In June, DA reader, greco, wrote a quick Forum post about Knoxville TVA Employees Credit Union’s (KTVA ECU) 60-month Certificate Special, which at the time earned 2.30% APY. Over the weekend, KTVA ECU boosted that rate, with the 60-month Certificate Special now at an all-time high rate of 2.60% APY. The minimum deposit is $10k, with no stated balance cap.
|2.60%||$10k||-||Knoxville TVA Employees Credit Union||60 Months CD Special|
|2.60%||$10k||-||Knoxville TVA Employees Credit Union||60 Months IRA Special (Traditional, Roth, CESA)|
The Certificate is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY and with the same funding requirement.
As stated on the Deposit Rates page, the Early Withdrawal Penalty reads as follows:
Certificate Accounts with maturities of eighteen (18) months or more have
a penalty for early withdrawal of an amount equal to 180 days dividends.
The fine print on the Deposit Rates page also states,
On certificate accounts the dividends can be added back to the account,
transferred to another Credit Union account or mailed to you each month.
Annual Percentage Yield applies when the dividend is reinvested in the account.
Headquartered in Knoxville, Tennessee, Knoxville TVA Employees Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in the Tennessee counties of Blount, Hamblen, Jefferson, Knox, Loudon, Roane, Sevier, or Sullivan eligible to join.
In addition, individuals who live, work, worship, or attend school in Johnson City, Tennessee, also qualify for membership. (Johnson City is located in three Tennessee counties: Carter, Sullivan, and Washington.)
Family members of current TKVA ECU members or membership-eligible individuals also qualify.
Joining TKVA ECU and/or opening a Certificate Special can be done online, or at of any of 19 Tennessee branches located in Alcoa, Harriman, Jefferson City, Johnson City, Kingsport, Knoxville (11), Lenoir City, Morristown (3), and Sevierville.
Credit Union Overview
Knoxville TVA Employees Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.84% (excellent) based on June 30, 2017 data. In the past year, the Credit Union has increased its total non-brokered deposits by $138.26 million, an excellent annual growth rate of 10.97%. Please refer to our financial overview of Eastman Credit Union (NCUA Charter # 68085) for more details.
The Tennessee Valley Authority (TVA) was created in 1933 to provide “navigation, flood control, electricity generation, fertilizer manufacturing, and economic development to the Tennessee Valley,” which had been hit hard by the Great Depression. A year later, the Knoxville TVA Employees Credit Union was chartered, with an initial membership of 300 members and $7,500 in assets. In the mid-1970s, the FOM was expanded to include all TVA employees, with a further expansion in 2003 that added eight Tennessee counties. KTVA ECU is currently Tennessee's fourth largest credit union, with more than 172,600 members and assets in excess of $1.7 billion.
How the Certificate Special Compares
When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Knoxville TVA Employees Credit Union’s 60-Month Certificate Special APY currently shares the top place with Mountain America Credit Union’s 5-Year Term Deposit, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.60% APY||60-Month Certificate Special ($10k min)||Knoxville TVA Employees Credit Union|
|2.55% APY||60-Month CD (no min)||Consumer Credit Union|
|2.53% APY||60-Month CD Special ($1k min)||Langley Federal Credit Union|
The above rates are accurate as of 10/4/2017.