United Credit Union (IL) Offers 3-Month CD Special


Deal Summary: 3-month CD Special, 0.90% APY, $500 minimum, new and/or existing money.

Availability: Residents of Cook County, Illinois.

United Credit Union (UTCU) has gone down the route of offering “uni-rates” on all its CDs, with the exception of a 3-month CD Special, which currently earns 0.90% APY (more than three times higher than the 0.25% uni-rate). The minimum opening deposit is $500 of new and/or existing money, with no stated balance cap.

The 3-month CD Special is listed as being available for a limited time, but it's been part of the product line since February 2021. A 3-month CD Special that was opened in February and has automatically renewed every three months is about four months away from being the near equivalent of 1-year CD earning 0.90% APY.

While the fine print on the Savings Rate page states that “All Certificates have Add-On Capability,” CSR confirmed that CD Specials are excluded: only “non-special” certificates qualify for add-ons.

According to CSR, the Early Withdrawal Penalty (180 days interest) stated on the Savings Rate page, does not apply to the 3-month CD Special. CSR stated that “90 days interest” should be substituted in the following quote when discussing the 3-month CD Special.

You may not withdraw any principal amount from this Share Savings Certificate of Deposit before maturity without our consent. If we permit such a withdrawal, you will have to pay a penalty of one hundred and eighty (180) days interest earned or to be earned, on the amount withdrawn, to the scheduled maturity date at the nominal (simple interest) rate in effect during the term and the certificate will be closed.

Although CDs automatically renew on the maturity date, there is a 10-day grace period following the maturity date to withdraw the funds.


Headquartered in Chicago, United Credit Union’s field of membership (FOM) includes individuals who live or work in Cook County, the second-most populous county in the country. (More than 40% of all Illinois residents live in Cook County.)

Members or employees of more than 200 businesses and organizations (including Illinois Federation of Teachers, Northwestern Memorial Hospital, and the State of Illinois) also qualify for membership.

Joining UTCU and/or opening any type of account can be done at any of five Illinois branches located in Chicago (4) and Evergreen Park. A Membership Kit can also be requested to start the application process.

Establishing a UTCU membership requires a minimum $25 deposit in a Regular Share Savings account.

UTCU participates in the CO-OP Shared Branch network, giving members access to more than 5,600 locations coast to coast.

Credit Union Overview

United Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.06% (excellent) based on June 30, 2021 data. In the past year, UTCU has increased its total non-brokered deposits by $24.01 million, an excellent annual growth rate of 11.93%. Please refer to our financial overview of United Credit Union (NCUA Charter # 60041) for more details.

Established in 1931, United Credit Union was initially known as the Union Teachers Credit Union. Not surprisingly, the founding members were 15 Chicago high-school teachers, each of whom contributed $165 to fund the fledgling financial institution. For the first 45 years, the Credit Union’s “common bond” was the Chicago Teachers Union, Local 1. In 1977, members of the AFL-CIO and AFT became eligible to join, the first step in an ongoing FOM expansion that recently added all Cook County residents. United Credit Union is currently the 36th largest credit union headquartered in Illinois, with more than 19,000 members and assets in excess of $271 million.

How the CD Special Compares

When compared to 208 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, United Credit Union's 3-month CD Special APY currently ranks first.

The above information and rates are accurate as of 9/23/2021.

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

Related Pages: Chicago CD rates, 1-year CD rates

  |     |   Comment #1
Beneficiary designations are allowed. Being a special, CD will be set up as single-term only; there's no automatic renewal. As its purpose is to celebrate United's 90th Anniversary, it likely won't last beyond this year. Accounts closed within 1 year will be assessed $25 fee.
United Credit Union (IL) Adds 12-Month CD, 2.73% APY
Deal Summary: 12-month Grand Opening CD Special, 2.73% APY, $500 minimum, new and/or existing money.

Availability: Residents of Cook County, Illinois.

To commemorate the opening of three new branch locations, United Credit Union (UTCU) is offering a limited-time 12-month Grand Opening CD Special, earning 2.73% APY. The minimum opening deposit is $500 of new and/or existing money, with no stated balance cap.

UTCU also has two new money CD Specials: 36-month (2.50% APY) and 19-month (2.00% APY), which require a $1k minimum opening deposits....

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