Earlier this week, Spokane Teachers Credit Union’s (STCU) raised the rate on its 24-36 month Certificate (1.51% APY). This week’s 40 basis point increase is the first in almost four years. The minimum opening deposit is $2k, with no stated balance cap.
|1.26*%||$2k||-||Spokane Teachers Credit Union||24-36 Month Certificate|
|1.26*%||$2k||-||Spokane Teachers Credit Union||24-36 Month IRA Certificate (Traditional, Roth, SEP)|
The 24-36 month Certificate is also offered as an IRA (Traditional, Roth, and SEP) earning the same APY, with the same funding requirements.
A very nice feature of this Certificate is the ability to make additional deposits throughout the term of the Certificate.
You may add funds to your account amounting to no less than $25 per month and no more
than $5,000 per month, after your account is opened through all channels except home banking.
As stated on STCU’s Rates page, the Early Withdrawal Penalty reads, in part, as follows:
For 24- to 36-month Certificate, the amount of the early withdrawal penalty is 180 days' dividends.
$100 Bonus for Direct Deposit
STCU is offering a $100 Bonus for establishing a new Direct Deposit now through October 31, 2016. The following description appears on STCU’s “Start Using Direct Deposit” page. Please note that it is your responsibility to inform STCU that you have qualified for this bonus.
To qualify for the $100 bonus, please sign up for STCU direct deposit October 1-31, 2016.
There's no minimum checking account balance required to earn your $100 bonus.
The bonus will be deposited to your account after your direct deposit of $250 or more has posted for two consecutive months.
Please notify STCU when you have met the qualifications, and we will deposit $100 into your STCU account within 10 days.
Thanks to DA reader, stevel, for his Forum post about the Direct Deposit bonus.
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.
Joining STCU and/or opening a CD can be done online or in person at any of 16 Washington branches located in Cheney, Liberty Lake (2), Newport, Spokane (10), and Spokane Valley (2), or five Idaho branches located in Coeur d’Alene (2), Dalton Gardens, Ponderay, and Post Falls.
STCU’s online application has been functional for more than a year. The offer of "we waive the standard $10 membership fee" if joining online is still being offered.
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 2.37% (excellent) based on June 30, 2016 data. In the past year, Spokane Teachers CU has increased its total deposits by $162.09 million, an excellent annual growth rate of 9.45%. 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 156,500 members and assets in excess of $2.3 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 Certificate Compares
When compared to the 282 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Washington State and Idaho residents, Spokane Teachers Credit Union’s 24-36 Month Certificate APY currently ranks fourth. The Add-On feature only enhances the competitiveness of this Certificate.
The above rates are accurate as of 10/21/2016.