For a limited time, STCU (formerly Spokane Teachers Credit Union) is offering a 20-month Specialty Certificate, which earns 3.04% APY. The minimum opening deposit is only $500.
While STCU allows additional deposits to its regular Certificates, funds may not be added to the Specialty Certificate after the account is opened.
The Truth-in-Savings Disclosure is conveniently located on the Certificates Rate page. The Early Withdrawal Penalty reads (in part) as follows:
For the Specialty Certificate, 12- to 24-month, the amount
of the early withdrawal penalty is 180 days' dividends.
$50 Referral Bonus
For every friend or family member you refer to STCU, you will receive a $50 bonus when they join STCU, open a checking account (Free Checking available), and meet the account requirements* within 90 days of account opening. The new member will also receive $50. There’s no limit to the number of referrals you can make, but referral bonuses are limited to a total of $500 per year.
*1) At least one direct deposit of at least $250 or more, 2) complete five or more debit card transactions, and 3) enroll in online statements.
Headquartered in Liberty Lake, Washington, STCU’s field of membership (FOM) includes 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.
Washington State’s credit unions are unique in that their FOMs (in almost every instance) are 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.
Since I last wrote about the Credit Union in early 2018, the STCU re-brand occurred and there’s a new website to go along with the new name. Good news - the Credit Union’s trademark purple pens are still available free to members.
Joining STCU and/or opening a Specialty Certificate can be done online or at any of 20 Washington branches located in Airway Heights, Cheney, Kennewick, Liberty Lake (2), Newport, Richland, Spokane (10), and Spokane Valley (3), or five Idaho branches located in Coeur d’Alene (2), Dalton Gardens, Ponderay, and Post Falls.
In honor of founding member (and English Teacher) Ernie McElvain,
STCU evokes the "Ernie clause," waiving our membership fee to any eligible employed educator (anyone who works at a school, college, or university) who joins the credit union.
STCU is a member of the CO-OP Shared Branch network, giving STCU members access to more than 5,000 participating shared branching locations nationwide, including shared branching ATMs
The CO-OP® Shared Branching network means you can complete most
transactions at a shared branching location just as if you were visiting STCU.
Credit Union Overview
STCU has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.81% (excellent) based on December 31, 2018 data. In the past year, STCU has increased its total non-brokered deposits by $199.61 million, an excellent annual growth rate of 9.19%. Please refer to our financial overview of STCU (NCUA Charter # 68203) for more details.
Founded in 1934 as the Spokane Teachers Credit Union, STCU is currently the second largest credit union in Washington, with nearly 188,000 members and assets in excess of $2.9 billion. According to founding member Ernie McElvain, STCU’s beginnings were quite humble.
We opened for business in October of '34, with a shoebox for cash deposits and a tiny cubby hole of a classroom at Lewis and Clark High School.
Access to the credit union was difficult in those days, so we hung a bell on a rope outside the second story window and ran it down to the front door. When members wanted to transact business, they'd pull on the rope and let us know they were waiting.
How the Specialty Certificate Compares
When compared to 234 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a minimum deposit of $10k or less, STCU’s 20-month Specialty Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.04% APY||20-Month Specialty Certificate||STCU|
|3.00% APY||19-Month CD Special||Hanscom Federal Credit Union|
|2.95% APY||17-Month Certificate Special||Andrews Federal Credit Union|
The above rates are accurate as of 5/22/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.