Premier Credit Union (IA) Raises Short-Term Certificate Rates

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Deal Summary: 20-month Special Certificate, 1.00% APY, $10k minimum. 12-month Jumbo Certificate, 0.90% APY, $100k minimum.

Availability: Residents of 22 central Iowa counties.

This is the third time in five years I’ve written about the 20-month Certificate Special offered by Premier Credit Union (Premier CU). After adding 20 bps this week, the 20-month Certificate Special now earns 1.00% APY (although substantially lower than the 2.75% APY offered in 2019). The minimum opening deposit is still $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00%$10k-Premier Credit Union20 Month Certificate Special
Rates as of September 25, 2021.

Premier CU’s 12-month Jumbo Certificate saw a slightly larger rate increase (35 bps) this week and now earns 0.90% APY. The minimum deposit for the 12-month Jumbo Certificate is $100k, with no stated balance cap. The 12-month Jumbo Certificate was added to the product line more than three years, with an initial 2.00% APY. Following two rate increases during the summers of 2018 and 2019, the 12-month Jumbo Certificated offered its highest rate, an impressive 2.75% APY, in July 2019.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.90%$100k-Premier Credit Union12 Month Jumbo Certificate
Rates as of September 25, 2021.

Premier CU’s Truth-in-Savings disclosure is no longer available on its website, but according to CSR, the Early Withdrawal Penalty has not changed:

For Investor, Special and Jumbo accounts, the amount of
early withdrawal penalty for your account is 90 days' interest.

High Yield Checking

Premier CU’s High Yield Checking has been earning 3.00% APY on qualifying balances up to $10k for nearly seven years. Qualifying balances above $10k and non-qualifying balances both earn 0.10% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%-$10kPremier Credit UnionHigh Yield Checking
Rates as of September 25, 2021.

Qualifying Requirements

  • At least 25 signature-based debit card purchases.
  • Have at least one Direct Deposit.
  • Be enrolled in eStatement.
  • Sign into Online Banking at least once

While there is no monthly service fee, there is a 50¢ fee for each PIN-based purchase or ATM withdrawal beyond the 15 transactions allowed within a calendar month.

Availability

Headquartered in Des Moines, Premier Credit Union’s field of membership (FOM) is community-based, with individuals who live or work in the following 22 Iowa counties eligible for membership.

Iowa Counties: Adair, Boone, Clarke, Dallas, Greene, Guthrie, Hamilton, Harden, Jasper, Lucas, Madison, Mahaska, Marshall, Marion, Monroe, Polk, Poweshiek, Story, Tama, Union, Warren, and Webster.

Immediate family members of current Premier CU members also qualify for membership. Premier CU defines “immediate family” as spouse, sibling, parent/step-parent, child/step-child, and grandparent.

Joining Premier CU and/or opening a Certificate can be done online or at any of three full-service Iowa branches, located in Ames, Des Moines, and West Des Moines. The Skywalk branch in Des Moines is temporarily closed.

A membership account represents your ownership of the credit union and makes you eligible for all products and services. Minimum $5 deposit to open and maintain your membership benefits.

Premier CU’s members can access more than 13,000 surcharge-free Shazam Network ATMs in 30 states and more than 900 ATMs belonging to Publix’s Presto! Network in Florida, Georgia, Alabama, South Carolina, and Tennessee.

Credit Union Overview

Premier Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.14% (excellent) based on June 30, 2021 data. In the past year, Premier CU has increased its total non-brokered deposits by $30.06 million, an excellent annual growth rate of 14.52%. Please refer to our financial overview of Premier Credit Union (NCUA Charter # 64271) for more details.

Premier Credit Union was originally chartered in 1933 as the Bankers Life Employees Credit Union, with membership restricted to employees and retirees of Bankers Life Company. In 1986, Bankers Life Company changed its name to Principal Financial, with the Credit Union subsequently becoming Principal Financial Group Employees Credit Union. The name changed again in 2001 to the current Premier Credit Union, to better describe its membership base and its core mission of providing "Premier Service and Premier Choices at Premier Credit Union." Premier CU is currently Iowa’s twelfth largest credit union, with more than 19,000 members and assets in excess of $266 million.

