Velocity CU's Promotes Limited Time 5-Year Certificate

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Availability: Easy Membership Requirements

Now through December 3, 2016, Velocity Credit Union (Velocity) is offering a promotional 5-year Regular Certificate (2.07% APY). The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.07%$1k-Velocity Credit Union5 Year Share Certificate Promotion
2.07%$1k-Velocity Credit Union5 Year IRA Certificate Promotion (Traditional, Roth)
Accounts mentioned in this post. Rates as of December 3, 2016.

This promotional Regular Certificate is also offered as either an IRA (Traditional and Roth), earning the same APY with the same funding requirements..

Velocity’s Elite Rewards rates do not apply to either the Regular Certificate or IRA Certificate promotion.

As stated in Velocity’s Agreements and Disclosures, the Early Withdrawal Penalty reads as follows:

For Certificate Accounts having a term of five years or greater, the
penalty imposed will equal 365 days of dividends on the amount withdrawn.

Many thanks to DA reader, cumulus, for his Forum post about this limited-time offering.

Availability

Headquartered in Austin, Texas, Velocity Credit Union’s field of membership includes virtually any U.S. Citizen or Resident Alien, 18 years or older.

Easy Membership: Joining the Paramount Theatre Association (PTA), with a $10 contribution, qualifies for Velocity membership eligibility. Velocity’s online application includes an option to join the PTA as you apply for Velocity membership.

Residency: Individuals who live or work in the Texas counties of Bastrop, Caldwell, Hays, Travis, and Williamson, or within a 10-mile radius of any Velocity branch or ATM are also eligible.

Employment/Organization Affiliation: Individuals who are part of one of more than 100 sponsoring employers and organizations also qualify for membership.

Relationship: Family members of current Velocity members are eligible to join.

For complete membership details, please refer to Velocity Membership and Eligibility page.

Joining Velocity Credit Union and/or opening the 5-year Regular Certificate promotion can be done online, or at any of six Texas branches located in Austin (4), Cedar Park, and Round Rock.

Credit Union Overview

Velocity Credit Union (NCUA Charter # 68359) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 5.19% (excellent) based on June 30, 2016 data. In the past year, Velocity Credit Union has increased its total deposits by $57.69 million, an excellent annual growth rate of 9.01%. Please refer to our financial overview of Velocity Credit Union for more details.

Originally chartered in 1947 as the Austin Municipal Federal Credit Union, the Credit Union’s mission was to serve the City of Austin's employees. In 1988, the Credit Union changed from a federal charter to a state charter and became the Austin Metropolitan Financial Credit Union. The re-brand to Velocity Credit Union occurred in 2003 when a more open field of membership was adopted. Velocity is currently the 24th largest credit union in Texas, with more than 81,900 members and assets in excess of $836 million.

How the Certificate Compares

When compared to the 172 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Velocity Credit Union's 5-Year Regular Certificate APY currently ranks in the top six.

The above rates are accurate as of 10/20/2016.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
I have a 5 year CD coming due with them next month but 2.07% won't cut it for me.
Anonymous
Anonymous   |     |   Comment #2
Same here.  They must have a large number of those 5-year CDs maturing next month like ours and they don't want to lose the funds.                                 
Anonymous
Anonymous   |     |   Comment #3
If they don't want to lose the funds they're going to have to try a little harder than 2.07%
Anonymous
Anonymous   |     |   Comment #5
Pretty sure mine is a 2.83% one, same as yours?
rateshopper
rateshopper   |     |   Comment #8
Yep, 2.83%.  Wish the new offer was closer to 2.5% for 5 years so I didn't have to go through the hassle of chasing down a better rate at a new bank. Getting tired of playing this game.
Anonymous
Anonymous   |     |   Comment #4
Yesterday I did a local only CD deal for slightly more than the 2.07%, but the term of the CD was under three years.  For the interest rate I got, I would not have signed up for five years.  A more attractive rate for five year money is between 2.5% and 3% IMO.
cumulus
cumulus   |     |   Comment #6
Sounds like there's a number of us (includes me) with these 5 year 2.83% APY CD's coming up for renewal this November.

Wish there were some way we could leverage a group-renewal-retention-rate-offer from Velocity on this?????  (I also will NOT be renewing at 2.07%.)

Hope someone from Velocity reads this blog.
Anonymous
Anonymous   |     |   Comment #7
I agree the rate is low but if you look at the rates for 5 year CD's they are offering one of the top rates. We are in a conundrum.
Anonymous
Anonymous   |     |   Comment #10
Last time I checked GECU is still offering 2.75 for 5 years...anyone know the employer groups or a way to be a member??  Velocity is not up to speed.

Thanks
Anonymous
Anonymous   |     |   Comment #11
I looked says 1.5% for 5 years unless I'm not looking in the right place.
Anonymous
Anonymous   |     |   Comment #12
You are looking in wrong place (they are in Ohio)...still 2.75...again, anyone know how to join, employer groups, etc.
ricsue
ricsue   |     |   Comment #13
I also have the 2.83 up in November, and a couple at IGO, looks like Mountain America CU has 2.30, says  easy to join with American Consumer Council membership.
cumulus
cumulus   |     |   Comment #14
Note on Velocity's Web page says this 5-year 2.07% CD offer has been extended through Dec 10, 2016.
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