March is proving to be a very interesting month: not only are rates continuing to rise, but previously unknown easy membership requirement (EMR) credit unions are offering some excellent deals. The latest is Nusenda Credit Union (Nusenda CU), which recently upped the rates on its nationally available 60-month Share Certificate. The top rate is 3.23% APY with a minimum deposit of $200k. If you click on the arrow under “Details,” all seven rates and deposit tiers will appear.
Nusenda CU’s Share Certificates are also available as IRAs (Traditional, Roth, CESA), earning the same APYs based on the same deposit tiers.
As stated in the Truth-in-Savings Disclosure, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year, the penalty we may impose will be the greater of:
- seven days dividends on the amount withdrawn, or
- all dividends that have been earned, since date of issuance or last renewal, not to exceed 180 days.
A 180-day penalty is a fairly mild EWP, making the 60-month Share Certificate even more competitive. Using DA’s Early Withdrawal Penalty Calculator, you can see what the effective yields would be on a month-by-month basis. For this example, I’ve used the 3.23% APY.
- 2.87% APY – closed at 4 years
- 2.73% APY – closed at 3 years
- 2.46% APY – closed at 2 years
- 2.19% APY – closed at 18 months
Headquartered in Albuquerque, New Mexico, Nusenda Credit Union’s field of membership (FOM) is not listed on its website, which seems an odd way to attract new members. When I asked why the FOM isn’t readily available, CSR said the lack of information is intended to spark interest and encourage people to call the Credit Union. I guess it worked, because I called.
Easy Membership - Anyone, regardless of residency, who joins the New Mexico Wilderness Alliance (NMWA) is eligible for membership. Joining NMWA and Nusenda CU can be done simultaneously.
Residency - Individuals who live or work in the New Mexico counties of Bernalillo, Sandoval, Santa Fe, Socorro, Taos, or Valencia qualify for membership.
Employment - Employees of hundreds of SEGs are also membership eligible.
CSR stated that the easiest way to join is to call (505.889.7755 or 800.347.2838). There is an online application of sorts, but
Once you fill out this short online form, we’ll follow up with you shortly to qualify you for membership and discuss the benefits of being the newest member-owner of Nusenda Credit Union.
Joining and/or opening a Share Certificate can also be done at any of 19 New Mexico branches, located in Albuquerque (13), Los Lunas, Rio Rancho (2), Santa Fe, Socorro, and Taos.
Credit Union Overview
Nusenda Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.18% (excellent), based on December 31, 2017 data. In the past year, Nusenda CU increased its total non-brokered deposit by $161.39 million, an excellent annual growth rate of 9.8%. Please refer to our financial overview of Nusenda Credit Union (NCUA Charter # 948) for more details.
Nusenda Credit Union is New Mexico’s second largest credit union, with more than 181,400 members and assets in excess of $2.05 billion. The Credit Union was founded in 1935 as the Albuquerque Public Schools Federal Credit Union by eight school employees, including the president of the Albuquerque Teacher’s Association. The FOM continued to expand, eventually including employees and students of schools throughout the state. The growth prompted the need for a new name, and in 1982, the New Mexico Educators Federal Credit Union made its debut. The Nusenda rebrand occurred in 2015. In case you were wondering, Nusenda is just a made-up word. According to a KRQE article,
Credit Union reps says "Nusenda" signifies their unique spin on their bond with the community, the future of banking and the service they offer.
How the Share Certificate Compares
Nusenda Credit Union’s 60-month Share Certificate top APYs clearly are rate leaders in the nationally available 5-year CD category, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.23% APY||60-Month Share Certificate ($200k min)||Nusenda Credit Union|
|3.13% APY||60-Month Share Certificate ($100k min)||Nusenda Credit Union|
|3.08% APY||60-Month Share Certificate ($75k min)||Nusenda Credit Union|
|3.03% APY||60-Month Share Certificate ($50k min)||Nusenda Credit Union|
|3.01% APY||60-Month Smart Certificate ($60k min)||United States Senate Federal Credit Union|
|3.00% APY||60-Month Certificate ($5k min)||Connexus Credit Union|
|2.98% APY||60-Month Share Certificate ($25k min)||Nusenda Credit Union|
|2.88% APY||60-Month Share Certificate ($10k min)||Nusenda Credit Union|
|2.78% APY||60-Month Share Certificate ($1k min)||Nusenda Credit Union|
The above rates are accurate as of 3/13/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.