Landmark Credit Union (Landmark CU) started the week by raising the rates on its 13-month CD Special (1.40% APY) and 25-month CD Special (1.70% APY). The minimum opening deposit is $500, with no stated deposit cap; the “Student” version of the CD Specials can be opened with a minimum deposit of $250.
DA reader, susanc, did a Forum post about these two CD Specials back in December. Since that time, the 13-month has had five rate increases that total 40 bps, while the 25-month experienced three rate increases, adding only an additional 20 bps. This is just another example of the flattening yield curve for CDs we’ve been seeing lately.
The CD Specials are also offered as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements, but no “Student” IRA is available.
|0.45%||$500||-||Landmark Credit Union (WI)||13 Month IRA Special (Traditional, Roth, CESA)|
As stated in the Certificate Account Disclosure, the Early Withdrawal Penalty reads as follows:
The penalty will be computed on the entire balance and will be equal to 90 days' dividends on Certificates with terms of less than one year, or 180 days' dividends on Certificates with terms of one year or greater.
Thanks again to DA reader, susanc, for her Forum post about these CD Specials.
Headquartered in New Berlin, Wisconsin, Landmark Credit Union’s field of membership (FOM) is residency-based, with individuals who live or work in 23 Wisconsin and two Illinois counties eligible for membership.
Wisconsin counties: Brown, Calumet, Columbia, Dane, Dodge, Fond Du Lac, Green, Green Lake, Iowa, Jefferson, Kenosha, Marquette, Manitowoc, Milwaukee, Outagamie, Ozaukee, Racine, Rock, Sheboygan, Walworth, Washington, Waukesha, and Winnebago.
Illinois counties: Lake and McHenry.
Immediate family members (defined as spouse, child, sibling, parent, grandparent, or grandchild, including step- and adoptive relationships) of membership-eligible individuals are eligible to join.
Credit Union Overview
Landmark Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.32% (excellent) based on March 31, 2017 data. In the past year, Landmark CU has increased its total non-brokered deposits by $271.56 million, an excellent annual growth rate of 10.37%. Please refer to our financial overview of Landmark Credit Union (NCUA Charter # 66751) for more details.
Landmark Credit Union was originally founded in 1933 as the Rex #2 Credit Union, for the benefit of Rex Chain Belt Company employees. The Credit Union went through two name changes (Rexnord Credit Union and Chabelco Credit Union – as the Chain Belt company name changed, so did the Credit Union’s) before becoming Landmark Credit Union in 1985. The Landmark rebrand coincided with the FOM being opened to the residents in the greater Milwaukee area. Landmark Credit Union is currently Wisconsin’s largest credit union, with more than 299,000 members and assets in excess of $3.3 billion.
How the CD Specials Compare
When compared to the 269 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Landmark Credit Union's 25-month CD Special APY currently ranks fourth.
When compared to the 276 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Landmark Credit Union's 13-month CD Special APY currently ranks sixth.
The above rates are accurate as of 6/28/2017.