In September, Veridian Credit Union (Veridian) raised the rates on its 18-month and 41-month Bump-Up CDs and Jumbo Bump-Up CDs. Earlier in the week, Veridian raised rates again, adding 20 bps to the 18-month Bump-Up Jumbo CD and 10 bps to the 41-month Bump-Up Jumbo CD. While the 18-month Bump-Up CD gained 10 bps, the 41-month Bump-Up CD rate remains unchanged. 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.
DA readers may remember that in the September blog post about these two Bump-Up CDs, I mentioned that the “usefulness of the bump-up option is questionable,” because it only applied to a CD with the same term length. Well, Veridian has raised the rates on those same length-of-term CDs, so if you opened one in the past month, you might want to exercise 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.
DA reader, racecar, voiced this concern in a Forum Post this week,
Up to now, those not living in Iowa or parts of Nebraska (or in the SEGs) could join Veridian by opening up a consumer Dwolla account. However the consumer end of Dwolla is going away. They will not accept new memberships beginning some point this month (Oct 2018) and by Dec 3 2018 all consumer accounts will be closed (an email was sent telling people to please move their money out of their Dwolla accounts.
I asked my contact at Veridian about this and received this reply,
While Dwolla is sun-setting their Transfer product for p2p transactions, they’ve also confirmed that the change will not affect Veridian members or their eligibility. Members’ affiliation with Dwolla for their Veridian account will remain the same. The Dwolla link on our website will also remain active for new Veridian memberships.
UPDATE 10/19/2018: After reading the comments below by me1004 and syncomm1, I tried the link to Dwolla on Veridian’s website. While the link is functional, it leads to,
Notice: The ability to register for Dwolla’s legacy product, Transfer, is no longer available. We apologize for any inconvenience and encourage you to first reach out to the business or organization that has directed you to register for an account on this webpage.
I then did a Live Chat with Veridian.
If you go directly to https://www.dwolla.com/register/customers?account=812-285-6793 you should be able to register for that Dwolla account. They are limiting the ability to transfer from personal accounts because they are moving away from dealing with personal accounts. As long as you register with Dwolla and open a membership with Veridian, you could then link an account at another financial [institution] to make transfers though.
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 50th largest credit union in the country, with nearly 221,600 members and assets in excess of $3.9 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 APYs currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.45% APY||41-Month Bump-Up Jumbo CD ($100k min)||Veridian Credit Union|
|3.41% APY||40-Month Jumbo CD ($90k min)||Centris Federal Credit Union|
|3.35% APY||3-Year Term Deposit ($500 min)||Mountain America 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 and CD APYs currently rank first and fourth, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.05% APY||18-Month Bump-Up Jumbo CD ($100k min)||Veridian Credit Union|
|3.04% APY||Online 19-Month CD ($500 min)||MutualOne Bank|
|3.00% APY||16-Month Fall CD Special ($1k min)||Premier America Credit Union|
|2.85% APY||18-Month Bump-Up CD ($1k min)||Veridian Credit Union|
The above rates are accurate as of 10/19/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.