At the beginning of July, IH Mississippi Valley Credit Union (IHMVCU) raised the rate on its 48-month CD (2.32% APY) by 30 bps. The minimum opening deposit is $500 with no stated balance cap.
|2.32%||$500||-||IH Mississippi Valley Credit Union||48 Month CD|
|2.32%||$500||-||IH Mississippi Valley Credit Union||48 Month IRA (Traditional, Roth, CESA, SEP)|
The 48-month CD is also available as an IRA (Traditional, Roth, CESA, SEP), earning the same APY with the same funding requirements.
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on the amount withdrawn if the certificate term is more than one year.
One thing to note is that the Early Withdrawal Penalty is below average for long-term CDs. This makes the 60-month CD (2.43% APY) a good deal, even though its APY is only 11 bps higher than that of the 48-month CD. You can see the effective yields when the 48- and 60-month CDs are closed early by using our CD Early Withdrawal Penalty Calculator.
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.
Since I last wrote about IHMVCU in September 2016, the field of membership (FOM) has expanded, adding eight Illinois and seven 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 can be done online, or at any of six Iowa branches located in Bettendorf, Davenport (3), DeWitt, and West Burlington, or eleven Illinois branches located in East Moline, Galesburg (2), 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 5.98% (excellent) based on March 31, 2017 data. In the past year, IHMVCU has increased its total non-brokered deposits by $117.72 million, an excellent annual growth rate of 13.19%. 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 112,600 members and assets in excess of $1.1 billion.
How the CD Compares
When compared to the 205 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 48-month CD APY currently ranks first.
The above rates are accurate as of 7/12/2017.