Last spring, Wisconsin-based Royal Credit Union (Royal) offered a limited-time 3.04% APY on its 18-month CD. The rate lasted about six weeks before it dropped to 2.32% APY, where it remained until this week. With the addition of 46 bps, the 18-month CD now earns 2.78% APY. Royal no longer sets a minimum opening deposit for any of its CDs, but there is a balance cap of $250k.
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The 18-month CD is also offered as a Fixed Rate IRA (Traditional and Roth), but with the minimum opening deposit of $1k.
The 18-month CD currently has the highest APY of any Royal CD; the next highest rate is the 60-month CD’s 2.43% APY.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Penalties for certificates greater than one year up to and
including three years - equivalent of 180 days dividends
Funding a CD can be done through ACH, wire transfer, or transfer from another Royal account. Maturing funds can be distributed through a cashier’s check or transferred to an existing Royal checking/savings account. There is a 10-day grace period before the CD automatically renews to a 18-month CD.
Headquartered in Eau Claire, Wisconsin, Royal Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, or attend school in the following counties eligible to join.
Minnesota Counties – Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona, or Wright.
Wisconsin Counties - Adams, Ashland, Barron, Bayfield, Burnett, Buffalo, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Portage, Polk, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, or Wood.
Employees of Marten Transport, Tenneco-Packaging Corporation (Appleton, WI), and the former Uniroyal plant qualify for membership, as do employees/affiliates of the Realtor Associations of Minnesota and Wisconsin. Members of the UWEC Alumni Association are also membership eligible.
Immediate family members of a current Royal member or any membership-eligible individual are welcome to apply, even if the family member lives outside the FOM area.
Joining Royal and/or opening a CD can be done online, or at any of five Minnesota branches, located in Apple Valley, Eden Prairie, Edina, Oak Park, and Saint Paul, or 44 Wisconsin branches, located in Balsam Lake, Chippewa Falls (8), Colby (4), Eau Claire (17), Hudson, Menomonie (2), New Richmond, Osceola, Rice Lake (3), River Falls (2), Saint Croix (3), Somerset, and Whitehall.
All you need is $5 to open your Savings and become a Member of Royal Credit Union.
Royal CU participates in the CO-OP Share Branching and ATM networks.
We didn't really mean it to be a secret. Honest! But we've found that very few of our Members knew about the amazingness of Shared Branching.
So now we're dedicating an entire page to the fact that you can visit nearly 5,000 credit union locations in the country and be able to have direct, free access to your money just like you would at any Royal Credit Union location.
Credit Union Overview
Royal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.89% (excellent), based on June 30, 2019 data. In the past year, Royal increased its total non-brokered deposits by $208.79 million, an excellent annual growth rate of 10.54%. Please refer to our financial overview of Royal Credit Union (NCUA Charter # 66834) for more details.
Royal Credit Union is Wisconsin sixth largest credit union, with nearly 215,000 members and assets in excess of $2.5 billion. Founded in 1964, the original FOM was exclusive to the employees of Uniroyal. Between 1972 and 1974, an additional 27 SEGs were added to the FOM. A community charter was adopted in 1975, expanding Royal’s presence across Minnesota and Wisconsin. With 55-year successful history, Royal is looking to the future with its Smart Connection program.
The Smart Connection to your financial future!
Here to help the 25-and-under crowd navigate life after high school. #Adulting means budgeting for your first checking account, higher education, your first apartment, first car loan or home purchase; the list is endless! The Smart Connection is here to help. We’ve got you covered.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Royal Credit Union’s 18-month CD APY currently ranks first.
The above rates are accurate as of 10/4/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.