IH Mississippi Valley Credit Union (IHMVCU) ended the week by raising the rates on its 15-month CD Special (1.81% APY) and 39-month CD Special (2.22% APY). The minimum opening deposit is $500, with no stated balance cap.
The 15-month CD Special has been part of the product line for eight years, with an APY of only 0.25% since July 2011. This week’s addition of 156 bps gives the 15-month CD Special its highest APY since 2010. While offered for four years, 39-month CD Special’s first rate change was this week’s 97 bps increase.
As stated in the Truth-In-Savings document, the Early Withdrawal Penalty reads as follows:
The amount of the early withdrawal penalty is 120 days dividends
on the amount withdrawn if the certificate term is more than one year.
Headquartered in Moline, Illinois, IH Mississippi Valley Credit Union offers membership to U.S. citizens and resident aliens who live or work in the following 25 northwest Illinois counties and 17 east Iowa counties.
Illinois: Bureau, Carroll, DeWitt, Fulton, Hancock, Henderson, Henry, Jo Davies, Knox, LaSalle, Lee, Marshall, McLean, McDonough, Mercer, Ogle, Peoria, Putnam, Rock Island, Schuyler, Stark, Tazewell, Warren, Whiteside, or Woodford County.
Iowa: Benton, Cedar, Clinton, Delaware, Des Moines, Dubuque, Henry, Iowa, Jackson, Johnson, Jones, Lee, Linn, Louisa, Muscatine, Scott, or Washington County.
Joining IHMVCU and/or opening a CD Special can be done online, or at any of six Iowa branches located in Bettendorf, Davenport (3), DeWitt, and West Burlington, or ten Illinois branches located in East Moline, Galesburg, Kewanee, Milan, Moline (2), Monmouth, Prophetstown, Rock Island, and Silvis.
Credit Union Overview
IH Mississippi Valley Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.87% (excellent) based on June 30, 2017 data. In the past year, IHMVCU has increased its total non-brokered deposits by $139.75 million, an excellent annual growth rate of 15.83%. Please refer to our financial overview of IH Mississippi Valley Credit Union (NCUA Charter # 60337) for more details.
IH Mississippi Valley Credit Union was established in 1934 by eight production line employees at International Harvester’s East Moline Works Plant.
Open only three times a day during shift change, employees at the original office (located in the middle of the plant) had to manage over the noise of the steel-wheeled trailers moving over the creosote floors.
After 83 years of growth and expansion, IHMVCU is currently the fifth largest credit union in Illinois, with over 113,800 members and assets in excess of $1.2 billion.
How the CD Specials Compare
When compared to the 199 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, IH Mississippi Valley Credit Union's 15-month CD Special APY currently ranks second.
When compared to the 261 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, IH Mississippi Valley Credit Union's 39-month CD Special APY currently ranks second.
The above rates are accurate as of 12/9/2017.
To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table.