Veridian Credit Union Boosts 41-Month Jumbo Bump-Up CD Rate

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Deal Summary: 41-month Jumbo Bump-Up CD Special, 3.45% APY, $100k minimum

Availability: Easy membership requirement; residents of all 99 Iowa counties and six southeast Nebraska counties.

For the last seven years, I have been writing about the Jumbo CD Specials and CD Specials that have been offered on a regular basis by Iowa-based Veridian Credit Union (Veridian). These limited-time CD Specials continue to offer competitive rates that remain in effect for at least a month or two.

The current lineup includes four CDs, with the 41-month Jumbo Bump-Up CD Special, 3.45% APY offering the most competitive rate. The other CD Specials include a 18-month Jumbo Bump-Up CD (3.00% APY), a 30-month Jumbo Bump-Up CD (3.35% APY), and a not-so-competitive 12-month Jumbo CD (with no bump option) earning 2.85% APY.

According to Veridian’s CD Rates page,

A Bump-Up is a one-time opportunity to convert your CD to the higher rate for the remainder of its term.

The minimum opening deposit for any Jumbo CD is $100k, with no stated balance cap. All four are available as “non-Jumbo” CD Specials ($1k minimum), with APYs a uniform 10 bps lower.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.85%$100k-Veridian Credit Union18 Month Bump-Up Jumbo CD Special
3.50%$100k-Veridian Credit Union12 Month Jumbo CD Special
3.45%$100k-Veridian Credit Union41 Month Bump Up Jumbo CD Special
3.35%$100k-Veridian Credit Union30 Month Bump-Up Jumbo CD Special
Rates as of November 30, 2022.

The Jumbo Bump-Up and non-Jumbo CD Specials are also offered as IRA Bump-Up CD Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.85%$100k-Veridian Credit Union18 Month Bump-Up Jumbo IRA (Traditional, Roth, CESA)
3.50%$100k-Veridian Credit Union12 Month Jumbo IRA Special (Traditional, Roth, CESA)
3.45%$100k-Veridian Credit Union41 Month Bump Up Jumbo IRA Special (Traditional, Roth, CESA)
3.35%$100k-Veridian Credit Union30 Month Bump-Up Jumbo IRA Special (Traditional, Roth, CESA)
Rates as of November 30, 2022.

As stated in the CD Rate Schedule (page 25 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.

Earned dividends can be credited to the certificate or transferred in a Veridian savings or checking account.

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.

Unlimited beneficiaries can be designated with equal shares assigned. Social Security numbers are required for all named beneficiaries.

Availability

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 previously offered membership to registered users of Dwolla, but that option is longer listed on either the Membership Requirement page or the first page of the Membership Application.

The fourth eligibility option on the online application reads,

I will donate $5 to Habitat for Humanity as part of my application today. Making a one-time donation of at least $5.00 as part of this application makes you eligible for membership no matter where you are located.

The sixth option is “I’m not sure,” which links to a pop-up stating,

You can qualify for membership by making a donation to Habitat for Humanity

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 – Immediate family members of individuals eligible for membership are also welcome to apply.

Complete details are available on the Veridian Membership page.

Joining Veridian Credit Union and/or opening a Jumbo Bump-Up 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.

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 2.82% (excellent) based on June 30, 2022 data. In the past year, Veridian has increased its total non-brokered deposits by $468.52 million, an excellent annual growth rate of 10.03%. 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 you might guess, the original membership was exclusive to 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 287,000 members and assets in excess of $5.9 billion.

How the 41-Month Jumbo Bump-Up CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, two banks and one credit union have higher rates than currently offered on the Veridian Credit Union 41-month Jumbo Bump-Up CD, regardless of minimum deposit requirements. The following table compares the 41-month Jumbo Bump-Up CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 9/2/2022.

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

Related Pages: Cedar Rapids CD rates, Omaha CD rates, Des Moines CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
dale26s
  |     |   Comment #1
trying to decide between 41 mo 3.45 bump, 180 day ewp vs 40 mo nasa 3.85, 1 yr ewp...Has anyone ever used a bump up option- i never have even though i have purchased cds with that option-- i guess if i think rates are headed much higher the shorter ewp at veridian might tip make that one better right now...
P_D
  |     |   Comment #2
You are paying a significant opportunity cost for the "Bump-Up" option so it is critical to find out what the terms are in detail. The blog says:

"A Bump-Up is a one-time opportunity to convert your CD to the higher rate for the remainder of its term."

But that doesn't tell you much. What are the exact terms? What does "the higher rate" mean?

Typically it means that if they raise rates on a CD of the same term, you have an option to have your CD upgraded to that rate.

