In the past few years, Veridian Credit Union (Veridian) has been offering competitive short- and long-term CD Specials on a regular basis. The latest offering is an 18-month Jumbo CD Special (2.28% APY) and 18-month CD Special (2.18% APY). The minimum deposit for a Jumbo CD Special is $100k, with a regular CD Special requiring only a $1k minimum deposit.
|2.28%||$100k||-||Veridian Credit Union||18 Month Jumbo CD Special|
|2.18%||$1k||-||Veridian Credit Union||18 Month CD Special|
While these Specials are being marketed as a “limited-time” offer, there is no stated end-date. When asked about this, CSR stated, “there is no end-date for this, we are seeing how popular the CD is and will determine after a bit how long this CD will be around for.” In other words, it will be available until it isn’t.
According to CSR, the Early Withdrawal Penalty is based on the CD term length: the penalty for a CD with a term of 12 months or less, is equal to 90 days interest, while the penalty for a CD with a term greater than 12 months is 180 days interest.
Thanks to DA reader, me1004, for his Forum post about Veridian’s latest CD Special.
Headquartered in Waterloo, Iowa, Veridian Credit Union’s field of membership (FOM) provides a way for almost anyone to join.
Easy Membership - Veridian 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 six 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. 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 28 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). Since I last wrote about Veridian, two Nebraska branches were opened in Omaha and Papillion.
Credit Union Overview
Veridian Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.67% (excellent) based on September 30, 2017 data. In the past year, Veridian has increased its total non-brokered deposits by $227.33 million, an excellent annual growth rate of 8.55%. 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. It remained that way 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 54th largest credit union in the country, with more than 214,300 members and assets in excess of $3.4 billion.
How the Special CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Veridian Credit Union's 18-month Jumbo Special CD and Special CD APYs currently ranks second and third respectively, regardless of minimum deposit.
The above rates are accurate as of 2/3/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.