Rio Grande Credit Union (RGCU) is currently offering limited-time special rates on its Jumbo IRA Share Certificates ($25k min) and IRA Share Certificates ($500 min). With rates ranging between 96 and 122 bps higher than those offered on the same term-length Jumbo Share Certificates, the Jumbo IRA Share Certificates are extraordinarily competitive. The non-Jumbo IRA Share Certificates have APYs that are a uniform 10 bps lower, but are also very competitive.
As stated in the Account Disclosures document, the Early Withdrawal Penalty reads as follows:
We will impose a penalty if You withdraw any of the principal funds before the maturity date, except to the extent that when You have attained the age of 72, You may make one penalty free withdrawal during each 12-consecutive-month period. The penalty imposed will equal 50.00% of the dividends scheduled to accrue over the remaining term.
The Account Disclosure document also states,
For all Accounts, the Credit Union reserves the right to require a member intending to make a withdrawal to give written notice of such intent not less than seven days and up to 60 days before any such withdrawal.
Headquartered in Albuquerque, Rio Grande Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, attend school, or volunteer in the New Mexico counties of Bernalillo or Sandoval eligible to join.
Employees, volunteers, retirees, and members of more than 80 SEGs are also eligible to join. The SEGs include the City of Albuquerque, Bernalillo County, VA Hospital, ABQ Health Partners, Blue Cross Blue Shield of NM, Lovelace Health System, NM Heart Institute, Presbyterian Health Care Services, Presbyterian Health Plan, and Catholic parishes in Bernalillo and Sandoval Counties.
Joining RGCU can be done online, through VideoCONNECT video banking, or in-branch. Five of the six New Mexico branches (located in Albuquerque and Rio Rancho) are open to walk-in traffic, with the Lomas Boulevard branch (Albuquerque) currently closed. Appointments are strongly recommended and can be scheduled on-line. You can also submit a Contact Me form to start the application process.
While Share Certificates, checking, and savings accounts can be opened online, IRA Share Certificates must be opened in-branch.
Opening a Regular Share Account with a minimum $5 deposit is required to establish an RGCU membership, but a $25 minimum balance is required to earn dividends.
RGCU participates in the CO-OP Shared Branch and ATM network, as well as the CU Anytime ATM network.
Access your RGCU account at over 38 credit union service centers in New Mexico and over 4,300 service centers across the country. Take care of deposits, withdrawals, transfers, loan payments, history prints, and account inquiries at participating service centers as long as you know your account number.
Credit Union Overview
Rio Grande Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.20% (excellent) based on September 30, 2020 data. In the past year, RGCU has increased its total non-brokered deposits by $84.65 million, an excellent annual growth rate of 31.24%. Please refer to our financial overview of Rio Grande Credit Union (NCUA Charter # 62573) for more details.
Established in 1953, Rio Grande Credit Union founding members were employees of the City of Albuquerque. Through organic growth and mergers with three local credit unions, RGCU is currently ninth largest credit union in New Mexico, with more than 36,500 members and assets in excess of $418 million.
In February, RGCU purchased the naming rights of the Albuquerque Isotopes baseball stadium. The official name is now the Rio Grande Credit Union Field at Isotopes Park. RGCU has also become the official credit union, debit card partner, and credit card partner of the Iostopes. In a February 13, 2020 Credit Union Times article, RGCU President and CEO Mike Athens stated,
We are excited to strengthen our partnership with the Albuquerque Isotopes, one of the family-friendliest organizations around. It makes a statement — to our current and future members — that RGCU is committed to this region and to building family partnerships that make the community a better place to live, thrive and grow.
How the Jumbo IRA Share Certificates Compare
When compared to the similar length-of-term IRA CDs tracked by DepositAccounts.com that are available within the FOM, Rio Grande Credit Union's 12-month Jumbo IRA Share Certificate APY currently ranks first, regardless of minimum deposit requirements.
|Interest Rate||IRA CD Length of Term||Credit Union/Bank|
|1.97% APY||12-Month Jumbo IRA Share Certificate ($25k min)||Rio Grande Credit Union|
|1.87% APY||12-Month IRA Share Certificate ($500 min)||Rio Grande Credit Union|
|1.01% APY||14-Month IRA Special ($500 min)||Financial Resources Federal Credit Union|
|0.90% APY||14-Month IRA CD ($1k min)||Evansville Teachers Federal Credit Union|
When compared to the similar length-of-term IRA CDs tracked by DepositAccounts.com that are available within the FOM, Rio Grande Credit Union's 60-month Jumbo IRA Share Certificate APY currently ranks first, regardless of minimum deposit requirements.
|Interest Rate||IRA CD Length of Term||Credit Union/Bank|
|2.17% APY||60-Month Jumbo IRA Share Certificate ($25k min)||Rio Grande Credit Union|
|2.07% APY||60-Month IRA Share Certificate ($500 min)||Rio Grande Credit Union|
|1.35% APY||60-Month IRA CD ($1k min)||Sandia Laboratory Federal Credit Union|
|1.31% APY||5-Year IRA CD ($10k min)||Wings Financial Credit Union|
These rates are accurate as of 1/6/2021.
To look for the best IRA CD rates, both nationwide and state-specific, please refer to our IRA Rates Table page.