The newest member of the “3 for 5” club is Idaho Central Credit Union’s (Idaho Central) 60-month Promo CD (3.00% APY). The minimum deposit is $500, with no stated balance cap.
All of Idaho Central’s CDs are eligible for a “1-time additional deposit in first 60 days,” following the account opening. As one of my colleagues pointed out, “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 there is only one window of opportunity in the first 60 days.
The Promo CD is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for CDs with terms of 12 months or greater is 180 days.
Headquartered in Chubbuck, Idaho Central Credit Union’s field of membership (FOM) provides a way for almost any Idaho resident to join. 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) Idaho Central’s online application reads, ”I am a member of a credit union located in Idaho.” Although this is not listed on the Become a Member page, CSR confirmed that any member of any Idaho credit union qualifies for membership in Idaho Central. Coincidentally, Capital Educators Federal Credit Union (headquartered in Meridian, Idaho) is an easy membership requirement credit union through membership in the Idaho CapEd Foundation.
2) Any employee or employer, student, or retiree who resides in, works in, is headquartered in, or is paid from any 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 FOM.
3) Employees or retirees of the State of Idaho, other public employees or retirees within the State of Idaho.
4) Employees or retirees of any division, subsidiary or branch of the Micron Corporation are eligible.
5) Individuals who reside in, work in or are paid in Jackpot, Nevada, are also eligible.
6) Family members of ICCU-eligible individuals (not current members) qualify for membership.
Joining Idaho Central and/or opening a Promo CD can be done online or in person at any of 34 full-service Idaho branches located in Blackfoot, Boise (6), Burley, Caldwell (2), Chubbuck (2), Coeur D’Alene, Eagle (2), Idaho Falls (4), Kuna, Meridian (6), Nampa (2), Pocatello (2), Post Falls, 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 3.80% (excellent) based on September 30, 2017 data. In the past year, Idaho Central’s increased its total non-brokered deposits by $460.57 million, an excellent annual growth rate of 20.26%. 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, with nearly 287,500 members and deposits in excess of $2.8 billion.
How the CD Promo Compares
When compared to 191 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Idaho Central Credit Union’s 60-month Promo CD APY currently shares the top spot with Connexus Credit Union’s 60-month Certificate and Mountain America Credit Union’s 5-year Term Deposit.
The above rates are accurate as of 2/19/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.