Canvas Credit Union (CO) Offers Top-Rate 13-Month CD Special

Colorado-based Canvas Credit Union (Canvas CU) has brought back its 13-month CD Special with a rate-leading 5.25% APY. Available for a limited-time, the 13-month CD Special can be opened with a $1k minimum deposit, with no stated balance cap.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

Accounts with terms of more than 12 months and less than 48 months will be subject to a penalty of 180 days’ interest.

If the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.

If a CD is closed within six months of opening, an early closure fee of $25 will be assessed.

Availability

Headquartered in Lone Tree, Colorado, Canvas Credit Union’s field of membership (FOM) has not been clearly defined on its website for a couple of years.

A general (and very vague) description of the FOM is stated on the Membership page, but no specific details are provided. Quite often, the first page of an online membership application provides the credit union's membership eligibility information, but Canvas CU online application doesn't.

As stated on the Membership page,

You are related to a current member of Canvas Credit Union.

You are employed by or affiliated with a Canvas Credit Union Partner Company or Select Employee Group.

You live or work in a qualifying area. (Contact us to learn about qualifying areas.)

In a Live Chat, CSR confirmed that individuals who live or work anywhere in Colorado qualify for membership. CSR also stated that anyone who belongs to the Consumer United Association ($5 fee) is also eligible to join. When I asked for a definition of “anyone” (hoping for a nationwide easy membership requirement), I was told that “anyone” has to live in Colorado. While CSR wasn’t able to provide more specific information about the PCs, SEGs, or what constitutes “family members,” he did state the FOM would be visible on the online application, once all personal identification information had been entered.

Joining Canvas CU and/or opening a CD Special can be done online, or in person at any of 33 Colorado branches located in Arvada, Aurora (3), Brighton, Broomfield, Castle Rock (2), Centennial, Denver (5), Fort Collins (5), Fruita, Grand Junction, Greeley, Highlands Ranch, Lakewood, Littleton (2), Lone Tree, Loveland, Parker, Rifle, Thornton (2), and Windsor. As stated on the Locations page,

We are now offering appointment bookings at all 33 of our branch locations.

There is a “Book an Appointment” button at the top of every page of the Canvas CU website.

A $5 minimum deposit in a Member Savings Account establishes a Canvas CU membership.

Canvas CU participates in both the CO-OP Shared Branch and ATM networks.

Manage your Canvas accounts at more than 200 locations in Colorado and 5,900 locations nationwide.

We’re part of the CO-OP ATM Network, the nation’s largest surcharge-free ATM network, providing access to 30,000 ATMs throughout the U.S. and Canada, including 9,000 deposit-taking ATMs and 5,500 7-Eleven® locations, and access to over 800,000 ATMs worldwide.

Funding and Other Details

The following information is from the TIS disclosure and a Live Chat with CSR.

• Funding – ACH (online or in-person), debit card (in-person), check (in-person), or Shared Branch transaction.
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited monthly and can be transferred to a Canvas CU Membership Share account (can be set up on the online application).
• Maturing Funds – Internal transfer to a Canvas CU checking or savings account (can be set up when opening a CD Special).
• Beneficiaries – Up to six with equal shares. Social Security numbers are not required.
• Grace Period – 10 calendar days.
• Credit Check – Hard pull.

Credit Union Overview

Canvas Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.98% (excellent) based on December 31, 2022 data. In the past year, Canvas CU has increased its total non-brokered deposits by $340.25 million, an excellent annual growth rate of 10.63%. Please refer to our financial overview of Canvas Credit Union (NCUA Charter # 64778) for more details.

Established in 1938, Canvas Credit Union is currently Colorado’s third largest credit union, with nearly 298,000 members and assets in excess of $4.2 billion. Originally known as Public Service Credit Union (PSCU), the initial FOM was exclusive to public service employees, but has been expanded over the years to include all Colorado residents. In 2018, PSCU rebranded and became known as Canvas Credit Union. An August 2018 Credit Union Times article provided some insight into the rebrand:

The change process started about 18 months ago when the credit union began researching and reaching out to members, employees and the community. Its official rebranding launch takes place on Aug. 31, according to the credit union.

“The research starkly highlighted consumers’ desire for personalized financial guidance in a partnership atmosphere. Canvas emerged as the name most reflective of its members’ life journey — a fresh canvas on which the credit union helps members paint their future,” the credit union said.

How the 13-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Canvas Credit Union 13-Month CD Special. The following table compares the 13-Month CD Special 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 3/27/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.