But I have seen this used as a trick especially when a CD is an unusual term like "41 months." Sometimes these deals are offered and once the promotion is over they simply never offer another CD of that term again during the term of your original CD. So they don't have to worry that you will bump your rate up because you can't. It's a worthless option.

I only skimmed this blog so if I missed something I apologize, but I think more info is needed about the terms of the bump up.
P_D
  |     |   Comment #3
Maybe in this case it means that if you start off with a lower rate tier you can add enough funds to the CD in one deposit to get a higher rate tier? In any event I would want to be clear on that before deciding.
MAKNYC
  |     |   Comment #6
As a general concept I would agree with your take on the gimmick trick. And I have no specific experience with this particular CU. But in their defense, according to DA, this account structure with the bump option/41 mo. term has existed since July 2018. so it appears it is a somewhat normal offering for this institution.
P_D
  |     |   Comment #7
That's fine. Chances are it's perfectly legit. My only point is that you're paying a premium for that option so it's important to put a value on it since the question was about comparing two alternative investments. And in order to do that you have to know the details of the option.
Choice
  |     |   Comment #4
Hate to mention it but PD is right on point!  What is likelihood of cu offering a higher 41 month rate? Note the only month that is “odd” is longer term…risk to cu…slim to none for bump? Is this a scam?Actually, PD it’s a pleasure!
iacdguy
  |     |   Comment #5
Am local and watching this one since June. Details are on the cu site. 3 bumps already from 2.85 to 3.45 APY. Bump allows one time increase of rate only, no adding/changes to terms. If same term not available in the future then can bump rate using next lower term though unlikely it will be higher. Rate change has been dropping each time. My opinion is there is only another 10 maybe 15 bps to add unless major Fed changes. Could be at max already too, who knows.
iacdguy
  |     |   Comment #9
Cu updated rates page today but 41 mo rate stayed the same
dale26s
  |     |   Comment #8
Thanks all! NASA it is
Veridian Credit Union Brings Back 30-Month Jumbo Bump-Up CD Special
Deal Summary: Jumbo Bump-Up CD Specials ($100k minimum) – 18-month (2.10% APY) and 30-month (2.60% APY).

Availability: Easy membership requirement through Dwolla; residents of all 99 Iowa counties and six southeast Nebraska counties.

For the last seven years, I have been writing about the Jumbo CD Specials and CD Specials offered on a regular basis by Iowa-based Veridian Credit Union (Veridian). These limited-time Specials continue to offer very competitive rates that remain in effect for at least a month or two.

The current lineup includes three CDs, with the 18-month...

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Veridian Credit Union Adds 24- And 36-Month Jumbo CD Specials
Deal Summary: Jumbo CD Specials ($100k minimum) – 36-month (2.15% APY) and 24-month (1.90% APY).

Availability: Easy membership requirement through Dwolla; residents of all 99 Iowa counties and six southeast Nebraska counties.

I have been writing about the Jumbo CD Specials and CD Specials offered by Iowa-based Veridian Credit Union (Veridian) for about seven years. These limited-time Specials have offered very competitive rates, which remained in effect for at least a month or two.

Veridian is currently offering three Specials, with the 36-month Jumbo CD (2.15% APY) and the 24-month...

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Verdian Credit Union 9-Month Jumbo CD Special Is Still A Rate Leader
Deal Summary: 9-month Jumbo CD Special, 0.85% APY, $100k minimum deposit

Availability: Easy membership requirement through Dwolla; residents of all 99 Iowa counties and six southeast Nebraska counties.

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...

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Verdian Credit Union Adds 30-Month Bump-Up Jumbo CD Special
Deal Summary: 30-month Jumbo Bump-Up CD Special, 1.00% APY, $100k min deposit, one-time rate change.

Availability: Easy membership requirement through Dwolla; residents of all 99 Iowa counties and six southeast Nebraska counties.

The latest limited-time special offered by Iowa-based Veridian Credit Union (Veridian) is a 30-month Jumbo Bump-Up CD Special, earning 1.00% APY. The minimum opening deposit is $100k, with no stated balance cap. The 30-month Bump-Up CD Special is also offered as “non-Jumbo” CD Special earning 0.90% APY with a $1k minimum opening deposit.

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Verdian Credit Union Adds 18-Month Jumbo CD Special
Deal Summary: 18-month Jumbo CD Special, 0.90% APY, $100k minimum deposit

Availability: Easy membership requirement through Dwolla; residents of all 99 Iowa counties and six southeast Nebraska counties.

Iowa-based Veridian Credit Union (Veridian) has added an 18-month Jumbo CD Special, (0.90% APY), which will be a “New to Summary” CD in the up-coming CD Rates Summary. (FYI – because of the Labor Day holiday, this week’s Summary will be published on Wednesday.) The minimum opening deposit is $100k, with no stated balance cap. The 18-month CD Special...

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