It’s a bit early in the month to call a great rate “Spook-tacular”, but given the current rate climate, I think the 3.00% APY offered on Prairieland Federal Credit Union’s (Prairieland FCU) 3-year CD Special qualifies. This very limited-time offer (October 15-18) requires a $1k minimum deposit, with no stated balance cap.
As stated in the fine print on the landing page, the Early Withdrawal Penalty reads as follows,
Penalty for withdrawal of certificate or any portion thereof is
forfeiture of 180 days dividends, which could cause a reduction of principal.
60-month Share and Jumbo Share Certificates
I wrote about the 60-month Share and Jumbo Share Certificates in January 2018, when the rates were raised to 3.00% APY and 3.15% APY, respectively. At the time, only two other institutions were offering 3.00% APY on 5-year CDs. As I was checking out the 3-year CD Special yesterday, I was pleasantly surprised to see that the 60-month Certificates had each added 10 bps. The minimum opening deposit for the Share Certificate is $1k and $100k for the Jumbo Certificate.
According to CSR, the Early Withdrawal Penalty for either 60-month Certificate is 360 days.
Headquartered in Normal, Illinois, Prairieland Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, attend school, worship, or volunteer in McLean County eligible to join.
Joining Prairieland FCU and/or opening a CD Special (October 15-18, 2019 only) and a Share Certificate can be done by visiting any of the three Illinois branches located in Bloomington and Normal (2).
You can also request a membership application be mailed by calling (877.371.1211) or through e-mail ([email protected]).
A minimum $25 deposit in a Share Savings account is required to establish a membership.
Prairieland FCU’s online banking platform is currently limited to account management and bill pay services.
Credit Union Overview
Prairieland Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.06% (excellent) based on June 30, 2019 data. In the past year, Prairieland FCU has increased its total non-brokered deposits by $1.85 million, an excellent annual growth rate of 3.43%. Please refer to our financial overview of Prairieland Federal Credit Union (NCUA Charter # 2037) for more details.
Originally established in 1937 as the Oil-O-Matic Credit Union, Prairieland Federal Credit Union has experienced expansion by adding select employee groups, a change to a community charter in 2001, growth via a merger with the Alton Route Credit Union in 2010, and four name changes. The current name, Prairieland Federal Credit Union, was chosen in 2002 because it not only reflects the geographic area, but also reflects Prairieland’s "long history of serving hard-working people helping each other succeed and prosper."
How the CD Special Compares
When compared to 237 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Prairieland Federal Credit Union’s 3-year CD Special APY currently ranks first.
How the Share Certificate Compares
When compared to 221 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Prairieland Federal Credit Union’s 60-Month Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 10/4/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.