UPDATE 6/14/16: Rate has increased to 2.02% APY. (Originally published on April 18, 2016.)
Spokane Teachers Credit Union’s (STCU) 30-month President’s Premium Certificate has been part of STCU’s product line since November 2010, with an APY that has changed 15 times. Rate change #16 occurred today, with an increase of 50 basis points, resulting in a new rate of 1.76% APY.
The minimum opening deposit is $25k, with no balance cap.
|2.02%||$25k||-||Spokane Teachers Credit Union||30 Month President's Premium Certificate|
As stated on STCU’s Certificate Disclosure page, the Early Withdrawal Penalty reads, in part, as follows:
For the President's Premium Certificate, the amount
of the early withdrawal penalty is 180 days' dividends.
First5 Savings Account
As I mentioned in earlier blog posts, STCU’s First5 Savings account earns a competitive 5.09% APY, but only on balances up to $500 (hence the name), while balances over $500 earn 0.15% APY. First5 Savings is limited to one account per person, but STCU permits a First5 account for every member of the family,
Except the dog, of course. Sorry.
Headquartered in Liberty Lake, Washington, membership in Spokane Teachers Credit Union is open to all individuals who live, work, worship, or attend school in Washington State, or in any of the northern Idaho counties of Benewah, Bonner, Boundary, Kootenai, Latah, Lewis, Nez Perce, or Shoshone.
When I last wrote about STCU in December 2014, there was a notification on the website that an online application was "in the works," and that online application is now functional. And if you join STCU online, "we waive the standard $10 membership fee."
Joining STCU and/or opening a CD can be done online or in person at any of 15 Washington branches located in Cheney, Liberty Lake (2), Newport, Spokane (9), and Spokane Valley (2), or four Idaho branches located in Coeur d’Alene, Dalton Gardens, Ponderay, and Post Falls.
Credit Union Overview
Spokane Teachers Credit Union (NCUA Charter # 68203) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.24% (excellent) based on March 31, 2016 data. In the past year, Spokane Teachers CU has increased its total deposits by $165.17 million, an excellent annual growth rate of 9.8%. Please refer to our financial overview of Spokane Teachers Credit Union for more details.
Spokane Teachers Credit Union is the 3rd largest credit union in Washington, with over 151,600 members and assets in excess of $2.2 Billion. Washington State’s credit unions are unique in that membership (in almost every credit union) is open to virtually all residents of the state. Washington State Legislature’s rules on credit union membership limitations are broad and allow for liberal interpretation, resulting in universal membership eligibility, albeit limited to Washington State residents.
How the CD Compares
When compared to the 181 similar length-of-term CDs tracked by DepositAccounts.com that are available to Washington State and Idaho residents, Spokane Teachers Credit Union’s 30-Month President’s Premium Certificate currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 4/18/2016.