Veridian Credit Union Raises Rates On CD Specials

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UPDATE: 7/24/17 – Veridian CU is an easy membership requirement credit union.

Deal Summary: CD Specials - 9-month (1.51% APY), 15-month (1.76% APY), $1k minimum deposit. Jumbo CD Specials - 9-month (1.61% APY), 15-month (1.86% APY), $100k minimum deposit.

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

Earlier this week, Veridian Credit Union (Veridian) raised the rate on its 9- and 15-month CD Specials. The minimum deposit for a Jumbo CD Special is $100k, with a regular CD Special only requiring a $1k minimum deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.86%$100k-Veridian Credit Union15 Month Jumbo Special CD
1.76%$1k-Veridian Credit Union15 Month Special CD
1.61%$100k-Veridian Credit Union9 Month Jumbo Special CD
1.51%$1k-Veridian Credit Union9 Month Special CD
Accounts mentioned in this post. Rates as of August 18, 2017.

There are two other CD Specials (25- and 39-month) currently being offered, but their rates aren’t commensurate with the longer lengths: the extra 10 months merely adds four bps, with extra 24 months only adding nine bps.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.95%$100k-Veridian Credit Union39 Month Jumbo Special CD
1.90%$100k-Veridian Credit Union25 Month Jumbo Special CD
1.85%$1k-Veridian Credit Union39 Month Special CD
1.80%$1k-Veridian Credit Union25 Month Special CD
Accounts mentioned in this post. Rates as of August 18, 2017.

According to CSR, the Early Withdrawal Penalty is based on the CD term length: the penalty for a CD 12 months or less in length, is equal to 90 days interest; the penalty for a CD greater than12 months in length is 180 days interest.

Thanks to DA reader, cumulus, for his Forum post about Veridian’s latest rate increase.

Availability

Headquartered in Waterloo, Iowa, Veridian Credit Union’s field of membership (FOM) as a way for almost anyone to join.

Easy Membership - Veridian now offers membership to registered users of Dwolla. According to Dwolla’s website, "setting up an account is free, and there are no per transaction fees." Veridian’s Looking for Answers? page provides details about Dwolla (which is an agent of Veridian Credit Union and Compass Bank) and a direct link to Dwolla.

Residency - Individuals who live or work in all of Iowa’s 99 counties and five Nebraska counties (Cass, Douglas, Sarpy, Saunders, and Washington) qualify for membership.

Other - Any residents of Iowa with disabilities (as defined by the "Americans with Disabilities Act of 1990") are also eligible for membership, regardless of the Iowa county in which they reside. For more details, please refer to Veridian’s Membership page.

Joining Veridian Credit Union and/or opening a Special CD can be done online, or at any of 29 Iowa branches located in Ankeny (3), Cedar Falls (4), Cedar Rapids (3) Coralville, Council Bluffs, Des Moines (2), Independence, Iowa City, Johnston, Marion, Oelwein, Waterloo (6), Waverly, and West Des Moines (2). A Nebraska branch in Omaha (Maple Road) has recently been opened.

Credit Union Overview

Veridian Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.81% (excellent) based on March 31, 2017 data. In the past year, Veridian has increased its total non-brokered deposits by $241.79 million, an excellent annual growth rate of 9.3%. 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 would suggest, original membership was exclusively John Deere employees, and it remained that way until 1986 when membership was extended to those living 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," coming from the Latin words for truth (veritas) and growing (verdant). Veridian Credit Union is currently Iowa’s second largest credit union and the 58th largest credit union in the country, with more than 207,500 members and assets in excess of $3.2 billion.

How the Special CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Veridian Credit Union's 15-month Jumbo Special CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
1.86% APY15-Month Jumbo Special CD ($100k min) Veridian Credit Union
1.66% APY18-Months Jumbo Online Promo CD ($100k min)M.Y. Safra Bank
1.60% APY18-Month Jumbo Certificate ($100k min)KS StateBank

When compared to the 141 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Veridian Credit Union's 15-month Special CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
1.76% APY15-Month Special CD ($1k min) Veridian Credit Union
1.66% APY18-Month CD ($1k min)First Internet Bank
1.61% APY10-Month CD ($1k min)EBSB Direct

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Veridian Credit Union's 9-month Jumbo Special CD and Special CD APYs currently rank first and third, respectively, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
1.61% APY9-Month Jumbo Special CD ($100k min) Veridian Credit Union
1.55% APY9-Month CD ($25k min)Crestmark Bank
1.51% APY9-Month Special CD ($1k min)Veridian Credit Union
1.37% APY6-Month CD ($1k min)First Internet Bank

The above rates are accurate as of 7/24/2017.

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

Related Pages: Cedar Rapids CD rates, Des Moines CD rates, 1-year CD rates, 5-year CD rates

Comments
Anonymous
Anonymous   |     |   Comment #1
Does anyone know if Veridian has In Trust For CD accounts or Payable on Death CD accounts? I recognize I will have to eventually call customer service but if anyone has experience doing these accounts with Veridian this way, I would appreciate hearing about those experiences.

Right now regarding membership there are too many questions with possible different answers coming from CSRs so learning your own actual experiences would be quite helpful.
hank
hank   |     |   Comment #6
yes, I opened pod accounts with them in the past
me1004
me1004   |     |   Comment #2
Not sure why you are listing this as limited membership rather than easy for anyone to join. Yes, I see you saying the field of membership has changed, but not on their Website it hasn't. The Website still lists that anyone who joins/registers with Dwolla (for free) can join the credit union -- and that's how I joined over a year ago.

The membership requirements:

https://www.veridiancu.org/belong/membership/membership-requirements.aspx

And it also says that if you don't qualify to join under any of those methods, contact them -- meaning they have quiet ways you can join anyway, as I have found at a few CUs.
me1004
me1004   |     |   Comment #3
OK, I just saw the older post you put up about Veridian membership changing -- I made a post there explaining more. Bottom line, Dwolla is still taking individual signups, I just tested, and Veridian also has the alternate, quiet way to join -- where is says if you don't qualify under any other means, then call them, meaning they have another way you can join.
Anonymous
Anonymous   |     |   Comment #4
I opened this account in the past hour. A couple years ago I opened Dwolla. & I never used the account. I logged into the account with the old e-mail & password & to my surprise it was still there & active. 0 balance..

Then I proceeded to open the Veridian CU online application using Dwolla as my verification.. So simple!! All questions were verified immediately. The account # was e-mailed to me shortly. They required $5 Savings Acct & I opened the 15Mo CD which required $1000. I can already log into the account even though the $1005. has not been removed from my personal checking acct.

The 15 Month Jumbo CD, 1.86% is not that impressive but it is short term..
#5 - This comment has been removed for violating our comment policy.
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