How the Certificates Compare

When compared to 211 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available within the FOM, Premier Credit Union's 20-month Special Certificate APY shares the top spot with USALLIANCE Financial’s 18-month Certificate Special APY.

Interest RateCD Length of TermCredit Union/Bank
1.00% APY20-Month Special Certificate ($10k min)Premier Credit Union
0.80% APY20-Month CD ($250 min)Consumers Credit Union (IL)
0.75% APY18-Month CD ($10k min)NexBank

When compared to 291 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the FOM, Premier Credit Union's 12-month Jumbo Certificate currently ranks first, regardless of minimum deposit requirements.

Interest RateCD Length of TermCredit Union/Bank
0.90% APY12-Month Jumbo Certificate ($100k min)Premier Credit Union
0.80% APY1-Year Fixed CD ($500 min)Lafayette Federal Credit Union
0.75% APY12-Month Certificate Special ($500 min)USALLIANCE Financial

The above rates are accurate as of 9/24/2021.

To search for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: Des Moines CD rates, 1-year CD rates

Comments
Premier Credit Union (IA) Ups 20-Month Special CD, 2.75% APY
Deal Summary: 20-month Special Certificate, 2.75% APY, $10k minimum. 12-month Jumbo Certificate, 2.75% APY, $100k minimum.

Availability: Residents of 22 central Iowa counties.

More than two years ago, I wrote about the new 20-month Certificate Special offered by Premier Credit Union (Premier CU), which had an initial APY of 2.00%. While other CD rates have been tumbling, Premier CU started the week by raising the rate on the 20-month Special to 2.75% APY. The minimum opening deposit is still $10k, with no stated balance cap.

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Premier Credit Union (IA) Adds 20-Month Certificate Special
Availability: Residents of Boone, Dallas, Jasper, Madison, Marion, Polk, Story, and Warren Counties, Iowa

Premier Credit Union (Premier CU) recently withdrew its long-running 14-month Certificate Special, but added a new 20-month Certificate Special (2.00% APY) a few days ago. The minimum opening deposit is $10k, with no balance cap.

As stated in Premier CU’s Truth In Savings document, the Early Withdrawal Penalty reads as follows:

For Investor, Premier, Special and Referral certificate accounts,
the amount of early withdrawal penalty for your account is 90 days' interest.

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This week, Premier Credit Union (PCU) added another competitive CD Special to its product line: a 14-month CD Special (1.40% APY). This new CD Special requires a minimum $10K opening deposit and there is no maximum balance cap.

The Early Withdrawal Penalty, according to PCU’s Truth-In-Savings Disclosure, is as follows:

Availability

Premier Credit Union is operating under a new community charter, which has expanded its field of membership. Anyone...

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Earlier this month, Premier Credit Union (Iowa) introduced a new, highly competitive 5-month CD Special (1.00% APY). This 5-month CD Special requires a minimum $2K deposit to open, with interest credited and compounded quarterly.

The Early Withdrawal Penalty on all Premier Credit Union "Special" CDs is 90 days interest. Given the short term length of this CD (150 days +/-), the Early Withdrawal Penalty is fairly substantial

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Premier Credit Union is operating under a new community charter, which has expanded its field of membership....

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Premier Credit Union is offer several very competitive CD and money market rates. The best CD rates range from 2.00% APY for an 18-month term to 2.80% APY for a 5-year term. Minimum deposit is $5,000. For the money market account, the top rate is 1.50% APY for balances of at least $100K. The rates go down quite a bit for the lower tiers (1.10% APY for $50K to $100K and 0.80% APY for $25K to $50K). These rates are listed in the credit union's rates page as of 11/12/2010.

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