IH Mississippi Valley Credit Union (IHMVCU) began the month by introducing its tiered-rate Mega Money Market account. The minimum opening deposit is $10k and the rate tiers are as follows:
- 0.75% APY - $10k+ minimum
- 0.90% APY - $50k+ minimum
- 1.06% APY - $100k+ minimum
- 1.26% APY - $250k+ minimum
Headquartered in Moline, Illinois, IH Mississippi Valley Credit Union offers membership to U.S. citizens and resident aliens who live and work in the following 18 northwest Illinois counties and ten southeast Iowa counties.
Illinois: Bureau, Carroll, Fulton, Hancock, Henderson, Henry, Knox, Lee, Marshall, McDonough, Mercer, Ogle, Putnam, Rock Island, Schuyler, Stark, Warren or Whiteside County.
Iowa: Cedar, Clinton, Des Moines, Henry, Johnson, Jones, Lee, Louisa, Muscatine or Scott County.
While joining IHMVCU can be done online, opening a Mega Money Market account currently requires an in-person visit to 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 (NCUA Charter # 60337) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.05% (excellent) based on March 31, 2016 data. In the past year, IHMVCU has increased its total deposits by $95.7 million, an excellent annual growth rate of 11.89%. Please refer to our financial overview of IH Mississippi Valley Credit Union for more details.
IH Mississippi Valley Credit Union was established in 1934 by employees of International Harvester, and is currently the 6th largest credit union in Illinois, with over 110,000 members and assets in excess of $1 billion. In the past year, IHMVCU received $1 million, as part of a $10 million pledge from Bank of America to the National Federation of Community Development Credit Unions. According to a September 2015 CreditUnionTimes article,
the money will go toward the launch of a new secondary capital loan
product and funding investments for high performing credit unions.
How the Mega Money Market Compares
When compared to the 183 Money Market Accounts tracked by DepositAccounts.com, that are available to the Quad Cities area residents, IH Mississippi Valley Credit Union's Mega Money Market top-tier APY ranks first, regardless of minimum or maximum deposit levels.
|Interest Rate||Account Name||Credit Union/Bank|
|1.26% APY||Mega Money Market ($250k min)||IH Mississippi Valley Credit Union|
|1.25% APY||Mega Money Market ($35k max)||All America Bank|
|1.11% APY||Yield Pledge Money Market (1st Yr - $150k max)||EverBank|
The above rates are accurate as of 9/7/2016.