Earlier this week, Kohler Credit Union (Kohler CU) added new Share Certificate Specials: 9-month (2.75% APY) and 18-month (3.25% APY). The minimum deposit is $10k of new money, with no stated balance cap. Both Share Certificate Specials can be opened without new money (minimum $5k deposit), but the stated APYs are 75 bps lower.
The Share Certificate Specials are also offered as IRAs (Traditional, Roth, and CESA), earning the same APYs based on the new/not-new money requirements.
In a Live Chat, CSR stated that the Early Withdrawal Penalty (EWP) for the “9 month is 90 days of unearned interest. 18 month is 180 days of unearned interest.” When I asked about the use of the word “unearned,” CSR replied that it referred to the possibility of the EWP "invading the principal."
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 memberships are welcome to apply.
Joining Kohler CU and/or opening a Share Certificate can be done online, or at any of the 11 Wisconsin branches located in Grafton, Howards Grove, Kohler, Mequon (2), Plymouth, Saukville, Sheboygan (3), and Westbend.
Credit Union Overview
Kohler Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.42% (excellent) based on March 31, 2018 data. In the past year, Kohler CU has increased its total non-brokered deposits by $34.18 million, an excellent annual growth rate of 11.04%. 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 (Collateral trivia - while Kohler is known today for plumbing supplies, it originally made plows and other farm implements.)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 39,600 members and assets in excess of $383 million.
How the Share Certificate Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available with the FOM, Kohler Credit Union's 9-month Share Certificate Special (new money) APY currently shares top billing with Andrews Federal Credit Union’s 9-month Certificate Special APY.
When compared to the 233 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available with the FOM, Kohler Credit Union's 18-month Share Certificate Special (new money) APY currently ranks first.
The above rates are accurate as of 8/17/2018.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.