UPDATE 11/26/2016: No longer available.
With Black Friday little more than a week away, Public Service Credit Union (PSCU) is promoting its Black Friday 24-month CD (3.00% APY). The minimum opening deposit is $1k, with a balance cap of $10k.
This year on Black Friday, Public Service Credit Union wants you to earn money instead of spend it.
As the name suggests, the 24-month CD is only available on Black Friday (November 25, 2016) and must be opened in-branch. There is also a limit of one 24-month CD per household.
Branch hours may vary by branch, so check carefully.
According to CSR, the Early Withdrawal Penalty is 180 days interest.
$100 Checking Bonus
For a limited time, PSCU is offering a $100 checking bonus when opening a Free Checking account with Direct Deposit and eStatements.
- Limit of one bonus per new checking account.
- May not have had a PSCU checking account in the last 12 months.
- Minimum of $55 is required to open the new checking account.
- Direct Deposit and eStatements must be established within 60 days of account opening.
- Promotion must be mentioned when opening checking account.
Headquartered in Lone Tree, Colorado, Public Service Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live or work in Colorado eligible to join.
Employees and individuals affiliated with a PSCU Partner Company (PC) or Select Employee Group (SEG) qualify for membership.
In addition, family members of current PSCU members are also eligible.
Note: PSCU’s Personal Membership page is rather vague and doesn’t provide much detail, such a list of the PCs or SEGs. I was able to confirm the residency portion of the FOM with CSR, but CSR wasn’t able to provide more specific information about the PCs, SEGs, or what constitutes “family members.”
Joining PSCU can be done online, or done in person at any of 29 Colorado branches located in Arvada, Aurora (3), Brighton, Broomfield, Centennial, Colorado Springs, Denver (7), Fort Collins (4), Greeley, Highlands Ranch, Lakewood, Littleton (2), Lone Tree, Loveland, Parker, Thornton, and Windsor.
As stated above, the Black Friday 24-month CD is only available on November 25, 2016, and must be opened in-branch.
Credit Union Overview
Public Service Credit Union (NCUA Charter # 64778) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.06% (excellent) based on June 30, 2016 data. In the past year, PSCU has increased its total deposits by $199.04 million, an excellent annual growth rate of 14.81%. Please refer to our financial overview of Public Service Credit Union for more details.
Established in 1938, Public Service Credit Union is currently Colorado’s third largest credit union, with more than 190,800 members and assets in excess of $1.7 billion. While the Credit Union’s original FOM was public service employees, it has been expanded over the years to include all Colorado residents. In 2008, PSCU acquired Norlarco Credit Union, following the mismanagement of Norlarco CU’s residential loan program. A March 2008 Credit Union Times article provides some insight into the acquisition:
Demonstrating again what it says is a good faith gesture, Public Service
Credit Union said this week it has rehired more than 90% of the employees
at the now defunct Norlarco Credit Union which it took over last Friday.
How the CD Compares
When compared to the 286 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Colorado residents, Public Service Credit Union’s Black Friday 24-Month CD APY currently tops the list.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||Black Friday 24-Month CD ($1k min/$10k max)||Public Service Credit Union|
|1.55% APY||25-Month Special CD ($1k min/no max)||Veridian Credit Union|
|1.51% APY||29-Month CD ($1k min/$50k max)||Hughes Federal Credit Union|
The above rates are accurate as of 11/16/2016.