TruWest Credit Union (TruWest) has added a 19-month Investment CD Special, which earns 3.25% APY. This limited-time offer requires a minimum $500 deposit. According to the fine print on the promo page, there is a “$50,000 maximum balance per primary membership.”
While the $50k balance cap does lessen the Investment CD Special’s competitiveness, this offering doesn’t require a checking relationship, unlike previous TruWest specials.
FYI – the term “Investment Certificate” might be a bit misleading, as I’ve seen it used to describe CDs that permit additional deposits. In this instance, TruWest uses the word “Investment” to simply distinguish a special Certificate from its regular CDs.
According to the Certificate Disclosures page, the Early Withdrawal Penalty reads as follow:
For terms equal to or greater than one year,
the early withdrawal penalty is 180 days of dividends.
There is a ten day grace before the 19-month Investment CD Special automatically renews to a "12-month term at the current dividend rate in effect at the time of renewal."
It appears the Investment CD Special has to be funded by check. The online application states,
I understand that a check must be brought into a branch or mailed to the following address in order to fund this account: TruWest Credit Union Attn: eBranch 1667 N Priest Dr Tempe AZ, 85281.
Thanks to the DA reader who emailed information about this limited-time special and to DA reader, Mak, for mentioning it in the comments.
Headquartered in Tempe, Arizona, TruWest Credit Union’s field of membership (FOM) was originally open to Motorola Corporation employees only. About 15 years ago, the FOM was expanded to include residency as a qualification for membership.
Arizona Residency: Individuals who live, work, or own a business in the counties of Maricopa, Pinal, Pima, or Yavapai are eligible to join.
Texas Residency: Individuals who live, work, own a business, or attend school in Travis or Williamson Counties qualify.
Relationship: Family members (defined as spouse, child, parent, grandparent, sibling, including adoptive, in-law, and step-relations) of current TruWest members also qualify for membership. The online application’s definition of “family members,” also includes “anyone covered under Motorola benefits.”
Joining TruWest and/or opening an Investment CD Special can be done online or at any of the ten Arizona branches located in Chandler, Gilbert, Mesa (2), Phoenix (2), Scottsdale (2), and Tempe (2), or the four Texas branches in Austin (3) and Round Rock.
Credit Union Overview
TruWest Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.36% (excellent) based on September 30, 2018 data. In the past year, TruWest has increased its total non-brokered deposits by $90.41 million, an excellent annual growth rate of 10.12%. Please refer to our financial overview of TruWest Credit Union (NCUA Charter # 63832) for more details.
Established in 1952 as the Motorola Credit Union, the FOM was exclusive to Motorola employees until 2002, when membership was extended to the residents in the East Valley of metro Phoenix. The TruWest name was approved in 2003, and in 2004 the FOM expanded into Maricopa County, AZ, and Travis County, TX. TruWest Credit Union is currently the sixth largest credit union headquartered in Arizona, with more than 87,600 members and assets in excess of $1.1 billion.
How the Investment CD Special Compares
When compared to the similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, TruWest Credit Union’s 19-Month Investment CD Special APY currently ranks first.
The above rates are accurate as of 12/12/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.