TruStone Financial Credit Union’s (TruStone Financial) 20-month CD Special was added to the most recent CD Rates Summary as an NTS (New to Summary) CD. The 2.50% APY has been in effect for almost a year, rising toward rate-leader status as other rates have fallen.
The minimum opening deposit is $2.5k of new money, defined simply as funds not on deposit with TruStone Financial. There is no stated balance cap, but “at least 50% of the total deposit must be new money.”
|2.50%||$2.5k||-||TruStone Financial Credit Union||20 Month CD Special (New Money)|
|2.50%||$2.5k||-||TruStone Financial Credit Union||20 Month IRA Special (New Money) (Traditional, Roth)|
The CD Special is also available as an IRA (Traditional and Roth), earning the same APY with the funding (including at least 50% of new money) requirements.
As stated on TruStone’s Savings Accounts & Certificates page, the Early Withdrawal Penalty reads as follows:
Penalties may be imposed if you withdraw any of the principal in your account before the maturity date. The penalty will equal 365 days’ dividends on your account if the original term is greater than one year.
Funding and Access Maturing Funds
Funding a CD Special can be done by ACH, wire transfer, or from another TruStone Financial account. Maturing funds will be distributed through a cashier’s check, wire transfer, or transferred to another TruStone Financial account. There is a 10-day grace period before the 18-month CD Special renews as a “standard 12-month certificate at the rate listed on the current TruStone Financial rate sheet.”
Dividends can be paid out either monthly or quarterly, if so desired.
Unlimited beneficiaries can be named, with each receiving equal shares. Social Security numbers are required for all beneficiaries.
Headquartered in Plymouth, Minnesota, TruStone Financial Credit Union offers membership in a variety of ways, giving virtually any U.S. citizen or resident alien, 18 years or older, an opportunity to join.
Easy Membership - A $10 donation to the TruStone Financial Foundation qualifies for membership. Joining the Foundation can be done through the TruStone Financial’s online application.
Residency - Individuals who either live, work, worship, attend school, or volunteer in any of the following also qualify for membership:
- Minnesota counties of Chippewa, Redwood, Renville, and Yellow Medicine;
- Minnesota community of Atwater and the underserved areas of Minneapolis, St. Cloud (Zip Code 56301), and St. Paul;
- Wisconsin counties of Kenosha, Milwaukee, or Racine.
Employment/Association - Employees and members of more than 40 businesses and organizations are eligible to join.
Educational Community - Members and employees of more than 20 educational organizations qualify for membership.
Relationship - Family members of current TruStone Financial members are also eligible to join.
Complete membership details can be found on the Become A Member page, or on the first page of the online application.
Joining TruStone Financial can be done online, or at any of eleven Minnesota branches located in Burnsville, Golden Valley, Maple Grove, Minneapolis (2), Oakdale, Plymouth, Rogers, Roseville, Saint Cloud, and Saint Paul, or any of six Wisconsin branches located in Cudahy (2), Kenosha (3), and Oak Creek.
A primary share account ($5 minimum deposit) is
required to become a TruStone Financial member and owner.
Opening a CD Special can be done at any of the above mentioned branch locations, by phone (800.862.1998), or submitting a special Contact Me form.
TruStone Financial participates in the CO-OP ATM network, but not in the Shared Branching network.
Credit Union Overview
TruStone Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.83% (excellent), based on June 30, 2019 data. In the past year, TruStone Financial has increased its total non-brokered deposits by $58.87 million, an excellent annual growth rate of 5.61%. Please refer to our financial overview of TruStone Financial Credit Union (NCUA Charter #24354) for more details.
TruStone Financial Credit Union was established in 1939 as the Minneapolis Federation of Teachers Credit Union by eight teachers. After just a few months of opening its doors, the Credit Union had doubled its membership and held a total of $307 in assets. Now in its 80th year of continuous operation, TruStone Financial is Minnesota’s third largest credit union, with more than 105,000 members and assets in excess of $1.4 billion.
How the CD Special Compares
When compared to 148 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, TruStone Financial Credit Union's 20-month CD Special APY currently ranks second.
The above rates are accurate as of 10/3/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.