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%.
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years, the penalty imposed will equal 180 days of dividends on the amount withdrawn.
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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.
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.