Spokane Teachers Credit Union (STCU) raised the rate on its 48-60 month Certificate yesterday, with the top balance tier ($25k) now earning 2.53% APY. The tiered APYs are new to STCU and specifically apply to the 48-60 month Certificate. The other rate tiers are 2.27% APY ($10k), 2.02% APY ($2k), and 0.25% APY ($500).
The 48-60 month Certificate is also offered as an IRA (Traditional, Roth, and SEP) earning the same tiered APYs, 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 48- to 60-month Certificate, the amount of
the early withdrawal penalty is 180 days' dividends.
Headquartered in Liberty Lake, Washington, Spokane Teachers Credit Union’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.
Joining STCU and/or opening a CD can be done online or in person at any of 17 Washington branches located in Airway Heights, 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.
When STCU’s membership application went online more than two years ago, the Credit Union offered to "waive the standard $10 membership fee" when joining online. That offer is still in effect.
Credit Union Overview
Spokane Teachers Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.94% (excellent) based on September 30, 2017 data. In the past year, STCU has increased its total non-brokered deposits by $198.91 million, an excellent annual growth rate of 10.27%. Please refer to our financial overview of Spokane Teachers Credit Union (NCUA Charter # 68203) for more details.
Spokane Teachers Credit Union is the third largest credit union in Washington, with more than 171,400 members and assets in excess of $2.6 billion. Washington State’s credit unions are unique in that their membership (in almost every instance) 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 241 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Spokane Teachers Credit Union’s 48-60 Month Certificate APY currently ranks second, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.65% APY||48-Month Share Certificate||P1FCU|
|2.53% APY||48-60 Month Certificate||Spokane Teachers Credit Union|
|2.51% APY||48-Month CD||Northern Bank Direct|
The above rates are accurate as of 1/18/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.