For the past couple of years, Red Rocks Credit Union (Red Rocks CU) has been offering “seasonal” Share Certificate Specials. The 2017 Fall Specials have been announced, and surprisingly, the most competitive rate belongs to a long-term Share Certificate: 48-month (2.27% APY, $10k and 2.42% APY, $100k). While the 12- and 24-month Fall Specials are fairly competitive, they both offer APYs that are 25 bps points lower than 12- and 24-month 2017 Summer Specials.
New money (defined as “funds held outside Red Rocks Credit Union”) is required to open these Share Certificates, and the promotion code, FALLCERT17, must be used when opening. The tiered APYs are based on deposit levels ($10k, $50k, $100k) on the 12-month and 24-month Share Certificates, but the 48-month’s APY for deposits of $10k and $50k are the same.
As stated in Red Rock CU’s Agreements and Disclosures document, the Early Withdrawal Penalty reads as follows:
For accounts with a term to maturity equal to or less than 12 months, the penalty imposed will equal 90 days' interest.
For accounts with a term to maturity greater than 12 months, the penalty imposed will equal 180 days' interest.
Headquartered in Highlands Ranch (south of Denver), Red Rocks Credit Union’s field of membership (FOM) offers a variety of ways for almost any Colorado resident to join.
Easy Membership: Individuals who live anywhere in Colorado are eligible for membership by joining Consumer’s United Association (CUA), a non-profit association open to all Colorado residents who are interested in financial education and advocacy.
Residency: Individuals who live or work in Douglas, Arapahoe or Jefferson County also qualify.
Employment: Employees of Lockheed Martin are eligible for membership.
Relationship: Family members of current Red Rocks Credit Union members are also eligible to join.
Joining Red Rock CU and/or opening a Share Certificate can be done online, by phone (303.471.7625), or in person at the Highlands Ranch branch located in the Red Rocks Town Center. The Red Rocks Waterton branch is only accessible by Lockheed Martin employees and the Corporate Office in Littleton has no branch services.
The promotion code, FALLCERT17, must be used when opening any of the limited-time Fall Share Certificates.
Credit Union Overview
Red Rocks Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.47% (excellent), based on June 30, 2017 data. In the past year, Red Rocks CU has increased its total non-brokered deposits by $20.51 million, an excellent annual growth rate of 8.84%. Please refer to our financial overview of Red Rocks Credit Union (NCUA Charter # 68560) for more details.
Founded in 1979, Red Rocks Credit Union was originally established for the benefit of the employees of Martin Marietta (now Lockheed Martin). The FOM has been expanded twice (1994 and 2013) to include residents of Douglas, Arapahoe and Jefferson Counties, and more recently, extended membership to all Colorado residents through the Consumer’s United Association. Red Rocks CU is currently the 13th largest credit union in Colorado, with more than 18,100 members and assets in excess of $280 million.
How the Fall Share Certificate Specials Compare
When compared to the other similar length-of-term CDs tracked by DepositAccounts.com, requiring a larger minimum deposit and available to Colorado residents, Red Rocks Credit Union’s 48-month Fall Share Certificate Special APYs currently rank first and second.
When compared to the other similar length-of-term CDs tracked by DepositAccounts.com, requiring a larger minimum deposit and available to Colorado residents, Red Rocks Credit Union’s 12-month Fall Share Certificate Special APY currently ranks second.
When compared to the other similar length-of-term CDs tracked by DepositAccounts.com, requiring a larger minimum deposit and available to Colorado residents, Red Rocks Credit Union’s 24-month Fall Share Certificate Special APY currently ranks third.
The above rates are accurate as of 10/16/2017.