Idaho Central Credit Union (Idaho Central) is continuing to offer competitive promotional rate CDs, with the latest offerings including two Freedom CDs: 1-year (1.75% APY) and 2-year (2.00% APY). The minimum deposit is $500, with no stated balance cap.
The CDs are named Freedom because of the “freedom” you have to take advantage of a one-time bump option and/or a one-time additional deposit within 60 days of account opening.
To quote a DA colleague, the one-time additional deposit is “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 a single window of opportunity within the first 60 days.
The Promo CDs are also offered as IRAs (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.
60-month Promo CD
For about two months last spring, Idaho Central’s 60-month Promo CD earned 2.75% APY. Since mid-May, there had been two rate drops, leaving the 60-month Promo CD at 2.50% APY, which is still a competitive rate. The minimum deposit is $500, with no stated balance cap. This Promo CD also has a one-time additional deposit within 60 days of account opening.
|2.50%||$500||-||Idaho Central Credit Union||60 Month Promo CD|
|2.50%||$500||-||Idaho Central Credit Union||60 Month Promo IRA (Traditional, Roth, CESA)|
Headquartered in Chubbuck, Idaho Central Credit Union’s field of membership (FOM) provides a way for almost Idaho residents 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) 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.
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.
5) The last option on 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. FYI – Capital Educators Federal Credit Union, which is headquartered in Meridian, Idaho, is an easy membership requirement credit union through membership in the Idaho CapEd Foundation.
Joining Idaho Central and/or opening a CD can be done online or in person at any of 31 Idaho branches located in Blackfoot, Boise (6), Burley, Caldwell (2), Chubbuck (2), Coeur D’Alene, Eagle (2), Idaho Falls (4), Kuna, Meridian (4), 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 3.59% (excellent) based on June 30, 2017 data. In the past year, Idaho Central’s increased its total non-brokered deposits by $501.6 million, an excellent annual growth rate of 23.48%. 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 275,000 members and assets in excess of $3.2 billion.
How the CDs Compare
When compared to 232 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Idaho residents, Idaho Central Credit Union’s 1-year Freedom CD APY currently shares the top spot with INOVA Federal Credit Union’s 14-month CD and Mountain Gem Credit Union’s 1-year CD.
When compared to 218 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Idaho residents, Idaho Central Credit Union’s 2-year Freedom CD APY currently ranks third.
When compared to 197 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 ranks fourth.
The above rates are accurate as of 10/18/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.