Velocity CU Features 33-Month IRA Step Up Certificate

POSTED ON BY

Availability: Easy Membership Requirements

Now through June 18, 2016, Velocity Credit Union (Velocity) is offering a promotional 33-month IRA Step-Up Certificate (1.61% APY). This promotional Certificate is offered as either a Traditional or Roth IRA.

The minimum opening deposit is $1k, with no balance cap. The "Step-Up" feature allows for a rate increase "one time on the one year anniversary date."

The promo is also offered as 33-month Step-Up Share Certificate with the same funding requirements, but at a lower APY of 1.56%.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.61%$1k-Velocity Credit Union33 Month Step-Up IRA Certificate Promo (Traditional, Roth)
1.56%$1k-Velocity Credit Union33 Month Step-Up Share Certificate Promo
Accounts mentioned in this post. Rates as of August 23, 2016.

Velocity’s Elite Rewards rates do not apply to either the IRA Step-Up or Step-Up Share Certificate promotion.

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

For Certificate Accounts having a term greater than one year, but not exceeding three
years, the penalty imposed will equal 180 days of dividends on the amount withdrawn.

Many thanks to DA reader, Oldguy, for his continued contributions to the Forum post. DA is fortunate to have so many great readers, followers, supporters, contributors, and all-around fans – thank you all so much.

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 33-month IRA Step-Up Certificate Promotion can be done online, or at any of five Texas branches located in Austin (4) 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 4.33% (excellent) based on December 31, 2015 data. In the past year, Velocity Credit Union has increased its total deposits by $66.44 million, an excellent annual growth rate of 10.81%. 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 one of the largest credit unions in Texas, with more than 80,700 members and assets in excess of $811 million.

How the IRA Step-Up Certificate Compares

When compared to the 96 similar length-of-term IRAs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Velocity Credit Union's 33-Month IRA Step-Up Certificate currently ranks second.

The above rates are accurate as of 5/18/2016.

To look for the best IRA rates, both nationwide and in your state, please refer to our IRA rates table, or our new Rates Map page.

Comments
Velocity CU (Easy Membership) Has 33-Month Certificate Promo
Availability: Easy membership

Now through January 30, 2016, Velocity Credit Union (Velocity) is offering a 33-month Share Certificate Promotion (1.66% APY). The minimum opening deposit is $5K, with no balance cap.

The Promo is also offered as an IRA (Traditional and Roth), with the same funding requirements, but at a higher APY of 1.76%.

Velocity’s Elite Rewards rates do not apply to this promotion.

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

For Certificate Accounts having a term greater than one year, but not exceeding...

Continue Reading
Velocity CU 5-Year CD Promotion Available Through September
Availability: Easy membership

Now through September 30, 2015, Velocity Credit Union (Velocity) is offering a 5-year Share Certificate Promotion (2.22% APY). The minimum opening deposit is $5K, with no balance cap.

This Share Certificate Promotion is also available as an IRA (Traditional and Roth), at the same APY and with the same funding requirements.

Velocity’s Elite Rewards rates do not apply to this 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...

Continue Reading
Velocity CU 30-Month CD/IRA Promotional Extended Through April 30, 2015
Availability: Easy membership requirements

Velocity Credit Union (VCU) has extended its 30-month Step Up Certificate Special Promotion (1.51% APY). This offer was originally scheduled to end on March 31, 2015, but has been extended through April 30, 2015. The minimum opening deposit is $5K, with no balance cap.

This Certificate Special is also available as an IRA (Traditional and Roth) at the same APY and with the same funding requirements.

The Step Up feature allows for a one-time rate increase on the Certificate's anniversary date. (N.B. The Elite...

Continue Reading
Velocity CU 5-Year CD/IRA Promotional Extended Through August 30, 2014

In the beginning of August, DepositAccounts.com member PearlBrown posted about Velocity Credit Union's (VCU) 5-Year CD Promotional (2.02% APY). This offer was originally scheduled to end on August 16, 2014, but has been extended through August 30, 2014. This CD is also available as an IRA (Traditional or Roth), with the IRA having a slightly higher rate (2.07% APY). A $5K minimum deposit is required on all the certificates, with dividends compounded and paid quarterly.

It is important to note that Velocity Credit Union has changed their EWP...

Continue Reading
Velocity Credit Union Extends CD Promotion - CD Application & Deposit Insurance Issues

I was surprised to see that Velocity Credit Union extended its CD promotion. Its very competitive promotional CD rates are now available through November 30, 2011. The promotion was originally scheduled to end on the 21st. Velocity has done similar extensions on past promotions, but in this current interest rate environment, I thought it would be less likely for an extension.

The three promotional CD and IRA CD rates are:

  • 1.51% APY 2-year CD
  • 2.12% APY 3-year CD
  • 2.83% APY 5-year CD

Minimum deposit is $5,000. These rates are listed in the credit union's promo...



Continue Reading

More Past Offers