Veridian Credit Union Adds 12-Month Jumbo CD, 2.20% APY

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Deal Summary: Jumbo CD Specials ($100k min) – 12-month (2.20% APY) and 21-month (2.25% APY).

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

As I doing research for this blog post, I was surprised to discover it’s been more than year since I last wrote about Veridian Credit Union (Veridian). The occasion for this blog post is the recent addition of two Jumbo CD Specials – 12-month (2.20% APY) and 21-month (2.25% APY). The minimum opening deposit is $100k, with no stated balance cap. Both Specials are also offered as “non-Jumbo” CDs with a $1k minimum deposit and earning APYs 10 bps lower.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.40%$100k-Veridian Credit Union21 Month Jumbo CD Special
1.35%$100k-Veridian Credit Union12 Month Jumbo CD Special
1.30%$1k-Veridian Credit Union21 Month CD Special
1.25%$1k-Veridian Credit Union12 Month CD Special
Rates as of April 2, 2020.

The 12- and 21-month CD Specials are also offered as IRAs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.40%$100k-Veridian Credit Union21 Month Jumbo IRA Special (Traditional, Roth, CESA)
1.35%$100k-Veridian Credit Union12 Month Jumbo IRA Special (Traditional, Roth, CESA)
1.30%$1k-Veridian Credit Union21 Month IRA Special (Traditional, Roth, CESA)
1.25%$1k-Veridian Credit Union12 Month IRA Special (Traditional, Roth, CESA)
Rates as of April 2, 2020.

As stated in the Truth-in-Savings document (no longer available on Veridian’s website), the Early Withdrawal Penalty reads as follows:

Terms of 12 months or less – 90 days’ interest

Terms of longer than 1 year – 180 days’ interest

In a Live Chat, CSR stated that funds to be used to open a CD need to be on deposit in a Veridian savings account before the CD can be opened. Funds can be transferred by ACH or wire. Unfortunately, Veridian does not participate in the CO-OP Shared Branch network.

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.

Availability

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.

Easy Membership - Veridian offers membership to registered users of Dwolla. The fifth eligibility option on the online application reads, “I’m a registered user of Dwolla (Click here to register).”

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 “children (including foster, adoptive and stepchildren), siblings, grandparents, grandchildren, great-grandparents, great-grandchildren, aunts, uncles, nieces and nephews.” The following has been added since I last wrote about Veridian,

If a member is deceased, his or her relatives are still eligible,
as are those who reside in the same household as a member.

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 Jumbo CD Special can be done online, or at any of 27 Iowa branches located in Ankeny (3), Cedar Falls (3), Cedar Rapids (3) Coralville, Council Bluffs, Des Moines (2), Independence, Iowa City, Johnston, Marion, Oelwein, Waterloo (5), Waukee, Waverly, and West Des Moines (2). Veridian’s newest branch locations are located in Omaha (3) and Papillion, Nebraska.

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 4.18% (excellent) based on June 30, 2019 data. In the past year, Veridian has increased its total non-brokered deposits by $236.73 million, an excellent annual growth rate of 8.24%. 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 234,000 members and assets in excess of $4.2 billion.

How the Jumbo CD Special Compares

When compared to 229 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Veridian Credit Union's 12-month Jumbo CD Special APY currently ranks second, regardless of minimum deposit requirements. (Point of interest – there are currently ten financial institutions offering CDs with APYs ranked in the top three.)

The above rates are accurate as of 12/11/2019.

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, nationwide deals

Comments


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

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

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