SMW Federal Credit Union (SMW) currently has three Featured CDs in its product line, with the 28-month Featured CD (2.00% APY) the most competitive. The minimum opening deposit is $5K and there is no balance cap.
If the 28-month Featured CD automatically renews, it will renew as a 36-month CD.
According to CSR, the Early Withdrawal Penalty is based on when the withdrawal occurs, with the penalty being equal to the time left on the CD until maturity. In other words, a withdrawal made 60 days before the maturity date would result in a penalty of 60 days interest.
SMW also has a Rewards Checking account that earns 2.00% APY on qualifying balances up to $20K; qualifying balances over $20K earn 0.50% APY. There is no minimum balance requirement, no monthly service fee, and the Rewards Checking account can be opened with a $100 minimum deposit.
The monthly qualification requirements are:
- At least ten debit card purchases post and clear
- At least one direct deposit or ACH post and clear
- Receive monthly eStatements
Headquartered in Lino Lakes, Minnesota, SMW Federal Credit Union’s field of membership is residency based, with individuals who live, work, worship, volunteer, or attend school in Anoka County eligible for membership. In addition, the Membership page states that, "All family members are also eligible for membership."
SMW’s membership application process can be initiated online (an SMW representative will contact you within one business day following application submission) or by visiting either of the two Minnesota branches located in Lino Lakes or Maplewood. Opening a CD or Rewards Checking account requires an in-person visit.
Credit Union Overview
SMW Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 1.79% (excellent) based on June 30, 2015 data. In the past year, SMW has increased its total deposits by $7.44 Million, and excellent annual growth rate of 13.78%. Please refer to our financial overview of SMW Federal Credit Union for more details.
SMW Federal Credit Union was established in 1953, with membership originally open to Local 10 union members and its retirees, and employees of companies affiliated with the SMW (Sheet Metal Workers) trade unions in Minnesota, North Dakota, and South Dakota. In 2006, SMW expanded its membership charter to include all residents of Anoka County, the 4th most populous county in Minnesota.
Interesting factoid – Anoka is derived from the Dakota word anokatanhan, which means "on (or from) both sides," referring to its location on the banks of the Rum River.
How the CD Compares
When compared to the 310 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Minnesota residents, SMW Federal Credit Union's 28-month Featured CD currently ranks first.
The above rates are accurate as of 10/24/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.