In August, Veridian Credit Union (Veridian) began offering limited-time rates on its 18- and 41-month Bump-Up CDs. Bad news – those tiered APYs are no longer available. Very good news – Veridian has raised the rates on both Bump CDs, with the 18-month gaining 25 bps, and the 41-month adding 10 bps. The Bump-Up Jumbo CDs require a minimum $100k deposit, with the regular Bump-Up CDs calling for a $1k minimum opening deposit.
As stated on the 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.
I confirmed with a Veridian official that the bump-up option only applies for a CD with the same term. If you open this 41-month Bump-Up CD, you would have to wait for a rate hike on a 41-month CD. Thus, the usefulness of the bump-up feature depends on Veridian continuing to offer this 41-month CD with higher rates. If they choose not to offer this 41-month CD again or if they choose not to raise the 41-month CD rate, the bump-up option will not be useful. Even though the usefulness of the bump-up option is questionable, the rates are high enough to make these a good CD deal even without considering the bump-up option.
As stated in Veridian’s Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
Terms of longer than 1 year – 180 days’ interest
Headquartered in Waterloo, Iowa, Veridian Credit Union’s field of membership (FOM) includes almost any US citizen or resident alien with a valid Social Security number.
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 (an agent of Veridian Credit Union and Compass Bank) and a direct link to Dwolla.
Residency - Individuals who live or work in any of Iowa’s 99 counties and 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 “Parents, Children, Grandparents, Grandchildren, Brothers, Sisters, Great Grandparents, Great Grandchildren, Aunts, Uncles, Nieces, Nephews, including step or foster children, adoptive children.”
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.
Complete details are available on Veridian’s Membership page.
Joining Veridian Credit Union and/or opening a Bump-Up CD can be done online, or at any of 27 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 (5), Waverly, and West Des Moines (2). Veridian’s newest branch locations are located in Omaha (2) and Papillion, Nebraska.
Credit Union Overview
Veridian Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.77% (excellent) based on June 30, 2018 data. In the past year, Veridian has increased its total non-brokered deposits by $349.66 million, an excellent annual growth rate of 12.27%. 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 53rd largest credit union in the country, with more than 221,600 members and assets in excess of $397 billion.
How the Bump-Up CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Veridian Credit Union's 41-month Bump-Up Jumbo CD and Bump-Up CD APYs currently rank first and third respectively, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.35% APY||41-Month Bump-Up Jumbo CD ($100k min)||Veridian Credit Union|
|3.33% APY||33-Month CD Special ($1k min)||Great Lakes Credit Union|
|3.25% APY||41-Month Bump-Up CD ($1k min)||Veridian Credit Union|
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Veridian Credit Union's 18-month Bump-Up Jumbo CD APY currently ranks third, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.25% APY||15-Months Share Certificate Special ($5k min)||NASA Federal Credit Union|
|3.16% APY||16/16/16 Share Certificate Special ($1.6k min)||AgFed Credit Union|
|2.85% APY||18-Month Bump-Up Jumbo CD ($100k min)||Veridian Credit Union|
The above rates are accurate as of 9/19/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.