Streator Onized Credit Union (SOCU) recently added a 14-month CD Special (0.80% APY) and two Step-Up CD Specials (18- and 24-month), both earning 0.70% APY. These limited-time Specials all require a $500 minimum opening deposit, with no stated balance cap. The Step-Up CD Specials offer one rate increase (at the member’s discretion) any time during the term. The new rate will equal the current, offered rate for the 18-month or 24-month Step-Up CD.
The 14-month CD Special is available as an IRA CD Special (Traditional, Roth, CESA), earning the same APY with the same deposit requirements. The two Step-Up CD Specials are not offered as IRAs.
The Truth-in-Savings disclosure is currently not available on SOCU’s website, but the Early Withdrawal Penalty remains unchanged since I last wrote about SOCU in October 2019.
The penalty we may impose will equal:
180 days dividends on the principal balance withdrawn, whether earned or not, if the certificate term is greater than one year but less than five years.
Headquartered in Streator, Illinois, Streator Onized Credit Union’s field of membership (FOM) is residency based, with individuals who live or work in the north-central Illinois counties of Bureau, Ford, Grundy, Iroquois, Kankakee, Kendall, LaSalle, Livingston, Marshall, McLean, Peoria, Putnam, Stark, Tazewell, Will, or Woodford, eligible to join.
According to the Join SOCU page, “all” relatives of anyone who is membership-eligible also qualify for membership.
SOCU has no online application, so a branch visit (appointments recommended) is required to join and/or open a CD Special. Four full-service Illinois branches (Dwight, Morris, Pontiac, and Streator) re-opened this week, with the Owens branch in Streator remaining closed.
Stop into any branch and open up a savings account for only $1 & we'll pay the $1 for you!
SOCU participates in the CO-OP ATM network, but not the Shared Branching network.
Credit Union Overview
Streator Onized Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.75% (excellent) based on September 30, 2020 data. In the past year, SOCU has increased its total non-brokered deposits by $33.92 million, an excellent annual growth rate of 16.33%. Please refer to our financial overview of Streator Onized Credit Union (NCUA Charter # 68226) for more details.
Founded in 1939, Streator Onized Credit Union’s original FOM included Owens Illinois Glass Company employees and their families. You won’t find “onized” in any dictionary: Owens-Illinois glass workers were known as “onizers,” a nickname derived from OweNs-IllinoiZ. SOCU is currently the 31st largest credit union headquartered in Illinois, with more than 33,600 members and assets in excess of $281 million.
How the CD Specials Compare
When compared to 357 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Streator Onized Credit Union's 14-month CD Special APY ranks second.
When compared to 269 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Streator Onized Credit Union's 18-month Step-Up CD Special APY currently ranks second.
The above information and rates are accurate as of 2/18/2021.
To look for the best CD rates, either nationwide state-specific, please refer to our CD Rates Table page.