Peninsula Credit Union (WA) 12-Month CD Is Near Rate-Leader


Update 10/24/23: The 12-month Certificate rate has fallen from 5.88% APY to 5.00% APY.

Deal Summary: 12-month Certificate, 5.88% APY, $500 minimum deposit ($100 for members 0-23 years old).

Availability: Five Washington Olympic Peninsula counties.

Peninsula Credit Union (Peninsula CU) recently raised the rate on its 12-month CD, which currently offers the most competitive rate in the Peninsula CU CD product line. Following an 88 bps rate increase, the 12-month CD currently earns 5.88% APY. (In one of the more unique rate structures I’ve seen in a while, all Peninsula CU CDs have rates that end in “.88”, ranging from the 60-month CD 2.88% APY to the 12-month CD 5.88% APY.) The minimum opening deposit is $500, although “wherever $500 is stated, $100 applies for members 0-23 years of age.”

The 12-month Certificate is also available as an IRA Certificate (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.

Early Withdrawal Penalty

As stated at the bottom of the IRAs and Certificates page, the Early Withdrawal Penalty (EWP) reads as follows:

Early withdrawal of certificate funds is subject to a penalty of one half of the interest that would be earned over the original term of the certificate. The penalty is calculated on the amount withdrawn.

CSR confirmed that partial withdrawals are allowed, but the principal will be reduced if a withdrawal is made within the first six months after account opening.


Headquartered in Shelton, Washington, Peninsula Credit Union’s field of membership (FOM) is community-based, with U.S. citizens and resident aliens who live, work, worship, or attend school in the Washington Olympic Peninsula counties of Clallam, Grays Harbor, Jefferson, Kitsap, or Mason eligible to join.

Family members of a current Peninsula CU member also qualify for membership.

Account Opening

Joining Peninsula CU can be done online (there’s a “Join” button at the top right of every page of the Peninsula CU website) or at any of the five full-service Washington branches located in Belfair, Port Orchard, Port Townsend, Poulsbo, and Shelton.

A $5 balance is required to open and maintain the [savings] account. After establishing your savings account the full account suite is available for your utilization as a member/owner.

Opening a Certificate can be done at any of the above-mentioned branch locations or by calling 1.800.426.1601.

According to CSR, the funds must be on deposit before a Certificate can be opened. CSR suggested that the easiest way for a new member to open a Certificate would be to first deposit the funds in the Share Account and then either visit a branch or call Peninsula CU.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($15 fee), internal transfer, shared branch transaction.
  • CO-OP Shared Branch Participant – Yes.
  • Ownership – Individual, joint, or trust.
  • Dividends – Compounded/credited quarterly and can be withdrawn without penalty.
  • Maturing Funds – ACH, cashier’s check to address on file or internal transfer to a Peninsula CU Share Account.
  • Grace Period – 7 calendar days before automatic renewal.
  • Beneficiaries – Up to three, with equal shares; Social Security numbers are preferred, but not required.
  • Credit check – Hard inquiry through Experian.

Credit Union Overview

Peninsula Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 6.48% (excellent) based on June 30, 2023 data. In the past year, Peninsula CU has increased its total non-brokered deposits by $1.18 million, an above average annual growth rate of 0.46%. Please refer to our financial overview of Peninsula Credit Union (NCUA Charter # 665) for more details.

Peninsula Credit Union is currently the 30thlargest credit union headquartered in Washington, with more than 20,000 members and assets in excess of $285 million. Chartered in 1935 with deposits of only $35, the original Rainier Pulp and Paper Company, Shelton Washington Federal Credit Union was one of the first community charter member-owned credit unions in the country. (It also holds the record for having the longest credit union name.)

According to a Reference for Business article, the Rainier Pulp and Paper Company was founded in 1926.

The company's first product was pulp produced from hemlock, which grew so plentifully on the Olympic Peninsula that it was considered a weed and so was very cheap. Unfortunately for the new company, the Great Depression threatened its early success. Mills turned to a new market, convincing the Dupont Company to use hemlock instead of cotton to manufacture rayon, which was just beginning to be popular.

This strategy proved immensely successful. By 1937, the Rainier Company merged with two other mills in Washington, to form Rayonier Incorporated. This name was a combination of "rayon" and "Rainier," the mountain visible from the original Shelton mill. Rayonier immediately became the largest rayon pulp manufacturer in the world, and was listed as a publicly traded company on the New York Stock Exchange.

How the 12-Month Certificate Compares

When compared to similar length-of-term CDs tracked by that are available within the FOM, have fixed rates, and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Peninsula Credit Union 12-Month Certificate. The following table compares the 12-Month Certificate 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 10/23/2023.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Seattle CD rates, 1-year CD rates, IRA CD rates


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