For a limited time, Simplicity Credit Union (Simplicity CU) is offering a rate-leading 6-month CD Special earning 6.17% APY. The 6-month CD Special has no minimum opening deposit requirement, but all funds must be new money, defined as money not currently on deposit with Simplicity CU. CSR had no indication how long the 6-month CD Special might be available.
Early Withdrawal Penalty
There is no Truth-in-Savings disclosure for CDs available on the Simplicity CU website. CSR stated the Early Withdrawal Penalty for the 6-month CD Special is 180 days dividends on the amount being withdrawn. Partial withdrawals are permitted, but the principal is not protected if a withdrawal is made within the first 180 days of account opening.
Headquartered in Marshfield Wisconsin, Simplicity Credit Union’s field of membership (FOM) is community-based, with individuals who live or work in the Wisconsin counties of Adams, Brown, Calumet, Chippewa, Clark, Eau Claire, Fond du Lac, Jackson, Marathon, Outagamie, Portage, Shawano, Taylor, Trempealeau, Waupaca, Waushara, Winnebago, or Wood, eligible for membership.
Employees of several Select Employer Groups, including CP Rail Systems, City of Neenah, and Neenah Joint School District are also eligible to join.
Immediate family members (spouse, parent, sibling, in-law, children, stepparents, stepchildren, grandparents, and grandchildren) of a current Simplicity CU member are welcome to apply.
Joining Simplicity CU and/or opening a 6-month CD Special can be done online or at any of the five full-service Wisconsin branches located in Marshland, Neenah, Neillsville, Plover, and Stevens Point.
A $5.00 savings account deposit is required to open your Simplicity membership.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($10 fee), check, or shared branch transaction.
- Ownership – Individual, joint, or trust.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly; cannot be withdrawn penalty free.
- Maturing Funds – Cashier’s check to address on file or internal transfer to savings or checking account.
- Beneficiaries – Unlimited, with equal shares; Social Security numbers required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Hard pull through Experian when joining.
Credit Union Overview
Simplicity Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.61% (excellent), based on June 30, 2023 data. In the past year, Simplicity CU’s total non-brokered deposits have decreased by -$13.96 million, a below average annual growth rate of -3.59%. Please refer to our financial overview of Simplicity Credit Union (NCUA Charter # 66678) for more details.
Founded in 1949, Simplicity Credit Union is currently the 22nd largest credit union headquartered in Wisconsin, with more than 27,000 members and assets in excess of $437 million. The history of Simplicity’s origins is explained in the About Us section of Simplicity CU’s website.
If you’ve already heard the story about how we started with 13 original members and a shoebox in the basement of Saint John’s Church, you’re not alone. It’s something we bring up a lot. It paints a picture of a simpler time, doesn’t it? When the first $332 dollars those original members held in the shoebox could make a real difference in other people’s lives. But it’s so much more than a charming reminder of the good old days. It’s the origin story of a team of Credit Union believers that, with the endless support of their communities, has a history of doing the right thing, even when it’s not the easy thing.
Those first 13 members not only conquered the regulatory challenges, collected those first deposits, and established Simplicity CU, they made a statement that helping was the right thing to do. Our origin story really starts with families in the Saint John’s congregation that weren’t looking for charity, just the chance to borrow a little money, at a fair rate, and the opportunity to pay back what they owed. In other words, they wanted something a lot of us take for granted. With friends and neighbors that were willing to do the work in 1949, our original membership blazed the path we follow today.
Do the work, even when it’s tough, because it’s worth it.
How the 6-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Simplicity Credit Union 6-month CD Special. The following table compares the 6-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|6.17%||6-Month CD Special (EWP=180 days)||Simplicity Credit Union|
|6.00%||8-Month Promotion Certificate (EWP=90 days)||Securityplus Federal Credit Union|
|5.75%||9-Month Online CD (EWP=90 days)||Forbright Bank|
|5.75%||9-Month CD Special (EWP=90 days)||BluPeak Credit Union|
|5.75%||7-Month CD Special (EWP=90 days)||Presidential Bank|
The above information and rates are accurate as of 11/17/2023.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.