Lewis Clark Credit Union (ID/WA) 37-Month CD Special Breaks 4% Ceiling
For a limited time, Idaho-based Lewis Clark Credit Union (LCCU) is offering two extremely competitive Certificate Specials: 19-month (3.99% APY) and 37-month (4.50% APY). There is no set minimum opening deposit, but all funds must be new money, defined as “funds that were not at LCCU, in any type of account as of June 30, 2022.” There is no stated balance cap.
Both Certificate Specials are also available as IRA Certificate Specials (Traditional), earning the same APYs with the same funding requirements.
According to CSR, partial withdrawals are allowed, with an Early Withdrawal Penalty of 6 months for the 19-month Certificate Special and 12 months for the 37-month Certificate Special.
The funds to be used to open a Certificate Special must on deposit at LCCU prior to opening. LCCU participates in the CO-OP Shared Branch network, facilitating the transfer of funds. Funds can also be deposit through an ACH or wire transfer.
Dividends are compounded and credited monthly. Earned dividends can be transferred into an LCCU savings or checking account.
In a Live Chat, CSR stated that,
After the CD matures, we can close it and put it into the savings or checking at LCCU. Then if you are wanting to send it to another financial institution you can do a wire. You would have to fill out a form at that time and it would be a $20.00 fee.
There is a ten day grace period before the Certificate Specials automatically renew, with the 19-month renewing as an 18-month and the 37-month renewing as a 36-month.
Unlimited beneficiaries can be designated and will receive equal shares. Social Security numbers are not required, “but contact info like a phone number is helpful.”
According to CSR, “all of our credit pulls are a hard pull.”
Headquartered in Lewiston, Idaho, Lewis Clark Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, attend school, or volunteer in four Idaho counties (Clearwater, Latah, Lewis, or Nez Perce) or any county in the State of Washington are eligible to join. Since my 2018 blog post, the LCCU FOM has expanded significantly, with Washington membership eligibility increasing from three southeast counties to statewide inclusion.
While LCCU has an online membership application of sorts, the actual process of joining involves a few steps.
1. Complete the following On-Line Membership Application Request Form and submit it.
2. Once received, we will mail to you a pre-filled application form requiring your signature and the signature(s) of your joint owner(s) (if applicable) or send electronically to you via Docusign.
3. The signed Membership application must be returned to the credit union along with an initial deposit of at least $5.00 and / or direct deposit form, and a copy of a government issued photo ID for the application process to be completed.
Joining LCCU can also be done at any of two full-service Idaho branches located in Lewiston and Orofino, or the sole Washington branch located in Clarkston. The Lewiston (ID) branch on 17th Street is temporarily closed for remodeling.
Opening a Certificate Special can be done at any of the above-mentioned branches or over the phone. According to CSR, once an account is opened and the funds for the Certificate Special are in your Regular Shares account, you can call LCCU (208.746.7233) and “request that a manager open your Certificate.”
LCCU participates in both the CO-OP Shared Branch network and the ATM network.
Credit Union Overview
Lewis Clark Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.76% (excellent) based on June 30, 2022 data. In the past year, Lewis Clark CU has increased its total non-brokered deposits by $16.04 million, an excellent annual growth rate of 9.71%. Please refer to our financial overview of Lewis Clark Credit Union (NCUA Charter # 68386) for more details.
In 1939, teachers in the Lewiston School District formed the Lewis Clark Federal Credit Union, which “promoted thrift and offered a source of credit for loans for provident and productive purposes.” The “Federal” part of the name was dropped in 1998, when the Credit Union converted to a state charter. Lewis Clark Credit Union is currently the 13th largest credit union headquartered in Idaho, with more than 19,000 members and assets in excess of $201 million. FYI – since my 2018 blog post, LCCU’s membership increased nearly 50%, with assets doubling.
How the 19-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Lewis Clark Credit Union 19-month Certificate Special. The following table compares the 19-month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 37-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Lewis Clark Credit Union 37-month Certificate Special. The following table compares the 37-month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 9/8/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
These are stunningly good rates. I never thought we would see rates like this so soon. For those who have been waiting, well played.
"Availability: Four Idaho panhandle counties and all State of Washington counties."
Sounds somewhat complicated but in actuality the process went quite smoothly. I also noted on the application that FOM may also include relatives of a member so my brother who lives in NY will attempt to join via this route. At this time I can't confirm for sure that this option works.