Since adding 45 bps in July, Veridian Credit Union's (Veridian) 9-month Jumbo CD Special (0.85% APY) has continued to be a rate leader for short-term nationally available CDs. The minimum opening deposit is $100k, with no stated balance cap. The CD Special is also offered as “non-Jumbo” CD Special, which can be opened with a $1k minimum deposit and earns 0.75% APY.
The 9-month Jumbo and non-Jumbo CD Special are also offered as IRA CD Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
For the past few years, Veridian has been offering a variety of limited-time Jumbo CD and non-Jumbo Specials with competitive rates that have remained in effect for at least a month or two. The 9-month Jumbo and non-Jumbo CD Specials rates have lasted for the past five months, as other short-term rates have been somewhat volatile.
As stated in the CD Rate Schedule (page 26 of the Personal Product Disclosure), the Early Withdrawal Penalty reads as follows:
Terms of 1 year or less – 90 days’ interest
Terms of longer than 1 year – 180 days’ interest
According to CSR, funds to open a CD must be on deposit in a Veridian savings account before the CD can be opened. Funds can be transferred into a savings account by ACH or wire; debit or credit card funding is possible, but is limited to $500. Unfortunately, Veridian does not participate in the CO-OP Shared Branch network.
Maturing funds can be distributed through a cashier’s check or transferred into a Veridian savings account. There is a 10-day grace period before a CD automatically renews.
Headquartered in Waterloo, Iowa, Veridian Credit Union’s field of membership (FOM) includes almost any US citizen or resident alien who has a valid Social Security number.
Easy Membership – Veridian offers membership to registered users of Dwolla. The sixth eligibility option on the online application reads, “I have a Dwolla account.” The seventh option is “I’m not sure,” which links to a pop-up stating,
You can qualify for membership by joining Dwolla. Sign up for a Dwolla Account.
Residency – Individuals who live or work in any of Iowa’s 99 counties or six southeast Nebraska counties (Cass, Douglas, Lancaster, Sarpy, Saunders, and Washington) qualify for membership.
Relationship – Family members of individuals eligible for membership are also welcome to apply. Family is defined as “children (including foster, adoptive and stepchildren), siblings, grandparents, grandchildren, great-grandparents, great-grandchildren, aunts, uncles, nieces and nephews.” In addition,
If a member is deceased, his or her relatives are still eligible,
as are those who reside in the same household as a member.
Other – Any Iowa resident with disabilities (as defined by the "Americans with Disabilities Act of 1990") is also eligible for membership.
Complete details are available on Veridian’s Membership page.
Joining Veridian Credit Union and/or opening a Jumbo CD Special can be done online, or at any of 25 Iowa branches located in Ankeny (3), Cedar Falls (3), Cedar Rapids (2) Coralville, Council Bluffs, Des Moines (2), Independence, Iowa City, Johnston, Oelwein, Waterloo (5), Waukee, Waverly, and West Des Moines (2). Veridian also has four Nebraska branches located in Omaha (3) and Papillion, Nebraska.
All Veridian branches are now open for teller transactions, loans, new
accounts and more. Masks are encouraged for those not fully vaccinated.
Appointments are available at all branch locations and can be scheduled online.
Opening a Member Equity Savings account with a $5 minimum deposit establishes membership in Veridian.
Credit Union Overview
Veridian Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.27% (excellent) based on June 30, 2021 data. In the past year, Veridian has increased its total non-brokered deposits by $705.06 million, an excellent annual growth rate of 17.79%. Please refer to our financial overview of Veridian Credit Union (NCUA Charter # 64418) for more details.
Veridian Credit Union was originally chartered in 1934 as the John Deere Employees Credit Union. As the name suggests, original membership was exclusively for John Deere employees. The FOM remained unchanged until 1986, when membership was extended to individuals living and/or working in nearby Cedar Falls. This prompted a small name change: John Deere Community Credit Union.
John Deere Community Credit Union always operated independently of Deere & Company, but in 2004, Deere requested that the use of "John Deere" be discontinued to avoid trademark confusion. As a result, the name was changed in 2006, with the new name, "Veridian," derived from the Latin words for truth (veritas) and growing (verdant). Veridian Credit Union is currently Iowa’s second largest credit union and the 52nd largest credit union in the country, with nearly 263,000 members and assets in excess of $5.5 billion.
How the Jumbo CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Veridian Credit Union's 9-month Jumbo CD Special APY currently shares the top spot with EFCU Financial’s 6-month Jumbo CD APY, regardless of minimum deposit requirements.
The above information and rates are accurate as of 11/29/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.