UPDATE 8/10/2016: Information concerning the 5-month CD Special has been added, as per a comment from NorthStar Credit Union.
In celebration of two new branch locations in Aurora and Plainfield, Illinois, NorthStar Credit Union (NorthStar CU) is offering a 5-month CD Special (5.00% APY) and a 21-month CD Special (1.50% APY). The 5-month CD Special requires a $500 minimum deposit and is capped at $5k and, according to the comment below posted by NorthStar CU, is limited to one per member/SS. The 21-month CD Special requires a $5k minimum deposit, with no balance cap.
There is nothing in the fine print for the 5-month CD Special limiting the number of CDs available per member, or Social Security number, or household, etc. CSR stated that multiple 5-month CD Specials can be opened, since “it is not specifically prohibited.” (I’m taking that statement with a large grain of salt, as it may change if the demand is great.) BothThe 21-month CD Special is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
As stated in the fine print of the Savings Rate page, the Early Withdrawal Penalty reads as follows:
The Early Withdrawal Penalty will equal 10 days of dividends per month of the term on the
amount subject to penalty. For example, a 24 month certificate will have a 240 day penalty.
Thanks to DA reader, bankdeals, for posting about these CD Specials.
Headquartered in Warrenville (30 miles west of Chicago), NorthStar Credit Union offers membership to individuals (and their family) who live or work within the Zip Codes of 60100 - 60599 (DuPage County).
The last line on the Join Today page states “If you do not live or work within this area, you may be asked to join an Association to qualify for membership.” CSR confirmed that anyone can join the Credit Union through a qualified association affiliation, regardless of residency.
While this is potentially good news, it is tempered by the fact that opening a CD currently requires an in-branch visit.
Joining NorthStar CU can be done online or at any of five Illinois branches located in Chicago, Naperville, and Warrenville, and the newly opened branches in Aurora (Grand Opening on August 12) and Plainfield (Grand Opening on August 13).
Credit Union Overview
NorthStar Credit Union (NCUA Charter # 68214) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.70% (excellent) based on March 31, 2016 data. In the past year, NorthStar CU has increased its total deposits by $10.14 million, an excellent annual growth rate of 10.83%. Please refer to our financial overview of NorthStar Credit Union for more details.
NorthStar Credit Union was founded in 1971 as Standard Oil Research Center Employee Federal Credit Union, later to become known as Amoco Federal Credit Union. Sixteen years later, the Credit Union began branching out to include additional SEGs, and subsequently changed the name to NaperTech Federal Credit Union. In 1997, the NorthStar Credit Union name was adopted, and four years later the Credit Union changed to a community charter.
How the CDs Compare
When compared to the 281 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to DuPage County (IL) residents, NorthStar Credit Union’s 5-month CD Special APY clearly ranks first.
When compared to the 292 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to DuPage County (IL) residents, NorthStar Credit Union’s 21-month CD Special APY currently shares the second spot with Quorum Federal Credit Union’s 24-month Term Savings CD.
The above rates are accurate as of 8/9/2016.