Oak Trust Credit Union (IL) Offers Competitive 60-month CD

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UPDATE 4/21/2015: The 60-month CD is being offered only to members in the local geographic area of the western suburbs of Chicago.

UPDATE 4/20/2015: Additional information on easy membership in the Availability section.

Availability: Residents of six Illinois counties (Chicago metropolitan area); easy membership for non-residents.

Oak Trust Credit Union (Oak Trust CU) recently raised the rate on its 60-month CD (2.50% APY) for balances $25K and above; balances between $500 and $24,999 earn 1.75% APY.

The 60-month CD is also available as an IRA (Traditional, Roth and CESA) earning the same APYs, with the same funding requirements.

In an email exchange, CSR stated, "The dividend penalty on a 60-month CD is 365 days of dividends." If the principal should fall below the $25K following a withdrawal, the lower 1.75% APY will go into effect.

Availability

Headquartered in Plainfield, Illinois, Oak Trust Credit Union offers membership through several different options.

Residency - Individuals who live or work in DuPage, Kane, Will, DeKalb, or Kendall County, or west of Route 12 in Western and Northwestern Cook County are eligible.

Employment - Employees of any newspaper affiliated with the Illinois Press Association are eligible.

Relationship - Family members of an Oak Trust CU member are eligible.

Other - Individuals can join Oak Trust Credit Union by making a one-time, non-refundable donation of $1 to the Illinois Press Foundation, the charitable arm of the Illinois Press Association. To make the $1 donation, simply deposit $6 in the initial share opening (as opposed to the $5 required to become a member) and Oak Trust CU will complete the transaction for you. There is an option on both the online and PDF membership applications that reads, "Illinois Press Foundation (IPF); I agree to donate $1 to IPF."

The Illinois Press Foundation is dedicated to promoting and protecting free expression through educational activities that foster the practice and respect of First Amendment principles and values, to enhance the quality of services provided by newspapers to their communities, and to support reading and literacy efforts.

Joining Oak Trust Credit Union can be done online, by mail, or by visiting any of three branches located in Naperville, Plainfield, and Villa Park.

Current members of Oak Trust CU who have "ItsMe247" banking access can open a CD online. New members are asked to contact Oak Trust CU by phone, email, or branch visit to open a CD.

Credit Union Overview

Oak Trust Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 3.01% (excellent), based on December 31, 2014 data. Oak Trust CU has an excellent capitalization level of 20.65%, a result of holding $44.18 Million in assets, with $9.13 in equity. Please refer to our financial overview of Oak Trust Credit Union for more details.

Oak Trust Credit Union's roots can be traced back to 1964, when a group of Chicago area printers pooled their resources and created the Master Printers Credit Union. Under the aegis of the Master Printers Section of the Printing Industry of Illinois, the Credit Union began serving printing companies in the greater Chicago area. The name was changed to Oak Trust Credit Union (NCUA Certificate # 62513) in 1998, following an expansion into Minnesota. In 2013, a decision was made to leave Minnesota and focus on the west suburban market area Chicago.

How the CD Compares

When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Illinois residents, Oak Trust Credit Union’s $25K minimum 60-month CD offers the best APY.

The above rates are accurate as of 4/18/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
Is this a good deal?
Anonymous
Anonymous   |     |   Comment #2
Can't find how to donate $1 or more to the IPA, anyone else have any luck?
Ken Tumin
Ken Tumin   |     |   Comment #4
The blog post has been updated with some additional info on joining the credit union via IPA.
Anonymous
Anonymous   |     |   Comment #3
Is the 5 year CD a good deal?
James Barnes
James Barnes   |     |   Comment #5
The CSR told me this CD is only available to Illinois residents.  What do you know about this ?
Anonymous
Anonymous   |     |   Comment #6
The 5 year CD Special is only available to Illinois residents according to the Credit Union.
Anonymous
Anonymous   |     |   Comment #7
Nadine Nehmzov from the CU tells me the CD is only good for covered Illinois residents.  Might want to delete this.
James Barnes
James Barnes   |     |   Comment #8
I was told the same thing.  Only Illinois residents can get the 5 year CD.
6.00% 60-Month CD at an Illinois CU - Open to All (Oak Trust)
Oak Trust Credit Union is offering a 6.00% APY 60-month certificate of deposit. The minimum is $25K. An APY of 5.50% is available for deposits between $10K and $25K. It's available as a regular or IRA CD.

The field of membership includes those who donate $1.00 to the Illinois Press Foundation. The membership application has a checkbox for this option. Those who live or work in the Illinois counties of DuPage, Kane, Will, DeKalb, Kendall and parts of Cook County are eligible without the donation. Membership requires a $5 deposit to...

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