UPDATE 5/12/16: While the rates on both 39-month CDs were lowered today, the rates on the 15-month CD (1.40% APY) and 15-month Jumbo CD (1.55% APY) were raised. Funding details and EWP are the same as on the 39-month CDs.
|1.65%||$100k||-||Veridian Credit Union||15 Month Jumbo CD|
|1.50%||$1k||-||Veridian Credit Union||15 Month Special CD|
Veridian Credit Union (Veridian CU) has had several competitive CDs in the past, but now that the Credit Union’s field of membership is no longer confined to 40 Iowa counties and five Nebraska counties, the intrinsic value of its CDs has increased.
The most attractive of the current offerings are the 39-month CD Special (2.25% APY, $1k minimum) and 39-month Jumbo CD (2.40% APY, $100k minimum).
|1.90%||$100k||-||Veridian Credit Union||39 Month Jumbo CD|
|1.75%||$1k||-||Veridian Credit Union||39 Month Special CD|
According to CSR, the Early Withdrawal Penalty is based on the CD term length, with "the penalty for a CD greater than 12 months in length being 180 days interest."
Thanks to DA reader, thowelllll, for his Forum post about Veridian CU.
Headquartered in Waterloo, Veridian Credit Union is the 2nd largest credit union in Iowa’s largest credit union and the 54th largest credit union in the nation, with more than 194,000 members and assets in excess of $2.9 billion.
Easy Membership - Veridian CU now offers membership to registered users of Dwolla, a digital payment network that connects with U.S. banks and credit unions to enable account-to-account transfers.
According to Dwolla’s website, "setting up an account is free, and there are no per transaction fees." Veridian CU’s Looking for Answers? page provides details about Dwolla, which is an agent of Veridian Credit Union and Compass Bank.
Residency - Individuals who live or work in 40 of Iowa’s 99 counties, and five Nebraska counties (Cass, Douglas, Sarpy, Saunders, and Washington) that lie on the Iowa southwest border are eligible 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 Credit Union’s Membership page.
Joining Veridian Credit Union and opening a CD can be accomplished online, or in-person at any of 27 Iowa branches located in Ankeny (3), Cedar Falls (4), Cedar Rapids (3) Coralville, Des Moines (2), Independence, Iowa City, Johnston, Marion, Oelwein, Waterloo (6), Waverly, and West Des Moines (2).
Note: In the spirit of full disclosure, I am including a link to a recent Credit Union Times article concerning Dwolla’s "poor security practices." DA readers should decide for themselves if they are comfortable with, and confident in, Dwolla’s practices and capabilities.
Essentially, the Consumers Financial Protection Bureau (CFPB) asserted that Dwolla falsely claimed "its data security practices ‘exceed’ or ‘surpass’ industry security standards," and "its ‘information is securely encrypted and stored’."
A statement from Jordan Lampe, director of communications and policy affairs for Dwolla, reads in part, "The CFPB has not found that Dwolla caused any consumer harm or created the likelihood of any consumer harm through its data security practices."
Dwolla was ordered to pay a $100,000 fine and fix its security practices.
Credit Union Overview
Veridian Credit Union (NCUA Charter # 64418) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.84% (excellent) based on December 31, 2015 data. In the past year, Veridian Credit Union has increased its total deposits by $210.52 Million, and excellent annual growth rate of 9%. Please refer to our financial overview of Veridian Credit Union for more details.
Headquartered in Waterloo, 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, and 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 name "Veridian" coming from the Latin words for truth (veritas) and growing (verdant).
How the CDs Compare
When compared to the 133 similar length of term CDs tracked by DepositAccounts.com that available nationwide, Veridian Credit Union's 39-month Jumbo CD and 39-month Special CD currently rank first and second, regardless of minimum deposit.
The above rates are accurate as of 5/5/2016.