In August, Knoxville TVA Employees Credit Union (KTVA ECU) began offering another series of CD Specials, with the 60-month (3.50% APY) having the most competitive rate. The 60-month is still available, but its 3.50% APY has lost a bit of its luster, as rates have continued to climb.
KTVA ECU’s newest rate leader is the 24-month CD Special, which earns 3.25% APY following an increase of 175 bps. The minimum deposit is $2.5k and “half of the Certificate balance must be new money.”
The 24-month CD Special is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY and with the same new money funding requirement.
As stated on the Specials 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.
Headquartered in Knoxville, Tennessee, Knoxville TVA Employees Credit Union’s field of membership (FOM) is primarily residency based.
Individuals who live, work, worship, attend school, own a business, or “have eligible family” in the Tennessee counties of Blount, Hamblen, Jefferson, Knox, Loudon, Roane, Sevier, or Sullivan, or in Johnson City (TN) are eligible to join. FYI – Johnson City lays in three separate Tennessee counties: Carter, Sullivan, and Washington.
Family members of current KTVA ECU members are also welcome to apply.
Joining KTVA ECU and/or opening a Certificate Special can be done online, or at of any of 23 Tennessee branches located in Alcoa, Bristol, Harriman, Jefferson City, Johnson City, Kingsport, Knoxville (11), Lenoir City, Morristown (3), Piney Flats, 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 1.87% (excellent) based on June 30, 2018 data. In the past year, the Credit Union has increased its total non-brokered deposits by $148.7 million, an excellent annual growth rate of 10.63%. Please refer to our financial overview of Knoxville TVA Employees 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 186,000 members and assets in excess of $2 billion.
How the Certificate Special Compares
When compared to 237 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Knoxville TVA Employees Credit Union’s 24-month Certificate Special APY currently ranks first.
The above rates are accurate as of 11/28/2018.
Looking for the best CD rates, both nationwide and state specific? Please refer to our CD Rates Table page.