Telhio Credit Union (OH) 60-Month CD Has Highest APY In Nation

Following an impressive rate increase of 105 bps, the Telhio Credit Union (Telhio) 60-month CD currently offers a rate-leading 5.12% APY. The minimum opening deposit is $500, with no stated balance cap.

In the past ten months, the 60-month CD has had eight rate increases, adding a total of 422 bps. The 60-month CD currently has the highest and most competitive rate in the Telhio CD product line.

According to CSR, the Early Withdrawal Penalty for the 60-month CD is 180 days of dividends on the amount withdrawn, with partial withdrawals allowed. If a withdrawal is made within the first six months of opening, the principal may be reduced.

Excess Share Insurance

Deposits at Telhio are fully insured up to $500,000.

When you join Telhio, your funds are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States government.

Additionally, consumer (non-business) account holders have access to an additional $250,000 of insurance through the Excess Share Insurance Corporation (ESI), a licensed insurance company, for a total of up to $500,000 in account insurance.

Availability

Headquartered in Columbus, Ohio, Telhio Credit Union added a limited easy membership requirement to its field of membership (FOM) almost a year ago. The online membership application lists five ways to qualify for member, with the last option reading,

I am an Ohio resident and do not qualify with any of the options above. Help me qualify for membership. I would like to be signed up for American Consumer Council (ACC).

The Membership Eligibility page details the other routes to Telhio membership.

Residency: U.S. citizens/residents aliens who live, work, worship, or attend school in the Ohio counties of Butler, Champaign, Clark, Delaware, Fairfield, Franklin, Greene, Hamilton, Licking, Madison, Marion, Miami, Montgomery, Morrow, Pickaway, Preble, Richmond, Union, or Warren are eligible to join.

Employment: Employees of several SEGs, including Anthem Blue Cross and Blue Shield, the Ohio State Medical Association, and Central Benefits Mutual Insurance Company, qualify for membership.

Relationship: Family members of current Telhio CU members are welcome to apply. As stated on the Membership Eligibility page, family members is defined as “relation by blood, adoption, marriage, or living in the same household.”

Account Opening

Joining Telhio and/or opening a CD can be done online or at any of the 11 full-service Ohio branches located in Columbus (5), Fairfield, Grove City, Hamilton, Reynoldsburg, West Chester, and Worthington. Current Telhio members can open a CD over the phone.

A minimum $5 deposit in a Share Savings account is required to establish a Telhio membership.

Funding and Other Particulars

There is no Truth-in-Savings disclosure available on Telhio’s website; the following information was obtained in a conversation with CSR.

• Funding – ACH, internal transfer from a Telhio liquid account, or a shared branching transaction.
• CO-OP Shared Branch Participant – Yes.
• Ownership – Individual, joint, or trust.
• Dividends – Compounded and credit monthly and can be withdrawn without penalty. Automatic transfer to a Telhio checking or savings account can be scheduled.
• Maturing Funds – Cashier’s check to address on file or internal transfer to a Telhio liquid account.
• Beneficiaries – Unlimited beneficiaries can be designated, with percentages assigned. Social Security numbers are required for all beneficiaries.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – Soft pull when a CD is opened.

Credit Union Overview

Telhio Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.03% (excellent) based on December 31, 2022 data. Telhio has an average capitalization level (9.05%), the result of holding $1.38 billion in assets with $124.92 million in equity. Please refer to our financial overview of Telhio Credit Union (NCUA Charter # 62848) for more details.

Established in 1934 as a credit union for Columbus Telephone Company employees, Telhio Credit Union is currently the seventh largest credit union headquartered in Ohio, with more than 70,000 members and deposits in excess of $1.1 billion. In the past ten years, three other Ohio credit unions (Columbus Metro Federal Credit Union, 2021; Chaco Credit Union, 2016; and Mt. Olivet Federal Credit Union, 2013) have merged with Telhio. With the new FOM expansion making all Ohio residents membership-eligible, Telhio has increased its potential for growth exponentially.

How the 60-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Telhio Credit Union 60-Month CD. The following table compares the 60-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 5/5/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.