billion.
How the CDs Compare
When compared to 191 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Idaho residents, Idaho Central Credit Union’s 60-month Promo CD APY currently shares the top stop with Mountain America Credit Union’s 60-month Term Deposit.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
When compared to 223 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Idaho residents, Idaho Central Credit Union’s 12-month Promo CD APY currently ranks in the top seven.
The above rates are accurate as of 3/20/2017.