At the beginning of the month, I wasn't surprised to see new CD Specials from ever-prolific University of Iowa Community Credit Union (UICCU). In the past, UICCU’s structured its CD Specials with tiered APYs (usually in increments of 10 basis points), based on deposit levels of $1k+, $100k+, and $250k+. So I was a bit surprised when I saw the latest UICCU CD Specials are 16-month (1.50% APY) and 26-month (2.00% APY), with both requiring a $1k minimum deposit. No tiered APYs, no different deposit levels.
The minimum deposit for either of the CD Specials is $1k, with no stated balance cap. The CD Specials are also available as IRAs (Traditional, Roth, CESA, and SEP), earning the same non-tiered APYs and having the same funding requirement.
Several months ago in a Live Chat, a very helpful CSR explained the details of the previously vague Early Withdrawal Penalty.
Whatever amount you request as the early withdrawal amount, whether it is part of the balance or the entire balance, we calculate interest that would have accrued for 12 months on the amount requested and that is the penalty.
If there are fewer than 12 months remaining, it would be the interest that would have accrued for the remaining number of months on the requested amount you are withdrawing.
Headquartered in North Liberty, University of Iowa Community Credit Union is currently the largest credit union in Iowa, and the 41st largest credit union in the country.
In addition to University of Iowa students, staff, and alumni, membership is open to anyone who lives or works in any of 82 Iowa counties and four Illinois counties.
Since I last wrote about UICCU in September 2016, the field of membership (FOM) has expanded to include 34 more Iowa counties, leaving only 17 counties left before the FOM covers the entire state. Complete membership details are available on UICCI’s About Us page.
Joining UICCU and/or opening a CD Special can be done online, or in person at any of 16 Iowa branches located in Bettendorf, Cedar Falls (2), Cedar Rapids (2), Coralville, Grinnell, Hiawatha, Iowa City (3), Marion, North Liberty (2), Waterloo, and West Des Moines.
UICCU also participates in the Allpoint ATM Network, providing its members with free access to over 43,000 ATMs throughout the country.
Credit Union Overview
University of Iowa Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.54% (excellent), based on December 31, 2016 data. In the past year, UICCU increased its total non-brokered deposits by $357.46 million, an excellent annual growth rate of 15.17%. Please refer to our financial overview of University of Iowa Community Credit Union (NCUA Charter # 60269) for more details.
Established in 1938, University of Iowa Community Credit Union has grown into a vibrant organization with over $3.9 billion in assets and more than 150,200 members. According to UICCU’s FaceBook page,
UICCU is consistently ranked #1 in the nation for Total Return to the Member
by independent research firm Callahan and Associates. Total Return to the
Member measures how effectively a credit union returns its profits back to its
membership in the form of higher yields on deposits and lower rates on loans.
How the CD Compares
When compared to the 358 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Iowa residents, University of Iowa Community Credit Union’s 26-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||26-Month CD Special ($1k min)||University of Iowa Community Credit Union|
|1.91% APY||28-Month CD Special ($1k min)||Collins Community Credit Union|
|1.81% APY||22-Month CD ($1k min)||Greater Iowa Credit Union|
The above rates are accurate as of 4/12/2017.