This week, Verity Credit Union (Verity CU) introduced a new 25-month Share Certificate Special (2.75% APY). While the vast majority of Verity CU’s Share Certificates have tiered APYs based on deposit levels ($1k+, $25k+, $75k+), the 2.75% APY applies to all deposits of $1k+. The minimum deposit is $1k, with no stated balance cap.
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
The amount of the early withdrawal penalty is based on the term of your account.
Terms of more than 365 days - 180 days interest.
The Truth-In-Savings also states,
After your account is opened, you may make additional
deposits to your account only during the first ten (10) days.
Headquartered in Seattle, Verity Credit Union is Washington’s 23rd largest credit union, with more than 32,100 members and assets of $549.7 million. The field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school anywhere in Washington eligible to join.
Employees/members of more than 20 SEGs also qualify for membership, as do family members of current Verity CU members.
Joining Verity Credit Union and/or opening a Share Certificate Special can be done online, or at any of the eight western Washington branches located in Auburn, Lynnwood, and Seattle (6). The membership application is also available as a download.
Credit Union Overview
Verity Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.16% (excellent) based on March 31, 2018 data. In the past year, Verity CU has increased its total non-brokered deposits by $14.91 million, an excellent annual growth rate of 3.24%. Please refer to our financial overview of Verity Credit Union (NCUA Charter # 68517) for more details.
In 1933, the state of Washington formed the Postal Workers Credit Union #8, the original precursor of Verity Credit Union. Following FOM expansion to include other federal employees, the Credit Union became the Federal Employees Credit Union. The Credit Union changed from a state charter to a federal charter 1969 and rebranded in 1978 as NW Federal Credit Union. In 2003, the FOM expanded to include all residents of Washington and a new name was needed. “Verity” is defined as “a fundamental and inevitably true value,” which seemed an appropriate name for one of the oldest credit unions in Washington.
How the Share Certificate Special Compares
When compared to the 301 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available with the FOM, Verity Credit Union's 25-month Share Certificate Special APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.80% APY||24-Month CD||Greenwood Credit Union|
|2.78% APY||26-Month CD Special||Horizon Credit Union|
|2.75% APY||25-Month Share Certificate Special||Verity Credit Union|
The above rates are accurate as of 6/9/2018.
Looking for the best CD rates, either nationwide and in your state? Please refer to our CD Rates Table page.