Now through June 30, 2017, Public Service Credit Union (PSCU) is offering a 21-month CD that earns 1.80% APY. The minimum opening deposit is $1k, with no stated balance cap.
As stated in the Truth In Savings document, the Early Withdrawal Penalty reads as follows:
The amount of the early withdrawal penalty is 90 days interest calculated on the amount withdrawn for terms 18 months or less and 180 days for terms 24 months or greater.
Thanks to the DA reader who saw this CD advertised in a Colorado newspaper.
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.
Credit Union Overview
Public Service Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.72% (excellent) based on December 31, 2016 data. In the past year, PSCU has increased its total deposits by $266.62 million, an excellent annual growth rate of 18.61%. Please refer to our financial overview of Public Service Credit Union (NCUA Charter # 64778) for more details.
Established in 1938, Public Service Credit Union is currently Colorado’s third largest credit union, with more than 205,400 members and assets in excess of $2 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 211 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 21-Month CD APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||17-Month CD Special ($50k max)||Navy Federal Credit Union|
|1.80% APY||21-Month CD||Public Service Credit Union|
|1.60% APY||15-Month Share Certificate Special||NASA Federal Credit Union|
The above rates are accurate as of 4/25/2017.