Kohler Credit Union (WI) Has Rate Leading 18-Month CD
Even though Kohler Credit Union’s (Kohler CU) 18-month Share Certificate recently experienced a significant drop rate (down 35 bps), its current 2.15% APY is still quite competitive. The minimum deposit is $10k, with no stated balance cap. When I first wrote about the 18-month Share Certificate, an additional 75 bps were available if new money was used. Unfortunately, that option is no longer offered.
The Share Certificate is also offered as an IRA Certificate (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) for the 18-month Share Certificate is 180 days of interest, with partial withdrawals allowed.
Availability
Headquartered in Kohler, Wisconsin, Kohler Credit Union’s field of membership (FOM) is residency-based, with individuals who live or work in the southeastern Wisconsin counties of Calumet, Fond du Lac, Manitowoc, Milwaukee, Ozaukee, Sheboygan, Washington, or Waukesha, eligible to join.
Employees, retirees, and parishioners of nine SEGs (including Kohler Company and Kohler-General) also qualify for membership.
Immediate family members (parent, child, sibling, spouse, grandparent, grandchild, including step-relations) of current Kohler CU members are welcome to apply.
Joining Kohler CU and/or opening a Share Certificate can be done online. As of March 18, the ten Wisconsin branches are closed until April 13 (subject to change) because of the COVID-19 situation.
You simply need to open a share savings account with a minimum deposit of $5, which becomes your share in Kohler Credit Union and will remain on deposit for as long as you are a member.
Credit Union Overview
Kohler Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.52% (excellent) based on September 30, 2019 data. In the past year, Kohler CU has increased its total non-brokered deposits by $23.97 million, an excellent annual growth rate of 6.57%. Please refer to our financial overview of Kohler Credit Union (NCUA Charter # 66872) for more details.
Kohler Credit Union was established in 1938 for the benefit of Kohler Company employees. (Collateral trivia - while Kohler is known today for plumbing supplies, it originally made plows and other farm implements.) It was nearly 50 years before the FOM was expanded to include non-Kohler employees. Between 1983 and 2014, there were three FOM expansions, resulting in today’s community charter. Following mergers with two church credit unions (St. Nicholas Credit Union and Our Lady of Good Hope Credit Union), Kohler Credit Union is currently Wisconsin’s 19th largest credit union, with more than 42,000 members and assets in excess of $429 million.
How the Share Certificate Compares
When compared to 151 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the FOM and require a minimum deposit of $10k or less, Kohler Credit Union's 18-month Share Certificate APY currently ranks first
The above rates are accurate as of 3/19/2020.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.
