SELCO Com Credit Union Unveils 13-Month Accelerator Certificate

About a month ago, SELCO Community Credit Union (SELCO) introduced its 9-Month Accelerator Certificate Special (ACS) with tiered rates of 5.50% APY ($100k min) or 5.25% APY ($25k min). The 9-month is still available but it’s no longer the only ACS in the product line. Last week, SELCO added a 13-month Accelerator Certificate Special, which earns 5.25% APY ($100k min) or 5.00% APY ($25k min). An ACS requires at least $25k of new money, defined simply as funds not currently on deposit with SELCO. Additional funds beyond the initial $25k can be from any source, including an existing SELCO account.

Wondering what “Accelerator” means?

If our Accelerator dividend rates increase within 30 days,
we’ll automatically raise your rate to match. It’s our best-rate guarantee.

As stated in the SELCO Rate and Fee Schedule, the Early Withdrawal Penalty read as follows:

In addition to closing the account, we may impose a penalty if you withdraw any portion of the principal before the maturity date.

Amount of Penalty: The amount of the early withdrawal penalty is determined as follows: For accounts with terms of 12-23 months, early withdrawals are subject to a penalty of 150 days' dividends.

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

Availability

Headquartered in Springfield, Oregon, SELCO Community Credit Union’s field of membership (FOM) is community-based, with individuals (18 years or older with a valid Social Security number) who live in any of the following 27 Oregon counties or 8 Washington counties eligible to join.

Oregon counties – Baker, Benton, Clackamas, Columbia, Coos, Crook, Curry, Deschutes, Douglas, Grant, Harney, Hood River, Jackson, Jefferson, Josephine, Klamath, Lake, Lane, Lincoln, Linn, Malheur, Marion, Multnomah, Polk, Wasco, Washington, or Yamhill.

Washington counties – Clark, Cowlitz, King, Kitsap, Lewis, Pierce, Snohomish, or Thurston.

Family members of current SELCO members or individuals who are membership-eligible are also welcome to apply, regardless of where they live. SELCO generously defines “family members” as spouses, parents, grandparents, children, stepchildren, grandchildren, brothers, half-brothers, sisters, half-sisters, uncles, aunts, in-laws, foreign exchange students, and domestic partners.

Account Opening

Joining SELCO Community Credit Union can be done online or at any of 16 Oregon branches located in Albany, Bend (3), Burns, Eugene (3), Ontario, Portland, Redmond (2), Salem, and Springfield (3)

A $5 membership fee (required) grants you one share in the credit union, and a $5 minimum balance is required.

The Accelerator Certificate Specials are not listed on SELCO online application. Existing SELCO members can open an ACS in-branch or over the phone (800.445.4483). A follow-up call can also be requested by submitting a Certificate Contact Form. According to CSR, funds for an ACS must be in the Membership Savings Account before the actual ACS opening.

Funding and Other Details

The following information is from a LiveChat with CSR.

• Funding – ACH, wire, Shared Branch transfer, or check (if opening in-branch).
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited quarterly and can be automatically transferred to a SELCO savings/checking account.
• Maturing Funds – Wire ($25 fee), or internal transfer to savings/checking account.
• Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are not required.
• Grace Period – 10 calendar days before automatic renewal as a regular 6-month Certificate.
• Credit Check – Hard pull when joining.

Credit Union Overview

SELCO Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.43% (excellent) based on September 30, 2022 data. In the past year, SELCO has increased its total non-brokered deposits by $139.85 million, an excellent annual growth rate of 6.28%. Please refer to our financial overview of SELCO Community Credit Union (NCUA Charter # 63196) for more details.

Established in 1936 as the School Employees of Lane County Oregon Credit Union, the founding members were all Lane County educators looking for a way to financially support their fellow teachers. Nearly 70 years later, SELCO (Oregon’s fifth largest credit union at the time) was granted a community charter that included six Oregon counties. In addition to an expanding FOM, SELCO’s growth was aided by mergers, including mergers with Forest Park Federal Credit Union (2012) and Greater Oregon Federal Credit Union (2013). SELCO Community Credit Union is currently Oregon’s fourth largest credit union, with nearly 151,000 members and assets in excess of $2.6 billion.

How the 13-Month Accelerator Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, no banks or credit unions have higher rates than currently offered on the SELCO Community Credit Union 13-Month Accelerator Certificate Special, regardless of minimum deposit requirements. The following table compares the 13-Month Accelerator Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 9-Month Accelerator Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, no banks or credit unions have higher rates than currently offered on the SELCO Community Credit Union 9-Month Accelerator Certificate Special, regardless of minimum deposit requirements. The following table compares the 9-Month Accelerator Certificate 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 2/20/2023.

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