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. These limited-time CD Specials are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
The fine print on the Savings Rate page states that “All Certificates have Add-On Capability.” CSR stated that all three CD Specials are excluded from this feature – only “non-special” certificates qualify for add-ons.
As stated on the Savings Rate page, the Early Withdrawal Penalty reads as follows:
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you will have to pay a penalty of one hundred and eighty (180) days interest earned or to be earned, on the amount withdrawn, to the scheduled maturity date at the nominal (simple interest) rate in effect during the term and the certificate will be closed.
Excess Share Insurance
Deposits at UTCU are fully insured up to $500,000: at least $250,000 by the NCUA and $250,000 by Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.
Members of credit unions using ESI’s excess share insurance can take great comfort in knowing that their savings are safe, and that a portion of their deposits are protected by a well-capitalized credit union-only private insurer.
Headquartered in Chicago, United Credit Union’s field of membership (FOM) includes individuals who live or work in Cook County, the second-most populous count in the country.
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 "B+" at DepositAccounts.com, with a Texas Ratio of 5.54% (excellent) based on September 30, 2019 data. In the past year, UTCU has increased its total non-brokered deposits by $4.76 million, an excellent annual growth rate of 3.1%. 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 who 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 30th largest credit union headquartered in Illinois, with nearly 19,000 members and assets in excess of $255 million.
How the Grand Opening CD Special Compares
When compared to 355 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 12-month Grand Opening CD Special APY currently ranks first.
How the CD Special Compares
When compared to 332 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 36-month CD Special APY currently ranks third.
The above rates are accurate as of 1/22/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.