Once again, University of Iowa Community Credit Union’s (UICCU) has proven to be one of the most prolific credit unions in offering competitive CDs. The latest contributions are a 7-month CD Special and 17-month CD Special. Like all of UICCU’s CD Specials, there are three rate tiers based on deposit balances:
7-month CD Special, 1.00% APY ($1k+), 1.10% APY ($100k+), and 1.20% APY ($250k+).
17-month CD Special, 1.50% APY ($1k+), 1.60% APY ($100k+), and 1.70% APY ($250k+).
The minimum deposit for either of the CD Specials is $1k and there is no balance cap. Both CD Specials are also available as IRAs (Traditional, Roth, CESA, and SEP) at the same tiered interest rates, with the same funding requirements.
Getting clarification on UICCU’s Early Withdrawal Penalty (EWP) has always been frustrating: it’s not listed on their website, and the response was always, “it’s a formula.” In a Live Chat last month, a very helpful CSR explained the details of the previously vague EWP.
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 the largest credit union in Iowa, and the 46th 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 48 Iowa counties and four Illinois counties. 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 13 Iowa branches located in Cedar Falls, Cedar Rapids (2), Coralville, Grinnell, Hiawatha, Iowa City (3), Marion, North Liberty (2), and Waterloo. A new branch location has recently opened in West Des Moines, expanding the service area in Central Iowa.
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 "A" at DepositAccounts.com, with a Texas ratio of 3.90% (excellent), based on March 31, 2016 data. In the past year, UICCU increased its total deposit by $547.36 million, an excellent annual growth rate of 25.43%. Please refer to our financial overview of University of Iowa Community Credit Union for more details.
Established in 1938, University of Iowa Community Credit Union (NCUA Charter # 60269) has grown into a vibrant organization with over $3.3 billion in assets and more than 136,000 members. UICCU is a member of the Federal Home Loan Bank, which allows a credit union to access low cost secured borrowings or advances, and provides its members with financial products and services that assist and enhance the financing of housing and community lending. In the past year, UICCU originated over 15% of the mortgages written in its market area.
How the CDs Compare
When compared to the 320 similar length-of-term CDs tracked by DepositAccounts.com that are available to Iowa residents, University of Iowa Community Credit Union’s 7-month CD Special APY currently ranks first, regardless of minimum deposit.
When compared to the 252 similar length-of-term CDs tracked by DepositAccounts.com that are available to Iowa residents, University of Iowa Community Credit Union’s 17-month CD Special APY currently ranks second, regardless of minimum deposit.
The above rates are accurate as of 7/6/2016.